NEWARK, Del, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The global industrial oxygen market is anticipated to reach a valuation of US$ 71,211.7 million in 2023, driven by ongoing research and development. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.9% between 2023 and 2033, and reaching a total valuation of approximately US$ 152,323.1 million by 2033.
One of the major factors contributing to the growth of the industrial oxygen market is the gasification and syngas production. Oxygen is essential in gasification processes to convert various feedstocks into synthesis gas, which can be used in chemical manufacturing and power generation. The development of sustainable energy and chemicals can drive growth in this area.
Industries are increasingly focused on improving energy efficiency, and oxygen is often used to enhance combustion processes, thereby reducing energy consumption. The trend can drive demand for oxygen in energy intensive sectors. The integration of digital technologies and automation in oxygen production and delivery systems can enhance efficiency, reduce costs, and provide better customer service.
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Industrial gas companies are offering customized gas supply solutions to cater to specific industry needs. The approach can lead to long term partnerships with customers and drive growth through tailored services. The focus on safety and environmental responsibility is increasing. Oxygen suppliers that can provide safe and sustainable solutions, including reducing emissions and enhancing workplace safety, may gain a competitive advantage.
There is growing interest in producing oxygen using sustainable and green technologies, such as electrolysis powered by renewable energy sources. The trend aligns with the broader sustainability goals and can be a growth driver. Investments in healthcare infrastructure, especially in developing countries, can boost the demand for medical oxygen and related healthcare services.
Industries are exploring ways to minimize waste and maximize resource utilization. Oxygen can play a role in various recycling and waste treatment processes, supporting circular economy initiatives. The industrial oxygen market can benefit from the growing interest in CCU technologies, which use oxygen for processes like oxy combustion and enhancing carbon capture efficiency.
“Oxygen is vital in biotechnology and pharmaceutical processes, including fermentation and cell culture. The demand for industrial oxygen in these sectors may rise, with advancements in biopharmaceuticals and personalized medicine,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Market Study
- Global industrial oxygen market was valued at US$ 65,301.1 million by 2023-end.
- From 2019 to 2023, the market demand expanded at a CAGR of 6.9%.
- The market in China is expected to expand at a CAGR of 9.0% through 2034.
- By product, the liquefied oxygen segment to account for a share of 55.6% in 2024.
- From 2024 to 2034, industrial oxygen market is expected to flourish at a CAGR of 7.9%.
- By 2034, the market value of industrial oxygen is expected to reach US$ 152,323.1 million.
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Competitive Landscape
Prominent players in the industrial oxygen market are
- Matheson Tri-Gas Inc
- Air Products and Chemicals, Inc.
- Noble Gas Solutions
- Air Liquide
- LINDE plc
- Gulf Cryo
- SOL Spa
- Messer Group GmbH
- Showa Denko K.K.
- Air Water Inc.
- Ellenbarrie Industrial Gases Ltd.
Recent Developments
- In 2023, Linde plc announced plans to acquire the industrial gas business of Messer Group for $3.7 billion. The acquisition will make Linde the largest industrial gas company in the world.
- In 2022, Praxair Inc. announced plans to build a new ASU in India with a capacity of 3,000 TPD. The ASU will supply oxygen to a new steel mill in India.
- In 2021, Air Liquide announced plans to invest €2.5 billion to develop and deploy CCS technology at its refinery in Port Arthur, Texas. The project will capture and store up to 5 million tons of carbon dioxide per year.
- In 2021, Air Products and Chemicals Inc. announced plans to build a new ASU in the United States with a capacity of 2,000 TPD. The ASU will supply oxygen to a new semiconductor manufacturing plant in the United States.
- In 2021, Praxair Inc. announced plans to build a new ASU in Canada with a capacity of 2,500 TPD. The ASU will supply oxygen to a new mining operation in Canada.
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Segmentation Analysis of the Industrial Oxygen Market
By Product Type:
- Compressed Oxygen Gas
- Liquefied Oxygen
By End Use:
- Automotive & Aerospace
- Chemical Processing
- Energy
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Chemical and Materials Division at Future Market Insights (FMI)
The chemicals and materials team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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