According to the study, the industrial oxygen market a growth rate of 7.9% is expected in the coming evaluation period.

Growing demand for oxygen from various industries, including metal fabrication and welding, aerospace and automotive, chemical, metallurgy, construction and steel, and healthcare, is expected to drive demand for industrial oxygen over the next decade, Future Market said Insights (FMI) in a recent research study.

Growth in the steel industry is expected to spur demand for industrial oxygen as commercial oxygen is used in the manufacture of materials such as stainless steel. The expansion of the construction and automotive sectors is expected to indirectly boost demand for industrial oxygen in the coming years.

The growing aerospace industry is also likely to drive demand for commercial oxygen in the near future due to the use of liquid oxygen as a fuel.

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In addition, the growing healthcare sector has boosted the consumption of industrial oxygen. During the pandemic, the demand for oxygen experienced a sudden surge in 2020 and 2021 due to the increasing number of COVID-19 patients worldwide. These factors will prove to be crucial for the further growth of the global industrial oxygen market.

The market is further expected to reach $129.77 billion by the end of the forecast period. With the growing demand for metals from the construction and automotive sectors, the demand for industrial oxygen is also expected to increase sharply as oxygen is used in the manufacture of steel and alloys.

Key Findings from the Industrial Oxygen Market Study

• Demand for liquefied oxygen will increase significantly in the aerospace, healthcare, construction and steel industries. It will hold around 55% of the global value share.
• Growing demand for oxygen for chemical applications…