Analysis of High Purity Oxygen market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global high purity oxygen market is expected to foray ahead on a positive growth trajectory, at a CAGR of 6% across the forecast period (2020-2030). Growth is attributed to increasing demand for high purity oxygen for a range of end uses, including, but not limited to, the steel industry, metal fabrication, welding, healthcare, chemicals, and paper.
The steel industry has driven the consumption of high purity oxygen during the historical period, and is poised to lead demand over the forecast period too, accounting for near half of the global market share by 2030. Apart from steel industry, high purity oxygen is highly utilized to manufacture other metals, especially copper and lead. These factors are set to drive the expansion of the global high purity oxygen market size, allowing it surpass a market valuation US$ 44 Bn by 2030.
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Over three-fourth of the steel is produced through blast oxygen furnaces, and continuous increasing adoption of similar production methods across numerous countries is set to bolster demand for high purity oxygen throughout the assessment period.
Currently, the steel industry is the largest consumer of high purity oxygen, and is poised to drive global demand over the coming years. High purity oxygen is gaining traction in a range of niche applications such as optical fiber production, pharmaceuticals, petroleum, and wastewater treatment plants.
Along with the aforementioned applications, high purity oxygen is finding its way in research and analytical galaxies. Further, growing demand for high purity oxygen from the semiconductor industry for the formation of silicon dioxide and metal oxide, as an etchant for photoresist, and in mixtures with hydrocarbons for etching silicon, is projected to create lucrative avenues for suppliers in the high purity oxygen market space.
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Currently, China is the largest steel producer in the world, and over three-fourth of regional steel is produced through the blast oxygen furnace method. In result, China is identified as a leading consumer in the high purity oxygen market, accounting for over one-third of global consumption.
The scenario is projected to continue, owing to increasing steel production and increasing investments by steel manufacturers in the region. At present, China leads a plethora of markets, including, but not limited, to automotive, consumer electronics, chemicals, plastic, and steel. Continuous advancements in the aircraft & transportation industry, semiconductor industry, electric vehicle industry, and steel industry are set to drive the high purity oxygen market in China over the assessment period.
After China, East Asia is home to two developed countries - Japan and South Korea. Together, these countries accounted for near 10% of global steel production in 2019. In these regions, over two-third of the steel is produced through the blast oxygen furnace method. As such, the East Asia high purity oxygen market is poised to expand at a decent CAGR of 6% over the forecast period.
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The global high purity oxygen market is highly consolidated in nature, where the top players currently account for over two-third of global sales. Currently, Linde AG, Air Liquide, and Air Products and Chemicals Inc. are prominent suppliers of high purity oxygen. These market goliaths are poised to maintain their dominance throughout the assessment period, on the back of numerous organic and inorganic strategies. For instance, in 2018,
The Linde Group merged with Praxair, Inc. As a result, Linde has become the world’s single biggest player in the industrial gases business. In 2019, Air Liquide singed a long-term agreement with Gulf Coast Growth Ventures, and to support this agreement, Air Liquide will build a new air separation unit to produce 2 kilo tons of oxygen per day.
The spread of coronavirus has contracted the global economy with a great recession looming. Nearly all countries have imposed lockdowns and strict social distancing measures. This forced the shutting down of almost all production plants across the globe.
As per the new normal, most people are working from their homes, which has declined fuel consumption drastically in the last few months. The scenario is projected to continue till a significant cure is found by researchers.
Europe and North America are two prominent consumers in high purity oxygen market, together accounting for nearly one-third of global demand in 2019. Along with leading high purity oxygen consumers, these are the most affected regions by the COVID-19 outbreak, and account for over half of global fatalities.
The bad situation in these regions has impacted the global high purity oxygen market, which is however poised to recover from the fourth quarter of 2020 owing to easing of lockdowns and restrictions.
“For sustaining high profit margins in this competitive market, manufacturers in the high purity oxygen market are setting up widespread gas pipeline networks, which is poised to emerge as the choice of supply method among suppliers and consumers.”
Fact.MR published an exclusive forecast report on the high purity oxygen market for 2020 and 2030. The foremost objective of this report on the high purity oxygen market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the high purity oxygen market. Also, the study on the high purity oxygen market addresses key dynamics that are expected to diversify the sales and future prominence of the high purity oxygen market.
The report on the high purity oxygen market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the high purity oxygen market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the high purity oxygen market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for high purity oxygen.
Supply chain analysis and pricing analysis of the high purity oxygen market along with the difference between high purity oxygen used as per application have also been included in the report, to help readers clearly understand the product framework map in the high purity oxygen market.
Fact.MR has segmented the high purity oxygen market on the basis of grade, supply, end use, and region.
This Table of Contents prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than addressee(s) is unauthorized and prohibited.”
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The global high purity oxygen market is expected to foray ahead on a positive growth trajectory, at a CAGR of 6% across the forecast period
Europe and North America are two prominent consumers in high purity oxygen market
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