Oxygen is a colorless and odorless element commonly in gaseous form at average temperatures, and it is an important element for life and constitutes approximately 21% of the earth's atmosphere. According to BlueQuark Research & Consulting, the global Oxygen market is expected to witness growth at a sluggish rate during the forecasted period. Factors such as the surging incidence of chronic respiratory diseases and rising demand for home healthcare are the primary drivers of the Oxygen market in the forecasted period. Further, increase in the production and consumption of steel globally, and Oxygen is extensively used in chemical refining & heating during steel production, further driving the oxygen market growth in the forecasted period. Furthermore, the abundant use of Oxygen in chemical and petroleum industries as a feed component to produce chemicals such as aldehydes and alcohol is also boosting the market. Other factors include the growing use of Oxygen as a bleaching and oxidizing agent in the pulp & paper industry and an increase in oxygen therapy due to rising air pollution. However, the high cost of oxygen concentrators and stringent regulatory procedures hamper the forecasted global market.

The prime consumers of Oxygen are the steel manufacturing industries and metal refineries. Oxygen is also utilized in petroleum processing, pharmaceuticals, glass and ceramic production, effluent plant treatment, and paper and pulp production. 

Chronic Obstructive Pulmonary Disorder (COPD) fragments dominated the market. Medical care workers often use oxygen concentrators for therapeutic and diagnostic purposes. Medical oxygen gas systems, for example, oxygen concentrators and compressed oxygen gas cylinders, are considerably utilized in homecare settings and are usually chosen by old patients who experience challenges in mobility and rely upon a steady oxygen supply. Oxygen is utilized for medical hyperbaric therapies done in hyperbaric oxygen chambers to treat soft tissue infections, thermal burns, crush injuries, diabetes-related wounds, delayed radiation injuries, specific skin grafts and flaps etc. Oxygen gas is utilized to cure patients with carbon monoxide poisoning. Breathing apparatuses made up of Oxygen are utilized in hospitals to treat patients and mountaineers, and scuba divers while diving and trekking. In addition, the development of technologically advanced oxygen sources and delivery devices, which provide efficient patient care, is expected to boost the industry's growth. These growths include flow regulating devices, sensors, and conjunction of delivery devices with pulse dose meters. The adoption of O2 therapy is surging owing to the potential benefits such as controlled flow, efficient dosing, faster response rates, and excellent durability and reliability. The evolving O2 treatment modalities, like high flow nasal cannula delivery of Oxygen in emergency care and non-invasive ventilation for the remedy of asthma, are predicted to present the industry with future growth opportunities in this segment during the forecasted period. The sleep apnea segment is expected to witness exponential growth in the future due to the usage of nocturnal oxygen therapy as an alternative for treating obstructive sleep apnea. The increasing prevalence of this disorder and supplemental Oxygen administration in conjunction with CPAP devices for better patient outcomes is responsible for driving the need for this segment over the next few years. The respiratory distress syndrome segment is awaited to exhibit a moderate growth rate during the forecasted period due to the rising prevalence of respiratory distress syndrome in premature birth. The absence of efficacious treatment alternatives is anticipated to drive the clinical urgency for treating RDS, presenting the segment with crucial growth opportunities soon.

The Asia Pacific is anticipated to observe exponential growth during the forecasted period. The market is propelled by high R&D investment by global players and the rising commercialization of O2 therapy equipment developed by these players. The urgent need for developing new systems and replacing and upgrading medical infrastructure is anticipated to offer the business lucrative growth opportunities over the forecast period. The growth of industries such as agriculture, beverages, chemicals, construction equipment, food, automobiles, glass, medicine, shipbuilding, space explorations, steel manufacture etc. requires stable Oxygen for processes, increasing the demand for oxygen production worldwide. The versatile uses of Oxygen in the chemical industry as an oxidizing agent and catalyst contribute to the oxygen market's growth. Using Oxygen in metal, mining and mineral processing enhances the efficiency of their processes, which decreases the overall cost of production. Oxygen consumption as breathing aids and apparatus is increasing worldwide due to the increasing pollution, which contaminates the air and reduces the quantity of natural Oxygen in the air. In water treatment plants, Oxygen is added directly to the wastewater to improve the effectiveness of removing pollutants from the water. Most celebrities undergo oxygen facials at spas, providing instant nutrition and radiance to the skin. Pressurized steam of Oxygen under hyperbaric therapies fortifies the skin with vital nutrients. Oxygen is used to enhance or replace the air in industries for ferrous and non-ferrous production of metals. In biotechnology, Oxygen is critical for applications related to cell growth. In pharmaceuticals, Oxygen is used in fermenters and bioreactors. Oxygen is used in many refineries to enhance the capacity of Sulphur Recovery Units (SRU) and Fluid Catalytic Cracking plants (FCC), which improve wastewater treatment operations.

The major players in the worldwide market are The Linde Group, Air Liquide S.A., Mitsubishi Chemical Holdings Corporation, Yingde Gases Group Co. Ltd.

In November 2021, UNICEF partnered with the UK government and Oxygen CoLab to develop a strong medical oxygen concentrator to use in low-resource settings. This development is taking place to fight the coronavirus crisis and fulfill the demand for Oxygen in critical care settings. The increased industry competition can be credited to the growing number of players, frequent product approvals, and efficient distribution agreements.

Our Global Oxygen Market report provides deep insight into the current and future state of the Oxygen market across various regions. Also, the study comprehensively analyzes the oxygen market by segmenting based on geography and by phase (Liquid and Gas), by application (Fuel, Metal Processing, Chemical Processing, Bleaching Agent and Others (Waste Water Treatment, Aquaculture, etc.)) and by end-user industry (Aerospace & Defense, Construction, Petrochemical, Oil & Gas, Glass & Ceramic, Pulp & Paper, Healthcare and Others (Cosmetics, Agriculture, etc.)). The report examines the market drivers and restraints influencing the growth in detail. The study also covers emerging market trends, developments, opportunities, and challenges in the industry. This report also covers an extensively researched competitive landscape section with profiles of prominent companies, their market shares, and their projects.