Scienza e Tecnologia
High Purity Oxygen Market to Surpass US$ 44.5 Bn Driven by High Demand for Metal Production & Fabrication
NEW YORK , Dec. 6, 2021 /PRNewswire/ -- : As per Fact.MR, the global high purity oxygen market is poised to expand at a healthy 6% CAGR over the forecast period of 2020 and 2030. Increasing applications of high purity oxygen across steel, medical, paper, and chemical industries will drive the sales.
High purity oxygen is extensively used in steel industry, for metal fabrication, welding, and others. With such increasing applications in diverse end-use sectors, the high purity oxygen market is expected to hold over 1/3 of the global industrial market.
As per Fact.MR, as high purity oxygen has low melting and boiling points and have excellent stability in room temperature, it is heavily used in healthcare and steel industries. Due to its aforementioned properties, over 3/4 of steel is produced using high purity oxygen.
Apart from steel industry, the chemical industry is the second-largest end-use industry experiencing high growth in high purity oxygen market. Countries such as India , the U.S., Germany , and Belgium are adopting pipeline networks, boosting the growth in the market.
Regionally, East Asia is expected to dominate the global high purity oxygen market. While China is projected to lead the market, South Korea and Japan are expected to, collectively, accounted for 10% of steel production, increasing the sales at 6% CAGR.
As per Fact.MR, the global high purity oxygen market is expected to be consolidated in nature. Tier-1 players are expected to dominate the global market, accounting for nearly 60%-70% of the market share.
These leading players are aiming for organic and inorganic strategies such as mergers, acquisitions, and product development to gain competitive edge in the industry. For instance,
Fact.MR provides an unbiased analysis of the high purity oxygen market, presenting historical demand data (2014-2019) and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the global high purity oxygen market with a detailed segmentation on the basis of:
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