Global Oxygen Market Opportunities and Strategies to 2030: COVID-19 Impacts and Recovery - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Oxygen Global Market Opportunities and Strategies to 2030: COVID-19 Impact and Recovery" report has been added to ResearchAndMarkets.com's offering.
The global oxygen market reached a value of nearly $27,741.8 million in 2019, having increased at a compound annual growth rate (CAGR) of 6.1% since 2015. The market is expected to decline from $27,741.8 million in 2019 to $27,548.0 million in 2020 at a rate of -0.7%.
The decline is mainly due to lockdown and social distancing norms imposed by various countries and economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is also restrained due to uncertain demand from the industrial sector due to uncertain demand. The market is then expected to recover slightly and grow at a CAGR of 0.11% from 2021 and reach $27,482.3 million in 2023. The market is expected to reach $30,052.0 million in 2025 and $ 36,553.2 million in 2030.
Growth in the historic period resulted from emerging markets growth, increased prevalence of disease, and rising air pollution levels. Factors that negatively affected growth in the historic period were safety, and changing regulations.
Going forward, increasing demand for oxygen due to COVID-19 effect, applications of oxygen in healthcare, and increased demand for portable oxygen for homecare will drive the growth. Factors that could hinder the growth of the oxygen market in the future include a reduction in free trade and uncertain demand from industry.
The oxygen market is segmented by type into industrial oxygen, medical oxygen, and others. The industrial oxygen market was the largest segment of the oxygen market segmented by type, accounting for 77.4% of the total in 2019. Going forward, the medical oxygen segment is expected to be the fastest-growing segment in the oxygen market, at a CAGR of 5.0% during 2019-2023.
The oxygen market is segmented by application into mineral processing applications, automobiles, healthcare, cosmetics, mining, pharmaceutical, food and others. The others market was the largest segment of the oxygen market segmented by application, accounting for 27.6% of the total in 2019. Going forward, the healthcare segment is expected to be the fastest-growing segment in the oxygen market, at a CAGR of 5.0%.
The Asia Pacific was the largest region in the global oxygen management market, accounting for 40.0% of the total in 2019. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the oxygen market will be the Middle East, and Africa, where growth will be at CAGRs of 3.5% and 3.4% respectively during 2019-2023. These will be followed by Eastern Europe, and South America, where the markets are expected to grow at CAGRs of 2.2% and 1.3% respectively.
The global oxygen market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 49.8% of the total market in 2019. Major players in the market include Air Liquide, The Linde Group, Mitsubishi Chemical Holdings Corporation, Air Products and Chemicals Inc. and Yingde Gases.
The top opportunities in the oxygen market segmented by type will arise in the medical oxygen segment, which will gain $851.6 million of global annual sales by 2023. The top opportunities in the oxygen market segmented by application will arise in the healthcare segment, which will gain $851.6 million of global annual sales by 2023. The oxygen market size will gain the most in China at $880.3 million
Market-trend-based strategies for the oxygen market include acquiring smaller companies to increase the market share, partnering with respirator product manufacturers to develop innovative products, developing customized air separation plants, and increasing the production capacities for pulp and paper industry oxygen gases. Player-adopted strategies in the oxygen market include investing in expanding manufacturing operations, improving infrastructure and in acquisitions and mergers to strengthen their service offerings.
Amidst the unprecedented outbreak of coronavirus, governments across the world are advising people to stay indoors and practice social distancing, to reduce the spread of the pandemic. This has increased the short-term potential growth opportunities for the oxygen industry.
To take advantage of the opportunities, the publisher recommends the oxygen companies to focus on customized air separation plants, invest in IoT technology, invest in pulp and paper, expand in emerging markets, increase domestic production, provide competitively priced offerings, and collaborate with government organization.
Key Topics Covered:
1. Oxygen Market Executive Summary
2. Table Of Contents
3. List of Figures
4. List of Tables
5. Report Structure
7. Oxygen Market Characteristics
8. Oxygen Market, Supply Chain Analysis
9. Oxygen Market Product Analysis - Product Examples
10. Oxygen Market Customer Information
11. Oxygen Market Trends And Strategies
12. Oxygen Market, COVID Impact Analysis
13. Global Oxygen Market Size And Growth
14. Global Oxygen Market Segmentation
- Air Liquide
- Air Products and Chemicals Inc.
- Mitsubishi Chemical Holdings Corporation
- The Linde Group
- Yingde Gases
For more information about this report visit https://www.researchandmarkets.com/r/oxb08f
Laura Wood, Senior Press Manager
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