High Purity Oxygen Market By Type (9%, 99%, 999%, 9999%, Zero Air, Others); By Grade (Medical Grade, Industrial Grade, Electronic Grade, Others); By Supply (Merchant & Bulk, Onsite & Pipeline, Packaged); By End Use (Chemicals, Healthcare, Metal Production, Electronics, Glass & Ceramics, Pulp & Paper, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2023-2032
High Purity Oxygen Market Overview
Global high purity oxygen market witnessed a market value of USD 44.3 billion in 2022 and is estimated to reach USD 46.6 billion in 2032, registering a compound annual growth rate (CAGR) of 6.1% between 2023 and 2032.
The high purity oxygen market refers to the global market for oxygen with a purity level of 99.5% or higher. High purity oxygen is used in a variety of applications such as medical, welding and cutting, aerospace, and semiconductor manufacturing.
The high purity oxygen market is driven by factors such as the increasing demand for oxygen in the healthcare sector, the growth of the aerospace industry, and the rising demand for oxygen in industrial applications. The market can be segmented based on production technology, end-user, and geography.
The production technology segment includes cryogenic distillation, vacuum pressure swing adsorption (VPSA), and others. The end-user segment includes medical, welding and cutting, aerospace, semiconductor manufacturing, and others. Geographically, the market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The key players in the high purity oxygen market include Air Liquide S.A., Air Products and Chemicals, Inc., Linde plc, Taiyo Nippon Sanso Corporation, and Praxair Technology, Inc. These companies offer a range of high purity oxygen products and services for various applications and industries.
The high purity oxygen market is highly competitive, with several large and small players offering a range of products and services. The market is characterized by the presence of several established players as well as new entrants. In recent years, there has been a growing trend towards the use of on-site oxygen generation systems, which offer greater flexibility and cost savings.
Oxygen is the most vital element for sustenance on this planet and is the third-most abundant element in the universe, after hydrogen and helium. It is extensively used in hospitals for serving various medical purposes and is required to be of high purity as it is administered to patients suffering from health disorders such as breathlessness, hypoxemia, asthma, COPD, trauma, resuscitation, and others.
There are versatile uses of oxygen in various industries. The use of oxygen in metal, mining, and mineral processing, is improving the efficiency of their processes, which reduces the overall cost of production. Also, it is highly used instead of air to improve performance and capital efficiency in various industries such as in gasification processes, process heaters, industrial fermentation, in boilers to enhance productivity, in water treatment plants to improve the effectiveness of removing pollutants from the water.
Also, with Covid-19 affecting mostly the lungs that primarily deals with oxygen, the high-purity oxygen market is projected to grow at a massive CAGR in the years to come.
High Purity Oxygen Market Drivers
The growth of this market is attributed towards major relying factors including the growth of industries such as agriculture, automobiles, beverages, chemicals, construction equipment, food, glass, medicine, ship building, space explorations, steel manufacture etc. which require stable high-purity oxygen for processes, increasing demand for high-purity industrial oxygen in the healthcare industry, forthcoming innovations for application of high-purity (>99%) oxygen in a number of non-traditional areas and others.
Additionally, as the WHO has listed oxygen as an essential medicine, there are specific guidelines for production of oxygen meant for the medical industry. Manufacturing in plants is evidently carried out in line with internationally approved standards and meeting medical specifications issued by European, Indian, UK, US and WHO specifications.
Also, as governments are emphasizing on enhancing healthcare access in non-urban areas, market players are working on installing small- and medium-sized separate oxygen generation plants for hospitals in remote areas, to aid in critical situations. With this, hospitals are also looking to have it in abundance. At its highest demand in the Covid pandemic, this life saver is used in lakhs of liters per day.
Moreover, market players have been consistently establishing air separation unit (ASU) production facilities, in partnership with local manufacturers to address the bulk requirements of industrial oxygen in an increasing number of steel projects, thereby fueling the growth of this market.
Furthermore, with variation in the demand from end users, compressed oxygen gas in single cylinders, which continues to be a low-cost, versatile method of oxygen supply, are likely to witness significant sales.
Clearly, mortality in the Covid-19 pandemic, is majorly related to hypoxemia which sets in by affecting the lungs, of which, oxygen is the predominant solution. Very few and very sick need ventilator support which is again aided by the use of oxygen.
However, lack of written safety instructions by oxygen vendors causing injuries while handling oxygen apparatus, high cost of producing, storing and maintain high-purity oxygen for different purposes such as medical and industrial contribute in hampering the growth of this market.
High Purity Oxygen Market Segmentation
By Type
- 9%
- 99%
- 999%
- 9999%
- Zero Air
- Others
By Grade
- Medical Grade
- Industrial Grade
- Electronic Grade
- Others
By Supply
- Merchant & Bulk
- Onsite & Pipeline
- Packaged
By End Use
- Chemicals
- Healthcare
- Metal Production
- Electronics
- Glass & Ceramics
- Pulp & Paper
- Others
By Region
- North America (U.S., and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Rest of Europe)
- Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
- Latin America (Mexico, Argentina, Rest of Latin America)
- Middle East and Africa
High Purity Oxygen Market Regional Insights
The Asia-Pacific region is witnessing enormous eye-catching growth in this market and is expected to continue the trend in the coming years. Factors such as increasing steel production and increasing investments by steel manufacturers in the region, continuous advancements in the aircraft & transportation industry, semiconductor industry, electric vehicle industry, rapidly growing COVID cases and increasing population etc. are expected to bolster the growth of this market. China is identified as a leading consumer in the high purity oxygen market, followed by Japan, South Korea and India in this region.
High Purity Oxygen Market Key Players
- Airgas
- Yingde Gases
- HANGZHOU HANGYANG
- SCGC
- Baosteel Gases
- Foshan Huate
- Advanced Specialty Gases
- Matheson Tri-Gas
- PurityPlus Gases
- Air Liquide
- ILMO Products
- Air Water Inc
- Air Products and Chemicals
- Linde PLC
- Iwatani Corporation
- MESA Specialty Gases & Equipment
- SOL Spa
- Messer Group GmbH
- Toho Acetylene
- Taiyo Nippon Sanso Corporation
- Praxair
- Other Key & Niche Players
RECENT DEVELOPMENTS:
- In October 2020, Bharat Petroleum Corporation (BPCL) along with business partner Prodair Air Products offered to supply available liquid oxygen to Ernakulam district. The supply of 90 MT of liquid oxygen for the next two months was said to be free of cost for supporting the district administration in combating the pandemic. The Build-Own-Operate unit of BPCL-KR, operated by Prodair Air Products India Private Limited, has a provision to produce and store liquid oxygen of 99.7% purity.
- In October 2020, Linde plc announced that its Board of Directors appointed Mr. Sanjiv Lamba to serve as the company's Chief Operating Officer effective January 1st, 2021. In this role, Mr. Lamba would be responsible for the regional operating segments of the Americas, APAC, and EMEA, as well as Linde Engineering, Lincare, and certain global functions, initiatives. The company serves a variety of end markets including chemicals & refining, food & beverage, electronics, healthcare, manufacturing and primary metals. Linde's industrial gases are used in countless applications, from life-saving oxygen for hospitals to high-purity & specialty gases for electronics manufacturing, hydrogen for clean fuels and much more.
Timeline Considered for Analysis:
2023: Estimated Year
2023 to 2032: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global high purity oxygen market by the following segments:
- Type
- Grade
- Supply
- End-Use
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global High Purity Oxygen Industry Report
- What is the overall market size in 2022? What will be the market growth during the forecast period i.e. 2023-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which submarket will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?
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- Publication date: 20th February 2024
- Base year: 2022
- Forecast year: 2023-2033
- Format: PDF, PPT,Word,Excel
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