Growing demand for oxygen from various industries, including metal fabrication and welding, aerospace and automotive, chemical, metallurgy, construction and steel industries, and the healthcare sector are anticipated to boost the demand of industrial oxygen in the coming decade, finds Future Market Insights (FMI) in a recent research study. As per the study, the industrial oxygen market is anticipated to witness a growth rate of 7.9% during the coming assessment period.
Growth in the steel industry is expected to boost the demand for industrial oxygen, as commercial oxygen is used in the production of materials such as stainless steel. Expansion of construction and automotive sectors is expected to indirectly boost the demand of industrial oxygen in the coming years. The growing aerospace industry is also expected to bolster the demand for commercial oxygen in the near future, as liquid oxygen is used as fuel.
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Moreover, the growing healthcare sector also has boosted the consumption of industrial oxygen. During the pandemic, the demand for oxygen witnessed a sudden surge owing to the increasing number of COVID-19 patients all over the globe in the year 2020 and 2021. These factors will prove crucial for continued growth of the global industrial oxygen market.
The market is further anticipated to reach a value of US$ 129.77 Bn by the end of the forecast period. With the growing demand for metals, from the construction and automotive sector, the demand for industrial oxygen is also expected to witness substantial growth, since oxygen is used in the production of steel and alloys.
Key Takeaways from Industrial Oxygen Market Study
- Liquefied oxygen will witness significant growth in demand from aerospace, healthcare, construction, and steel industries. It will hold around 55% of the global value share.
- Growing demand for oxygen for application in chemical processing is also anticipated to bolster sales, accounting for over US$ 8.3 Bn in 2021.
- The North America market is dominated by the U.S., accounting for over 84% of the regional market, driven by relatively higher levels of industrial investment.
- Germany and France hold the lead in Europe, with a valuation of over US$ 2.5 Bn and 2.3 Bn in 2021.
- Driven by developments in the industrial and infrastructure sector, China is expected to remain a key market, accounting for more than 65% of the East Asia value share.
“The healthcare sector has been exhibiting demand for oxygen amid COVID-19 outbreak owing to the critical requirement of oxygen supply for the surging number of covid-19 patients, resulting is supply shortages in many markets,” said a lead analyst at FMI.
Who is Winning?
Leading players in the industrial oxygen market are focusing on strategic expansions by bolstering production capacity, opening new plants in emerging economies, in addition to collaborations and partnerships to provide high quality products and to increase market presence. These companies are also focusing on strengthening of their product portfolio and developing stronger distribution partnerships.
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Key manufacturers in the industrial oxygen market include but are not limited to 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., Taiyo Nippon Sanso Corporation, KOATSU GAS KOGYO CO., LTD., Yingde Gases Group Co., Ltd., Daesung Group, INOX Air Products Private Limited, International Industrial Gases Limited, Axcel Gases, ECHO Gases Pvt. Ltd., Premier Cryogenics Ltd., Bhuruka Gases Limited, Seva Gases Private Limited and Piramala Gases.