The global industrial oxygen market size was US$ 10.1 billion in 2021. The global industrial oxygen market is forecast to grow to US$ 19.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030. 
Air separation techniques are used to create industrial oxygen. The oxygen wand's usage is mostly dependent on its ability to oxidize and support life. Industrial oxygen finds applications in food and medical industry, which come in various purity levels. They can enhance product quality, making industrial processes safer and more profitable.

Factors Influencing the Market
Expansion of end-use sectors, such as food, healthcare, chemistry, metalworking, and construction, will primarily drive the demand for industrial oxygen during the forecast period. The global industrial oxygen market may also witness ample growth opportunities due to its rising applications.
Growing healthcare expenditure and private and government spending will also contribute to the growth of the industrial oxygen market during the forecast period. 
Changing lifestyles of people are driving the demand for processed food. Apart from that, the global food & beverage industry is gaining significant traction due to several factors, such as rising disposable income, growing global population, etc. Thus, it will offer lucrative growth opportunities for the industrial oxygen market during the study period. 
Growing technological advancements will also bring untapped growth opportunities for the industrial oxygen market. For instance, Eaton introduced its new technology for China's expanding electric vehicle sector in 2019. On the flip side, rising environmental concerns associated with industrial oxygen may restrict the market growth during the forecast period.

COVID-19 Impact Analysis
The COVID-19 pandemic significantly upsurged the demand for industrial oxygen. The COVID-19 infection directly affects the respiratory system. Most of the patients were admitted to the hospitals due to rising oxygen needs. As a result, the industrial oxygen industry witnessed a significant boom in the demand from the healthcare sector.

Regional Analysis
Based on regional analysis, the industrial oxygen market is forecast to record heavy growth in Asia-Pacific. The rise of the industrial oxygen market in the Asia-Pacific region is aided by the expansion of consumer industries in developing nations like India, China, South Korea, and other Asian nations. The Food and Agriculture Organization of the United Nations reports that China is the world's greatest producer of nitrogen, with annual use of 44.97 million tons; India comes in second. Thus, the data depicts the future potential of the Asia-Pacific industrial oxygen market during the forecast period.

Competitors in the Market
• Linde Group
• Air Liquide
• Praxair
• Air Products and Chemicals
• Taiyo Nippon Sanso
• Air Water
• Messer
• Yingde Gases
• SOL
• Norco
• Other Prominent Players

Market Segmentation
The global industrial oxygen market segmentation focuses on Product, Application, End-Use, and Region. 
By Product
• Oxygen
• Refrigerated Liquid
• Nitrogen
By Application
• Combustion
• Oxidation
• Ferment
By End-Use Industries
• Chemical
• Metal
• Cement
• Glass
• Pharmaceutical
• Water Treatment
• Others
By Region
● North America
o The U.S.
o Canada
o Mexico
● Europe
▪ Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
▪ Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America