Designed to make market research more actionable and strategically valuable, The Business Research Company’s 2026 market reports feature market attractiveness scoring, total addressable market sizing, company benchmarking matrices, interactive Excel dashboards, deeper supply chain intelligence, emerging startup tracking, and granular product-level insights.
How Big Is The Oxygen Market In 2026, And How Fast Will It Grow?
The oxygen market has seen strong expansion over recent years. It is forecast to increase from $29.39 billion in 2025 to $32.13 billion in 2026, achieving a compound annual growth rate (CAGR) of 9.3%. This historical growth can be attributed to the expansion of steel and metal industries, enhancing healthcare infrastructure, ongoing industrialization in developing economies, increasing demand for welding applications, and the growth in chemical manufacturing.
The oxygen market is projected to experience substantial expansion over the upcoming years. Its value is forecast to reach $47.86 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 10.5%. This anticipated growth during the forecast period stems from factors such as increasing healthcare oxygen requirements, the broadening of industrial gas uses, accelerating infrastructure development, surging demand from metallurgical sectors, and innovations in oxygen generation technologies. Key trends for this period encompass a heightened need for medical oxygen, the increasing incorporation of oxygen in steel production, the wider application of oxygen in healthcare settings, its expanding uptake in mining and mineral processing, and an emphasis on producing high-purity oxygen.
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Oxygen Market Growth Driver: The Key Factor Behind Rising Demand
A rise in different respiratory illnesses has fueled the global oxygen market’s expansion, driven by greater medical oxygen consumption. Among these conditions, Chronic obstructive pulmonary disease (COPD) is particularly common in older individuals. COPD is an obstructive lung condition leading to persistent difficulties with breathing. Managing COPD necessitates an oxygen concentrator, a device designed to enhance patients’ blood oxygen levels and alleviate their respiratory distress. For example, data from December 2023, sourced from the National Library of Medicine, a US-based medical library, indicates that worldwide Chronic obstructive pulmonary disease (COPD) cases in individuals aged 25 and above are anticipated to increase by 23% by 2050, totaling almost 600 million. Consequently, this surge in cases has boosted the demand for portable oxygen concentrators, thus propelling the oxygen market’s growth.
Oxygen Market Segmentation: Key Segments And Subsegments Covered
The oxygen market covered in this report is segmented –
1) By Product: Medical Oxygen, Industrial Oxygen, Other Product Types
2) By Application: Pharmaceutical, Automobiles, Mining And Mineral Processing, Healthcare, Other Applications
3) By End-User Industry: Metallurgical Industry, Chemical Industry, Health Care Industry, Other End-User Industries
Subsegments:
1) By Medical Oxygen: Compressed Medical Oxygen, Liquid Medical Oxygen
2) By Industrial Oxygen: Compressed Industrial Oxygen, Liquid Industrial Oxygen, High-Purity Oxygen For Specialty Applications
3) By Other Product Types: Aviator’s Breathing Oxygen, Welding And Cutting Oxygen
Oxygen Market Trends: Key Developments Shaping 2026 And Beyond
Major companies within the oxygen market are concentrating on developing innovative solutions, such as cryogenic oxygen tanks, to improve the efficiency and storage capacity of oxygen supply. These cryogenic oxygen tanks are specialized storage containers engineered to hold oxygen in its liquid state at exceptionally low temperatures, typically below -183 degrees Celsius. For instance, in June 2024, Hypro, a US-based turnkey solution provider, introduced a new series of cryogenic tanks for the global market, particularly for the storage and transportation of liquid oxygen (O2), carbon dioxide (CO2), and nitrogen (N2). Available in capacities ranging from 10 to 100 tons, these tanks are manufactured from high-quality SS 304 stainless steel with vacuum insulation and comply with international safety standards, including U, CE, and PESO certifications. Suitable for diverse applications, such as industrial manufacturing and breweries, this introduction highlights Hypro’s dedication to broadening its product offerings in the gas storage sector to address the increasing global demand for efficient cryogenic solutions.
Leading Companies Operating In The Oxygen Market
Major companies operating in the oxygen market are Air Liquide, Linde plc, Air Products and Chemicals Inc., Praxair Inc., The BOC Group plc, Messer Group GmbH, Air Water Inc., Taiyo Nippon Sanso Corporation, Yingde Gases, SOL SpA, Matheson Tri-Gas, Iwatani Corporation, Supagas, Gulf Cryo, Buzwair Industrial Gases, Afrox, Gas Africa, Core Industrial Gases, SAID Group, Messer Gases del Peru S.A.
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Oxygen Market Regional Analysis: Largest Region And Key Geographies Covered
Asia-Pacific was the largest region in the oxygen market in 2025. North America was the second-largest region in the global oxygen market. The regions covered in the oxygen market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.
