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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.
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 End Use:
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.
FEW KEY PLAYERS IN HIGH PURITY OXYGEN MARKET:
Timeline Considered for Analysis:
2019: Estimated Year
2020 to 2025: 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:
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Key Questions Answered in the Global High Purity Oxygen Industry Report
The report offers a comprehensive insight on the High Purity Oxygen Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.