Oxygen Market Report 2026

Oxygen Market Overview

• Oxygen market size has reached to $29.39 billion in 2025 • Expected to grow to $47.86 billion in 2030 at a compound annual growth rate (CAGR) of 10.5% • Growth Driver: Rising Prevalence Of Respiratory Diseases Drives Growth In The Oxygen Market • Market Trend: Hypro Launches Innovative Cryogenic Oxygen Tanks To Meet Global Demand For Efficient Gas Storage Solutions • Asia-Pacific was the largest region and fastest growing region.

What Is Covered Under Oxygen Market?

Oxygen is a colorless, non-metallic gas that is highly reactive in nature. Oxygen forms oxides with many compounds and other elements. The oxygen is used in various applications, such as steel mills to oxidize unwanted impurities in steel. Oxygen is also used in the food industry, medical oxygen for respiration, and oxy-acetylene torches. The main product types of oxygen are medical oxygen, industrial oxygen, and other product types. Medical oxygen is high purity oxygen that has been used for medical treatments and has been developed for use in the human body. Medical oxygen cylinders contain only high purity oxygen gas; no other gases are permitted in the cylinder to avoid contamination. The various applications are cosmetics, pharmaceuticals, automobiles, mining, and mineral processing applications. The various applications are the metallurgical industry, chemical industry, health care industry, and other applications.

What Is The Oxygen Market Growth Forecast?

The oxygen market size is expected to see rapid growth in the next few years. It will grow to $47.86 billion in 2030 at a compound annual growth rate (CAGR) of 10.5%. The growth in the forecast period can be attributed to growth in healthcare oxygen demand, expansion of industrial gas applications, increasing infrastructure development, rising demand from metallurgical industries, advancements in oxygen generation technologies. Major trends in the forecast period include rising demand for medical oxygen supply, growing use of oxygen in steel manufacturing, expansion of oxygen applications in healthcare, increasing adoption in mining and mineral processing, focus on high purity oxygen production.

What Is The Driver Of The Oxygen Market?

The increasing prevalence of various diseases related to breathing problems has contributed to the global oxygen market’s growth by increasing the use of oxygen for medical purposes. Diseases such as Chronic obstructive pulmonary disease (COPD) are more prevalent in the geriatric population. COPD is a type of obstructive lung disease that results in long-term breathing problems. COPD requires the use of an oxygen concentrator, which is a device that improves the level of oxygen in the blood of patients and addresses their breathing problems. For instance, in December 2023, according to the National Library of Medicine, a US-based medical library, the global number of chronic obstructive pulmonary disease (COPD) cases among those 25 and older is projected to rise by 23% by 2050, reaching nearly 600 million. Therefore, the increased number of such cases has spurred the demand for portable oxygen concentrators, which is therefore driving the oxygen industry’s growth.

Key Players In The Global 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.

Global Oxygen Market Trends and Insights

Major companies operating in the oxygen market are focusing on developing innovative solutions, such as cryogenic oxygen tanks, to enhance the efficiency and storage capacity of oxygen supply. Cryogenic oxygen tanks refer to specialized storage containers designed to hold oxygen in its liquid state at extremely low temperatures, typically below -183 degrees Celsius. For instance, in June 2024, Hypro, a US-based turnkey solution provider, launched a new range of cryogenic tanks designed for the global market, specifically 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 constructed from high-quality SS 304 stainless steel with vacuum insulation and meet international safety standards, including U, CE, and PESO certifications. Suitable for various applications, such as industrial manufacturing and breweries, this launch underscores Hypro's commitment to enhancing its product offerings in the gas storage sector to meet growing global demand for efficient cryogenic solutions.

What Are Latest Mergers And Acquisitions In The Oxygen Market?

In October 2025, Air Liquide S.A., a France based industrial gases company, acquired NovaAir for an undisclosed amount. With this acquisition, Air Liquide aims to strengthen its geographic coverage and service capabilities across India notably expanding its reach into East and South India thereby enhancing its capacity to supply oxygen and other industrial gases to sectors including healthcare, automotive, metals and electronics. NovaAir is an India based industrial gas company that specializes in providing high-purity oxygen gas for industrial, medical, and laboratory uses.

What Defines the Oxygen Market?

The oxygen market consists of the sales of oxygen in cylinders, spray cans, and containers used as a catalyst. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What Key Data and Analysis Are Included in the Oxygen Market Report 2026?

The oxygen market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the oxygen industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.