Oxygen Market

The global oxygen market is expected to see an upward consumption trend, with a forecasted CAGR for both volume and value from 2022 to 2030. The market performance is predicted to expand, reaching 141B cubic meters and $429.2B by 2030, respectively. The article covers consumption, production, imports, and exports of oxygen, highlighting top countries and price trends. Key points include fluctuations in consumption and production volumes, growth rates in top consuming countries like the Netherlands and Japan, as well as import and export statistics for major players such as the United States and Belgium.

Market Forecast

Driven by increasing demand for oxygen worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +3.6% for the period from 2022 to 2030, which is projected to bring the market volume to 141B cubic meters by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.5% for the period from 2022 to 2030, which is projected to bring the market value to $429.2B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Oxygen

After two years of growth, consumption of oxygen decreased by -1.1% to 106B cubic meters in 2022. The total consumption volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, global consumption reached the maximum volume at 107B cubic meters in 2021, and then shrank slightly in the following year.

The global oxygen market size expanded modestly to $260.1B in 2022, surging by 2.5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.9% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the peak level at $304.1B in 2017; however, from 2018 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (19B cubic meters), Russia (14B cubic meters) and India (7.3B cubic meters), together accounting for 38% of global consumption. Pakistan, Japan, Nigeria, the United States, the Netherlands, Brazil, France, Italy, Ethiopia and Germany lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +21.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($180.6B) led the market, alone. The second position in the ranking was taken by China ($13.3B). It was followed by Russia.

From 2012 to 2022, the average annual rate of growth in terms of value in Japan stood at +3.2%. The remaining consuming countries recorded the following average annual rates of market growth: China (+8.1% per year) and Russia (-7.6% per year).

The countries with the highest levels of oxygen per capita consumption in 2022 were the Netherlands (178 cubic meters per person), Russia (96 cubic meters per person) and Italy (38 cubic meters per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Netherlands (with a CAGR of +20.6%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Oxygen

In 2022, production of oxygen decreased by -1% to 107B cubic meters for the first time since 2019, thus ending a two-year rising trend. The total output volume increased at an average annual rate of +3.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2013 when the production volume increased by 12%. Global production peaked at 108B cubic meters in 2021, and then fell slightly in the following year.

In value terms, oxygen production rose to $245.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 when the production volume increased by 28%. Global production peaked at $283.4B in 2017; however, from 2018 to 2022, production failed to regain momentum.

Production By Country

The countries with the highest volumes of production in 2022 were China (19B cubic meters), Russia (14B cubic meters) and India (7.3B cubic meters), with a combined 38% share of global production. Pakistan, Japan, Nigeria, the United States, Brazil, the Netherlands, France, Italy, Ethiopia and Belgium lagged somewhat behind, together comprising a further 28%.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +25.8%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Oxygen

In 2022, approx. 956M cubic meters of oxygen were imported worldwide; dropping by -15.6% against 2021 figures. In general, imports saw a noticeable decline. The growth pace was the most rapid in 2021 when imports increased by 42% against the previous year. Global imports peaked at 1.2B cubic meters in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, oxygen imports fell to $245M in 2022. Over the period under review, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 55% against the previous year. As a result, imports attained the peak of $288M, and then contracted in the following year.

Imports By Country

Germany (157M cubic meters) and the Netherlands (152M cubic meters) represented roughly 32% of total imports in 2022. It was distantly followed by Luxembourg (75M cubic meters) and Slovakia (49M cubic meters), together achieving a 13% share of total imports. Canada (42M cubic meters), Jordan (39M cubic meters), Greece (33M cubic meters), the Czech Republic (27M cubic meters), Slovenia (26M cubic meters), the United States (25M cubic meters), Saudi Arabia (23M cubic meters) and France (16M cubic meters) took a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the United States (with a CAGR of +21.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the Netherlands ($32M), Germany ($28M) and Jordan ($12M) constituted the countries with the highest levels of imports in 2022, together accounting for 30% of global imports. Luxembourg, Greece, France, Slovakia, Canada, the Czech Republic, Slovenia, Saudi Arabia and the United States lagged somewhat behind, together accounting for a further 24%.

Greece, with a CAGR of +16.4%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average oxygen import price stood at $0.3 per cubic meter in 2022, approximately equating the previous year. Over the last decade, it increased at an average annual rate of +2.3%. The pace of growth was the most pronounced in 2021 an increase of 9.4% against the previous year. Global import price peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was France ($0.6 per cubic meter), while the United States ($0.1 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+14.4%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Oxygen

In 2022, global oxygen exports reduced to 1.3B cubic meters, dropping by -4.2% compared with 2021 figures. In general, total exports indicated a noticeable increase from 2012 to 2022: its volume increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.9% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 35% against the previous year. As a result, the exports attained the peak of 1.4B cubic meters, and then shrank modestly in the following year.

In value terms, oxygen exports amounted to $258M in 2022. Over the period under review, total exports indicated a measured expansion from 2012 to 2022: its value increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +51.8% against 2019 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 46% against the previous year. The global exports peaked in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Belgium (366M cubic meters), the United States (262M cubic meters) and France (197M cubic meters) represented the main exporter of oxygen in the world, mixing up 63% of total export. The following exporters - Germany (48M cubic meters), Portugal (38M cubic meters), Poland (38M cubic meters), the Czech Republic (36M cubic meters) and Austria (28M cubic meters) - together made up 14% of total exports.

From 2012 to 2022, the biggest increases were recorded for the United States (with a CAGR of +20.9%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, Belgium ($69M) remains the largest oxygen supplier worldwide, comprising 27% of global exports. The second position in the ranking was held by France ($28M), with an 11% share of global exports. It was followed by the United States, with a 3.8% share.

In Belgium, oxygen exports increased at an average annual rate of +5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: France (+0.5% per year) and the United States (-1.1% per year).

Export Prices By Country

In 2022, the average oxygen export price amounted to $0.2 per cubic meter, surging by 5.1% against the previous year. Over the period under review, the export price, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2020 an increase of 11% against the previous year. The global export price peaked at $0.3 per cubic meter in 2013; however, from 2014 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Austria ($0.3 per cubic meter), while the United States (less than $0.1 per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+6.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform