LONDON, Aug. 26, 2020 (GLOBE NEWSWIRE) -- (Oxygen Companies Included: Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc., Yingde Gases)
According to The Business Research Company’s research report on the global oxygen market 2020, the demand for medical oxygen increased significantly globally due to the COVID-19 outbreak. The European Industrial Gases Association says members such as Air Liquide and Linde are experiencing 5–10 times the usual demand for medical oxygen. In Italy and Eastern France, Air Liquide has seen 4–6 times the normal demand for medical oxygen. This is expected to drive the market in the forecast period too, as several countries are yet to reach the peak of the pandemic while other countries are facing a second wave.
While this is the case for the medical oxygen market, the industrial oxygen market demand is expected to remain low through 2020, owing to the uncertain economic conditions due to the coronavirus impact. Several steel plants had been closed during the lockdown period. In India, given the closure of operations in most industries, the nation’s steel demand in 2020-21 is expected to decline by about 15%, which in turn is likely to negatively impact the growth of the industrial oxygen market. The country has also stopped the supply of oxygen to industries so as to first meet the needs of patients.
The global oxygen market reached a value of nearly $27.74 billion in 2019, having increased at a compound annual growth rate (CAGR) of 6.1% since 2015. The market is expected to decline from $27.74 billion in 2019 to $27.55 billion in 2020 at a rate of -0.7%. The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is also restrained due to uncertain demand from the industrial sector. It is then expected to recover slightly and grow at a CAGR of 0.11% from 2021 and reach $27.48 billion in 2023. It is further expected to reach $30.05 billion in 2025, and $36.55 billion in 2030.
The Business Research Company’s report titled Oxygen Market - Opportunities And Strategies - Global Forecast To 2030 covers major oxygen companies, oxygen market share by company, oxygen manufacturers, oxygen infrastructure market size, and oxygen market forecasts. The oxygen market research report also covers the global market and its segments. The oxygen industry analysis shows segmentation by type into medical oxygen, industrial oxygen, others, and by application into mineral processing, automobiles, healthcare, cosmetics, mining, pharmaceuticals, and others.
Request A Free Sample Of The Global Oxygen Market Report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=2699&type=smp
To maintain a continuous supply of medical oxygen, the governments of some countries have allowed manufacturers in the industrial oxygen market to produce the gas for medical use as well. In April 2020 in India, the government announced that industrial gas manufacturers will be given a license to produce medical-grade oxygen within 24 hours of applying for one if they undertake to produce it as per the prescribed standards. Regulations regarding the production of medical oxygen have been relaxed in countries facing a severe shortage of oxygen.
Countries such as the US and India have relaxed the stringent regulations required to produce medical oxygen. In the US, medical gases are generally standardized as finished pharmaceuticals and are subject to current good manufacturing practice (CGMP) requirements. Under these regulations, portable cryogenic medical gas containers that are not manufactured with permanent gas are supposed to have gas-specific tamper resistant outlet connections that are attached to the valve body so that they cannot be readily removed or replaced except by the manufacturer. This is to avoid serious injury or death due to any mix-ups. Under the relaxed regulations however, portable cryogenic medical gas containers without the tamper resistant seals are also accepted.
Thus, oxygen companies around the globe are witnessing increased production activities during the pandemic due to this increased demand for medicinal oxygen, albeit with social distancing measures imposed in the factories. With a majority of countries suffering from the impact of COVID-19 and the low number of ventilators available, these countries, including the US, have resorted to using oxygen for medical intervention. The medical oxygen market is expected to be positively impacted by the COVID-19 situation.
Oxygen Market - Opportunities And Strategies - Global Forecast To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Industrial Gas Global Market Report 2020-30: COVID-19 Impact and Recovery
Interested to know more about The Business Research Company?
The Business Research Company is a market intelligence firm that excels in company, market, and consumer research. Located globally it has specialist consultants in a wide range of industries including manufacturing, healthcare, financial services, chemicals, and technology.
The World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.