Attributed to high demand for high purity oxygen from a range of end-use industries, currently, the global high purity oxygen market accounts for nearly one-third of the global industrial gas market. Most demand has been driven by the steel industry, in which, over three-fourth of the steel is produced using high purity oxygen. Apart from the steel industry, the chemical industry has experienced higher growth as compared to other end-use segments. Growing demand for high purity oxygen in the chemical industry to increase reaction rate and yield efficiency will amplify market growth during the forecast period.
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Key Takeaways from High Purity Oxygen Market Study
- Industrial grade has remained the primary grade consumed by end-use industries, currently accounting for over three-fourth of global consumption.
- On the basis of supply, developed countries such as the United States, Germany, France, Belgium, the U.K., etc., are moving towards pipeline networks, which will drive this segment at a leading growth rate of 5% in the global high purity oxygen market.
- Metal production and fabrication have driven the consumption of high purity oxygen during the historical period.
- The medical & healthcare segment is set to create an absolute $ opportunity worth US$ 2 Bn by 2030.
- China, being the largest steel and chemical producer, has driven the consumption of high purity oxygen, and currently accounts for over one-third of global consumption.
“The uncertain COVID-19 outbreak has skyrocketed the demand for medical grade oxygen, and this segment is poised to generate over 4 to 5 times more demand in 2020 as compared to 2019,” says a Fact.MR analyst.
High Purity Oxygen Market: Segmentation
Fact.MR has segmented the high purity oxygen market on the basis of grade, supply, end use, and region.
- Industrial Grade
- Medical Grade
- Electronic Grade
- Onsite & Pipeline
- Merchant & Bulk
- Metal Production & Fabrication
- Chemicals & Refinery
- Medical & Healthcare
- Glass & Ceramics
- Pulp & Paper
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa