Growth drivers for the industrial oxygen market: the role of gasification and synthesis gas production

This global industrial oxygen market is projected to reach a valuation of USD 71,211.7 million in 2023, driven by ongoing research and development. This trend is expected to create new opportunities for the market, leading to a projected CAGR of 7.9% during 2023-2033 and achieving a total valuation of approximately USD 152,323.1 million by 2033.

One of the major factors contributing to the growth of the industrial oxygen market is gasification and syngas production. Oxygen is required in gasification processes to convert various raw materials into syngas, which can be used in chemical production and power generation. The development of sustainable energy and chemicals can drive growth in this area.

As industries increasingly focus on improving energy efficiency, oxygen is often used to improve combustion processes, which reduces energy consumption. This trend could drive demand for oxygen in energy-intensive industries. Integrating digital technologies and automation into oxygen production and delivery systems can increase efficiency, reduce costs, and provide better customer service.

Industrial gas companies offer customized gas supply solutions to meet specific industry needs. This approach can lead to long-term customer partnerships and drive growth through customized services. The focus on safety and environmental responsibility is increasing. Oxygen suppliers that can provide safe and sustainable solutions, including reducing emissions and improving workplace safety, can gain a competitive advantage.

There is growing interest in producing oxygen using sustainable and green technologies, such as electrolysis powered by renewable energy sources. This trend is consistent with broader sustainable development goals and could be a driver of growth. Investment in healthcare infrastructure, especially in developing countries, could increase demand for medical oxygen and related healthcare services.

Industries are exploring ways to minimize waste and maximize resource utilization. Oxygen can play a role in various recycling and waste processing processes, supporting circular economy initiatives. The industrial oxygen market can benefit from growing interest in CCU technologies that use oxygen for processes such as oxy-combustion and increasing carbon capture efficiency.

Key findings from the market research

• The value of the global industrial oxygen market at the end of 2023 was estimated at USD 65,301.1 million.
• During 2019–2023, market demand grew at a CAGR of 6.9%.
• The China market is expected to grow at a CAGR of 9.0% until 2034.
• In terms of products, the liquefied oxygen segment will account for 55.6% of the share in 2024.
• The industrial oxygen market is expected to grow at a compound annual growth rate (CAGR) of 7.9% between 2024 and 2034.
• It is estimated that by 2034 the market value of industrial oxygen will reach USD 152,323.1 million.

Oxygen is essential for biotechnology and pharmaceutical processes, including fermentation and cell culture. Demand for industrial oxygen in these sectors could increase with advances in biopharmaceuticals and personalized medicine, the FMI analyst notes.

Competitive Landscape

Major players in the industrial oxygen market include 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 KK, Air Water Inc. and Ellenbarrie Industrial Gases Ltd.

Recent events

• In 2023, Linde plc announced plans to acquire the industrial gases business of Messer Group for $3.7 billion. The acquisition will make Linde the largest industrial gases company in the world.
• In 2022, Praxair Inc. announced plans to build a new 3,000 TPD ASU in India. The ASU will supply oxygen to a new steel mill in India.
• In 2021, Air Liquide announced plans to invest €2.5 billion to develop and deploy CCS technology at its refinery in Port Arthur, Texas. The project will capture and store up to 5 million tons of carbon dioxide per year.
• In 2021, Air Products and Chemicals Inc. announced plans to build a new 2,000 TPD ASU in the United States. The ASU will supply oxygen to a new semiconductor manufacturing facility in the United States.
• In 2021, Praxair Inc. announced plans to build a new 2,500 TPD ASU in Canada. The ASU will supply oxygen to a new mining operation in Canada.

More valuable insights available

Future Market Insights offers an unbiased analysis of the global Industrial Oxygen market, presenting historical data from 2019 to 2023 and statistical forecasts for 2023 to 2033.

To understand the opportunities in the industrial oxygen market, the market has been segmented based on product type (compressed oxygen gas and liquefied oxygen) and end-use (automotive and aerospace, chemical processing, and power generation) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia Pacific, East Asia, and Middle East and Africa (MEA)).

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