Oxygen Market Report 2025

The oxygen market size has grown rapidly in recent years. It will grow from $44.45 billion in 2024 to $50.3 billion in 2025 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, a rise in industrialization, an increased demand for medical oxygen due to COVID-19, an increasing focus on home healthcare and an increasing demand from the aerospace industry.

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $79.44 billion in 2029 at a compound annual growth rate (CAGR) of 12.1%. The growth in the forecast period can be attributed to increasing government support, an increasing aging population, rising air pollution levels and an increasing demand for oxygen from the healthcare industry. Major trends in the forecast period include launch of IoT (internet of things)-enabled medical oxygen plants, increasing investments, advancements in oxygen generators, the emergence of high-flow nasal therapy, launch of air separation plants and strategic shift to portable oxygen concentrators.

The growing prevalence of respiratory diseases has significantly contributed to the expansion of the global oxygen market, driven by the increased use of oxygen for medical purposes. Conditions such as Chronic Obstructive Pulmonary Disease (COPD), more commonly found in the elderly population, necessitate the use of oxygen concentrators. COPD, characterized by long-term breathing difficulties, requires devices such as oxygen concentrators to enhance oxygen levels in patients' blood, addressing their respiratory issues. The World Health Organization (WHO) predicts a tripling of the number of individuals aged 80 years or older by 2050, reaching 426 million. This rise in cases has stimulated the demand for portable oxygen concentrators, thus fueling the growth of the oxygen market.

The rising daily exposure to environmental pollution is anticipated to drive growth in the oxygen market. Environmental pollution involves the introduction of harmful substances or contaminants into the natural environment, such as air, water, or soil, which can negatively impact living organisms, ecosystems, and overall environmental quality. Increased oxygen exposure can help alleviate the adverse effects of environmental pollution by supporting the body's antioxidant mechanisms, promoting better lung function, and reducing greenhouse gas emissions. For example, in June 2024, the Office for National Statistics, a UK-based government department, reported that UK greenhouse gas emissions per resident increased by 1.2% from 2021 to 2022, totaling 506 million tonnes of carbon dioxide equivalent. Consequently, the rise in daily exposure to environmental pollution is driving the growth of the oxygen market.

Major companies in the oxygen market are increasingly focusing on innovative solutions like cryogenic oxygen tanks to improve the efficiency and storage capacity of oxygen supply. Cryogenic oxygen tanks are specialized storage containers designed to hold oxygen in its liquid state at extremely low temperatures, typically below -183 degrees Celsius. For instance, in June 2024, Hypro, a US-based turnkey solution provider, launched a new range of cryogenic tanks aimed at the global market for the storage and transportation of liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2). These tanks, available in capacities ranging from 10 to 100 tons, are made from high-quality SS 304 stainless steel with vacuum insulation and comply with international safety standards, including U, CE, and PESO certifications. They are suitable for various applications, such as industrial manufacturing and breweries. This launch reflects Hypro's commitment to enhancing its product offerings in the gas storage sector to meet the growing global demand for efficient cryogenic solutions.

Key players in the oxygen market are prioritizing product advancements, such as Internet of Things (IoT)-enabled medical oxygen plants, to enhance control and extend access to patients. An IoT-enabled medical oxygen plant is an advanced healthcare facility that produces and manages medical-grade oxygen using IoT technology. For example, in November 2022, OXY AID, an India-based manufacturer of oxygen therapy equipment, introduced India's first IoT-enabled medical oxygen plant on wheels. This innovative plant generates and refills oxygen cylinders, ensuring availability. The mobile medical oxygen plant facilitates last-mile delivery and availability of medical oxygen in rural areas, offering a more efficient alternative to traditional cylinders. Equipped with IoT technology, the plant enables remote monitoring and control.

In December 2022, Atlas Copco, a Sweden-based manufacturing company, acquired Shandong Meditech Medical Technology Co., Ltd. for an undisclosed amount. This acquisition aims to bolster Atlas Copco's product offerings and expertise in the healthcare sector, particularly in onsite oxygen solutions. By integrating Shandong Meditech's capabilities, Atlas Copco seeks to enhance its presence in the rapidly growing medical oxygen market, thereby improving service capabilities for Shandong Meditech's customers through Atlas Copco's extensive global network. Shandong Meditech Medical Technology Co., Ltd. is a China-based company specializing in the manufacture of onsite oxygen solutions tailored for the healthcare market.

Major companies operating in the oxygen market include Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc, Yingde Gases, The BOC Group plc, Air Water Inc., Messer Group GmbH, Iwatani International Corporation, Guangdong Huate Gas Co., Ltd, ResMed, Nidek Medical industries, Praxair Inc, Core Industrial Gases, Taiyo Nippon Sanso, AMCS Corporation, Flogas Britain Ltd, NGK Spark Plug Co, Ltd, WIKA Alexander Wiegand SE & Co. KG, SOL SpA, Supagas, GRASYS, Invacare corporation, Inogen Inc, Drive deviibiss industries, Oxair, SAID Group, Matheson Tri-Gas, Messer Gases del Peru S.A., BOC Healthcare, Gulf Cryo, Buzwair, Gas Africa, Afrox.

Asia-Pacific was the largest region in the oxygen market in 2024. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oxygen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

Oxygen, a highly reactive colorless and non-metallic gas, readily forms oxides when interacting with various compounds and elements. Its applications are diverse, including its use in steel mills to oxidize undesired impurities in steel. Oxygen finds essential roles in the food industry, medical settings for respiratory purposes, and oxy-acetylene torch applications.

The primary categories of oxygen products encompass medical oxygen, industrial oxygen, and other variations. Medical oxygen, characterized by high purity, is specifically designed for medical treatments and human body use. Cylinders containing medical oxygen strictly maintain high purity, prohibiting the inclusion of any other gases to prevent contamination. The applications of oxygen span across various industries such as cosmetics, pharmaceuticals, automobiles, mining, and mineral processing. It plays a crucial role in the metallurgical industry, chemical industry, healthcare sector, and other diverse applications.

The oxygen market research report is one of a series of new reports that provides oxygen market statistics, including oxygen industry global market size, regional shares, competitors with an oxygen market share, detailed oxygen market segments, market trends and opportunities, and any further data you may need to thrive in the oxygen industry. This oxygen market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The oxygen market consists of the sales of oxygen in cylinders, spray cans, and containers used as a catalyst. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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