Get the latest insights on price movement and trend analysis of Oxygen in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Why did the Oxygen Price Change in July 2025? Oxygen Price Index in APAC saw an overall increase of 7.6% during Q2 2025, ending June at USD 355/MT FOB Shanghai (China). Prices rose by 3.0% in April and 4.4% in May due to tightened supply from maintenance shutdowns and logistical disruptions

Oxygen is a life-sustaining, colourless, odourless, and highly reactive element that is available 23% by weight in the atmosphere.

The Oxygen Market Report is Segmented by Form (Gas, Liquid, and Solid), Type (Medical and Industrial), Application (Metals and Mining, Chemical Industry, Oil and Gas, Healthcare, Pharmaceutical, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and Middle East and Africa). The Market Size and Forecasts are Provided in Volume (Kilotons) for all the Above Segments.

The industrial oxygen market is expected to undergo considerable growth, with the estimated size for the industry in 2025 at USD 82.9 billion projected to be USD 177.3 billion in 2035, at a CAGR of around 7.9%. The multitasking application of industrial oxygen for use in medical, chemicals, metal, and energy industries is fueling this huge growth.

Market Metrics	Value
Industry Size (2025E)	USD 82.9 billion
Industry Value (2035F)	USD 177.3 billion
CAGR (2025 to 2035)	7.9%

Country-Wise Analysis

Countries	CAGR (2025 to 2035)
USA	6.1%
UK	5.2%
France	4.9%
Germany	5.4%
Italy	4.5%
South Korea	5.6%
Japan	4.8%
China	6.9%
Australia	4.6%
New Zealand	3.8%

Competitive Outlook

Company Name	Market Share (%)
LINDE plc	22-26%
Air Liquide	18-22%
Air Products and Chemicals, Inc.	14-18%
Matheson Tri-Gas Inc.	10-14%
Messer Group GmbH	8-12%
Others (combined)	25-35%

Graph and download economic data for Producer Price Index by Industry: Industrial Gas Manufacturing: Oxygen (PCU325120325120A) from Jun 1981 to Jun 2025 about gas, manufacturing, PPI, industry, inflation, price index, indexes, price, and USA.

For the fifth consecutive year, the Finnish oxygen market recorded growth in sales value, which increased by 1.4% to $257M in 2024. In general, the total consumption indicated a temperate increase from 2012 to 2024: its value increased at an average annual rate of +3.0% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +37.3% against 2018 indices.

In Q1 2025, oxygen prices in the North American region, particularly the USA exhibited a downward trend, reflective of various market dynamics. In January, prices saw a modest increase, driven by supply chain adjustments and seasonal demand variations amid harsh winter conditions. However, as February rolled in, a notable price drop occurred, influenced by a supply surplus and improved import efficiencies, particularly from Asian manufacturers. This decline was further supported by a significant reduction in freight costs, enhancing supply chain affordability.

United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Oxygen was 712.27900 Index Jun 1981=100 in June of 2025, according to the United States Federal Reserve. Historically, United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Oxygen reached a record high of 726.40800 in April of 2025 and a record low of 100.00000 in June of 1981. Trading Economics provides the current actual value, an historical data chart and related indicators for United States - Producer Price Index by Industry: Industrial Gas Manufacturing: Oxygen - last updated from the United States Federal Reserve on July of 2025.

North America Medical Oxygen Market size will be USD 1261.68 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.

The Asia-Pacific oxygen market totaled $23.9B in 2024, flattening at the previous year. The market value increased at an average annual rate of +2.1% over the period from 2012 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $24.8B in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

Graph and download economic data for Producer Price Index by Commodity: Chemicals and Allied Products: Oxygen (WPU06790304) from Jun 1981 to Jun 2025 about chemicals, commodities, PPI, inflation, price index, indexes, price, and USA.

Global Medical Oxygen Market was valued at USD 9744.84 Million in 2023 and is anticipated to project impressive growth in the forecast period with a CAGR of 7.14% through 2029.

Pages	180
Market Size	2023: USD 9744.84 Million
Forecast Market Size	2029: USD 14876.57 Million
CAGR	2024-2029: 7.14%
Fastest Growing Segment	Compressed Oxygen
Largest Market	North America
Key Players	1. Linde PLC 2. Air Products and Chemicals Inc. 3. Air Liquide S.A. 4. Taiyo Nippon Sanso Corp. 5. Messer SE & Co KGaA 6. Keen Compressed Gas Co. 7. Atlas Copco Group 8. Jubail Gas Plant Co. Ltd. 9. Jacko Gases Company 10. Aldakheel Industrial Gases Plant (DIGAS)

Medical And Industrial Oxygen Market Outlook

The global medical and industrial oxygen market size is projected to grow rapidly from USD 42.5 billion in 2023 to an estimated USD 72.9 billion by 2032, reflecting a CAGR of 5.7%. This remarkable growth can be attributed to the increasing demand from both the healthcare sector and industrial applications, driven by the rising incidence of respiratory diseases and the expanding manufacturing and chemical industries.

A major growth driver for the medical and industrial oxygen market is the escalating prevalence of respiratory disorders such as Chronic Obstructive Pulmonary Disease (COPD), asthma, and pneumonia, which necessitate the use of supplemental oxygen. The aging global population further exacerbates this demand, as older adults are more susceptible to respiratory ailments. With healthcare systems worldwide striving to improve patient outcomes, the demand for medical oxygen in hospitals and home healthcare settings is set to surge.

In the industrial sector, the demand for oxygen is propelled by its critical role in various processes, including welding, metal fabrication, and chemical processing. The rise in construction activities, manufacturing, and infrastructural developments across the globe drives the need for industrial oxygen. Additionally, oxygen is vital in the production of steel and other metals, which are fundamental materials in multiple industries, further fueling the market growth.

Technological advancements in oxygen generation and delivery systems also play a significant role in market expansion. Innovations such as portable oxygen concentrators and more efficient liquid oxygen storage solutions have made oxygen therapy more accessible and convenient, particularly for patients requiring long-term oxygen therapy. Moreover, improvements in the production and distribution of industrial oxygen enhance operational efficiencies and cost-effectiveness, encouraging wider adoption.

Regional outlooks indicate diverse growth patterns across different geographies. North America and Europe, with their advanced healthcare infrastructures and substantial industrial bases, remain dominant markets. However, the Asia Pacific region is expected to witness the fastest growth due to rapid industrialization, urbanization, and improving healthcare facilities. Rising investments in healthcare infrastructure and increasing awareness about respiratory diseases in emerging economies like India and China are significant contributors to this growth.

Product Type Analysis

The product type segment of the medical and industrial oxygen market encompasses compressed oxygen, liquid oxygen, and oxygen concentrators. Compressed oxygen, the most common and traditional form, is widely used in both medical and industrial applications. Its portability and ease of use make it an essential product in emergency medical services and portable oxygen therapy for patients. Additionally, compressed oxygen is crucial in welding and metal fabrication processes, contributing significantly to the market share.

Liquid oxygen, known for its high purity and density, is predominantly used in hospitals and large industrial setups. Its storage in cryogenic tanks allows for bulk supply and continuous availability, making it indispensable for critical care units and large-scale industrial operations. The high demand for liquid oxygen in the steel and glass manufacturing industries, where it is used to enhance combustion efficiency, underscores its importance in the market.

Oxygen concentrators, which have gained popularity due to their convenience and cost-effectiveness, are increasingly being adopted in home healthcare settings. These devices extract oxygen from ambient air, providing a continuous supply to patients without the need for frequent refills, unlike compressed and liquid oxygen. The rising prevalence of chronic respiratory diseases and the growing trend of home-based healthcare significantly boost the demand for oxygen concentrators.

Technological advancements in oxygen concentrators, such as improved battery life, portability, and user-friendly interfaces, have further accelerated their adoption. Innovations have also led to the development of more efficient and compact concentrators, making them suitable for a broader range of applications, including military and disaster relief operations. The segment’s growth is further supported by favorable government policies and insurance coverage for home oxygen therapy.

Overa

According to Cognitive Market Research, the global Medical Oxygen Market size will be USD 3154.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.20% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 1261.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.4% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 946.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 725.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
Latin America's market has more than 5% of the global revenue, with a market size of USD 157.71 million in 2024, and will grow at a compound annual growth rate (CAGR) of 6.6% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 63.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.9% from 2024 to 2031.
The COPD held the highest Medical Oxygen Market revenue share in 2024.

Market Dynamics of Medical Oxygen Market

Key Drivers of Medical Oxygen Market

Increasing Prevalence of Respiratory Diseases to Increase the Demand Globally

The increasing prevalence of respiratory diseases globally is expected to drive a surge in demand for medical oxygen. Respiratory conditions such as chronic obstructive pulmonary disease (COPD), asthma, pneumonia, and respiratory failure are becoming more prevalent due to factors such as air pollution, smoking, aging populations, and respiratory infections. As these conditions lead to impaired lung function and difficulty breathing, medical oxygen therapy plays a crucial role in providing relief and supporting patients' respiratory needs. Additionally, the COVID-19 pandemic has further highlighted the importance of oxygen therapy in managing severe respiratory symptoms and preventing respiratory failure in critically ill patients. With the rising burden of respiratory diseases worldwide, the demand for medical oxygen is expected to increase significantly, necessitating investments in oxygen production, distribution, and healthcare infrastructure to meet the growing healthcare needs of populations globally.

Aging Population to Propel Market Growth

The aging population is poised to be a significant driver of market growth in the medical oxygen sector. As demographics shift towards an older population demographic globally, the prevalence of age-related health conditions, including respiratory illnesses, tends to rise. Elderly individuals are more susceptible to chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD), pneumonia, and respiratory infections. These conditions often necessitate the use of medical oxygen therapy to alleviate symptoms and improve quality of life. Moreover, as individuals age, their lung function naturally declines, leading to an increased likelihood of requiring respiratory support. The growing aging population worldwide is, therefore, expected to fuel the demand for medical oxygen as a vital therapy for managing respiratory conditions among older adults. This demographic trend underscores the importance of investing in medical oxygen production, distribution, and healthcare infrastructure to adequately meet the needs of an aging population and ensure access to essential respiratory care services.

Restraint Factors Of Medical Oxygen Market

Limited Access to Healthcare to Limit the Sales

Limited access to healthcare presents a significant constraint on the sales of medical oxygen products and services. In many regions, particularly in low-income countries and underserved rural areas, access to healthcare facilities and medical services, including oxygen therapy, is limited. Factors contributing to this limitation include inadequate healthcare infrastructure, a shortage of trained healthcare professionals, and socioeconomic barriers such as poverty and lack of health insurance. As a result, many individuals with respiratory conditions and other medical needs may not receive timely access to essential oxygen therapy, leading to preventable complications and poorer health outcomes. Limited access to healthcare exacerbates disparities in healthcare delivery and contrib...

The global oxygen market was worth about USD 49 billion in 2020 and is predicted to grow to around USD 83 billion by 2028, with a CAGR of around 7.7%

High Purity Oxygen Market Outlook

The global high purity oxygen market was valued at approximately USD 4.5 billion in 2023 and is anticipated to reach around USD 6.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.7% during the forecast period. This growth is primarily driven by the increasing demand for high purity oxygen in various applications such as healthcare, electronics, and metal production. The market size is bolstered by advancements in production technologies, an increase in industrial activities, and stringent regulatory standards for purity levels across different sectors. These factors collectively contribute to the robust expansion of the high purity oxygen market over the coming years.

One of the key growth factors in the high purity oxygen market is its critical application in the healthcare sector. With the rising prevalence of respiratory disorders, cardiovascular diseases, and the increasing number of surgeries, the demand for high purity oxygen has witnessed significant growth. Hospitals and healthcare facilities rely on high purity oxygen for therapeutic and life-support applications, which necessitates an uninterrupted supply of high-quality oxygen. Additionally, the recent pandemic has further highlighted the importance of medical oxygen, leading to increased investments in improving oxygen infrastructure and distribution networks globally. This trend is expected to positively impact the market growth over the forecast period.

The electronics industry is another significant contributor to the growth of the high purity oxygen market. High purity oxygen is essential in the manufacturing processes of semiconductors and other electronic components. The ongoing advancements in technology and the miniaturization of electronic devices have heightened the need for high-quality materials, including oxygen of high purity. This demand is further intensified by the rapid growth of the electronic devices market, including smartphones, tablets, and other smart gadgets, which require precise manufacturing processes enabled by high purity materials. Consequently, this sector continues to drive demand for high purity oxygen, fostering market growth.

Moreover, the metal production industry plays a pivotal role in the high purity oxygen market expansion. Oxygen is utilized in metal production processes such as steelmaking, where it aids in removing impurities and enhancing the efficiency of combustion processes. The growing construction and automotive industries have led to increased steel production, subsequently driving the demand for high purity oxygen. Additionally, the emphasis on reducing emissions and improving energy efficiency in industrial operations has resulted in the adoption of oxygen-enriched combustion technologies, further propelling the demand for high purity oxygen in metal production.

Regionally, Asia Pacific dominates the high purity oxygen market, with a significant share due to the presence of rapidly growing economies such as China and India. The region's robust industrial base, especially in healthcare, electronics, and metal production industries, contributes to the high demand for high purity oxygen. Furthermore, government initiatives aimed at enhancing healthcare infrastructure and increasing industrial output are expected to further boost the market in this region. North America and Europe also represent substantial market shares, driven by advanced healthcare systems and significant industrial activities. The Middle East & Africa, and Latin America, while currently smaller markets, are poised for growth due to increasing industrialization and improvements in healthcare facilities.

Product Type Analysis

The high purity oxygen market is segmented by product type into compressed oxygen and liquid oxygen, each playing distinct roles depending on the application and industry requirements. Compressed oxygen is widely used across various sectors due to its convenience in transportation and storage. It is particularly favored in healthcare applications, where portable oxygen cylinders are essential for patient mobility and emergency medical services. The rising demand for home healthcare services has further fueled the market for compressed oxygen, as patients requiring long-term oxygen therapy prefer the ease of use provided by portable cylinders.

Liquid oxygen, on the other hand, is predominantly used in industrial applications due to its ability to be stored and transported in larger quantities compared to compressed gas form. The metal production and chemical industries are significant consumers of li

In 2024, the Malaysian oxygen market decreased by -1.5% to $378M, falling for the second consecutive year after three years of growth. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $440M in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

Liquid Oxygen Market Outlook 2032

The global liquid oxygen market size was USD 4.47 Billion in 2023 and is likely to reach USD 6.36 Billion by 2032, expanding at a CAGR of 4% during 2024–2032. The market growth is attributed to the increasing demand from various industries due to its versatility and efficiency in applications requiring oxygen supplementation.



Surging demand for water treatment applications is anticipated to drive the market during the assessment year. Liquid Oxygen is utilized in water treatment processes for its disinfection properties, effectively eliminating harmful microorganisms and pathogens from water sources. With increasing concerns over water pollution and the need for safe drinking water globally, the demand for Liquid Oxygen in water treatment facilities tends to surge.

High demand from industrial applications is a significant factor in propelling the market. The steel industry, in particular, is a major consumer of Liquid Oxygen, utilizing it in blast furnaces for the oxidation of impurities and to enhance combustion efficiency. Moreover, Liquid Oxygen's role as a feedstock in chemical manufacturing processes, such as the production of ethylene oxide and methanol, contributes to its high demand in the industrial sector.

Impact of Artificial Intelligence (AI) in Liquid Oxygen Market

The use of artificial intelligence is revolutionizing the production and distribution processes of Liquid Oxygen, streamlining operations and enhancing efficiency across the supply chain. AI-powered predictive analytics optimize the production scheduling of Liquid Oxygen plants, anticipating fluctuations in demand and adjusting production levels accordingly to ensure adequate supply without overproduction.



AI algorithms analyze real-time data from sensors and monitoring systems within Liquid Oxygen storage and distribu

Oxygen Supply System Market Outlook

The global oxygen supply system market size was valued at USD 7.5 billion in 2023 and is projected to reach USD 11.2 billion by 2032, growing at a compound annual growth rate (CAGR) of 4.4% during the forecast period. The market growth is primarily driven by the increasing demand for medical oxygen in healthcare facilities, advancements in oxygen supply technologies, and the rising prevalence of respiratory diseases globally.

One of the major growth factors in the oxygen supply system market is the escalating demand in the healthcare sector, particularly due to the growing incidence of chronic respiratory diseases such as chronic obstructive pulmonary disease (COPD) and asthma. The increasing number of surgeries, where oxygen supply is critical, is also boosting the market. Moreover, the COVID-19 pandemic has underscored the importance of robust oxygen supply systems in managing respiratory complications, further accelerating market growth. The aging global population, which is more susceptible to respiratory ailments, is another crucial driver fueling the demand for oxygen supply systems.

Another significant growth factor is technological advancements in oxygen supply systems, which have enhanced their efficiency and safety. Innovations such as portable oxygen concentrators and advanced liquid oxygen systems have provided patients with more flexibility and improved quality of life. Additionally, the integration of smart technology in these systems allows for better monitoring and management, ensuring continuous and reliable oxygen supply. These technological enhancements are attracting significant investments and fostering market expansion.

The industrial sector also contributes substantially to the growth of the oxygen supply system market. Industries such as steel manufacturing, glass production, and chemical processing require high volumes of oxygen for various processes. The growing industrialization, particularly in developing economies, is driving the demand for industrial oxygen supply systems. Furthermore, the aerospace industry relies heavily on oxygen supply systems for both crew and passengers, ensuring safety and comfort during flights, thereby adding to the market growth.

On the regional front, North America holds a dominant position in the oxygen supply system market, followed by Europe and Asia-Pacific. The high prevalence of respiratory diseases and advanced healthcare infrastructure in North America are key factors driving the market in this region. In Europe, the growing elderly population and robust industrial base are major contributors. The Asia-Pacific region is expected to witness the highest growth rate during the forecast period, driven by rapid industrialization, increasing healthcare investments, and rising awareness about respiratory health. Latin America, the Middle East, and Africa are also showing promising growth due to improving healthcare facilities and increasing industrial activities.

Product Type Analysis

The product type segment of the oxygen supply system market includes compressed oxygen systems, liquid oxygen systems, and oxygen concentrators. Compressed oxygen systems are widely used across healthcare settings, particularly in hospitals and emergency services. These systems store oxygen in high-pressure cylinders, making them highly reliable for critical medical situations. The increasing number of hospitals and healthcare facilities globally is driving the demand for compressed oxygen systems. Moreover, with continuous advancements in cylinder technology, these systems are becoming more efficient and safer, further boosting their adoption.

Liquid oxygen systems are another vital segment, especially popular in industrial applications and healthcare settings requiring large volumes of oxygen. These systems store oxygen in liquid form at very low temperatures, which can then be converted back to gas for use. The major advantage of liquid oxygen systems is their ability to store large amounts of oxygen in a compact form, making them suitable for high-demand scenarios. In healthcare, they are particularly beneficial for patients requiring long-term oxygen therapy. The growing industrial sector, coupled with the increasing demand for efficient oxygen storage solutions, is propelling the growth of liquid oxygen systems.

Oxygen concentrators are gaining significant traction due to their portability and convenience. These devices extract oxygen from ambient air and deliver it to the user in a concentrated form. They are particularly popular among patien