Oxygen Global Market Report 2026

Oxygen, a highly reactive colorless and non-metallic gas, readily forms oxides when interacting with various compounds and elements. Its applications are diverse, including its use in steel mills to oxidize undesired impurities in steel. Oxygen finds essential roles in the food industry, medical settings for respiratory purposes, and oxy-acetylene torch applications.

The primary categories of oxygen products encompass medical oxygen, industrial oxygen, and other variations. Medical oxygen, characterized by high purity, is specifically designed for medical treatments and human body use. Cylinders containing medical oxygen strictly maintain high purity, prohibiting the inclusion of any other gases to prevent contamination. The applications of oxygen span across various industries such as cosmetics, pharmaceuticals, automobiles, mining, and mineral processing. It plays a crucial role in the metallurgical industry, chemical industry, healthcare sector, and other diverse applications.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs have influenced the oxygen market by increasing costs related to imported oxygen production equipment, storage systems, and gas separation technologies. The impact is most evident in medical and industrial oxygen segments, particularly in regions such as Asia Pacific and Europe that rely on cross border equipment sourcing. Higher tariffs have raised capital investment costs and affected pricing structures. However, tariffs have also encouraged local manufacturing of oxygen plants, supported domestic equipment suppliers, and strengthened regional self sufficiency in oxygen production.

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

The oxygen market size has grown strongly in recent years. It will grow from $29.39 billion in 2025 to $32.13 billion in 2026 at a compound annual growth rate (CAGR) of 9.3%. The growth in the historic period can be attributed to growth of steel and metal industries, increasing healthcare infrastructure, industrialization in developing economies, rising demand for welding applications, expansion of chemical manufacturing.

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.

The increasing prevalence of various diseases related to breathing difficulties has contributed to the growth of the global oxygen market by boosting the use of medical oxygen. Conditions such as chronic obstructive pulmonary disease (COPD) are more common among the elderly. COPD is a type of obstructive lung disorder that causes long-term breathing challenges and requires the use of an oxygen concentrator, a device that increases oxygen levels in a patient's blood and alleviates respiratory issues. For instance, in December 2023, according to the National Library of Medicine, a US-based medical library, the global number of COPD cases among individuals aged 25 and older is projected to rise by 23% by 2050, reaching nearly 600 million. Therefore, the rise in such cases has increased the demand for portable oxygen concentrators, which is driving the growth of the oxygen market.

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.

In October 2025, Air Liquide S.A., a France-based industrial gases company, acquired NovaAir for an undisclosed amount. Through this acquisition, Air Liquide aims to strengthen its geographic presence and service capabilities across India, notably expanding into East and South India, thereby enhancing its ability to supply oxygen and other industrial gases to industries such as healthcare, automotive, metals, and electronics. NovaAir is an India-based industrial gas company specializing in providing high-purity oxygen gas for industrial, medical, and laboratory applications.

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.

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

The countries covered in the oxygen market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

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.

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.

Oxygen Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses oxygen market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for oxygen ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The oxygen market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered: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
• Companies Mentioned: 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.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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