High purity oxygen is widely used for metal production, infrastructural activities and within chemical industry, which is creating attractive growth opportunities for suppliers.
NEW YORK, NY / ACCESSWIRE / April 20, 2021 / The global high purity oxygen market is poised to expand at 6% CAGR, to reach valuation of US$ 44.5 Bn by 2030, according to a report by Fact.MR. According to the study, the market is expected to witness high demand from diverse end users such as steel, chemical and gas industry. Growing demand for high purity oxygen in various applications such as pharmaceuticals, waste-water treatment will amplify market growth by 2030.
Currently, the demand from steel industry is creating attractive opportunities for high purity oxygen market players. Continuous advancements in chemical, semiconductor, and steel industries are expected to drive the high purity oxygen market across China, UK, and United States.
"Rising demand for high purity oxygen for applications in optical fiber production is anticipated to improve the market growth," says a Fact.MR analyst.
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Key Takeaways
- Industrial grade to account for over 3/4th global market share backed by the growing demand in end-use industries
- In terms of end-use, metal production & fabrication is expected to be one of the most lucrative segment
- United States is anticipated to lead the North American high purity oxygen market
- Germany and France collectively to expand at the growth rate of over 5%
- China is expected to be the most lucrative market accounting for over 3/4th of market share
- Japan and South Korea to emerge as potential market though 2021 & beyond owing to the high consumption of high purity oxygen within steel industry
Prominent Drivers
- Increasing demand in diverse applications such as oil & gas, chemical, electronics and food & beverage are the major factors driving the growth of market
- Rising demand for high purity oxygen from healthcare sector for the application in analytical instruments is expected to propel market demand
Key Restraints
- Lack of awareness related to the usage of device such as high purity aluminum fit is likely to hinder the growth
Discover more about the high purity oxygen market with 129 figures and 62 data tables, along with the table of contents
https://www.factmr.com/report/619/high-purity-oxygen-market
Competitive Landscape
Leading players operating in high purity oxygen market profiled by Fact.MR includes Air Liquide, Air Products and Chemicals Inc., Air Water Inc., Iwatani Corporation, Linde PLC, MESA Specialty Gases & Equipment, Messer Group GmbH, SOL SpA, Taiyo Nippon Sanso Corporation, and Toho Acetylene Co. Ltd among others. According to Fact.MR, the market is highly consolidated. Leading players are expected to retain their dominance by adopting organic and inorganic strategies.
In 2020, TP Group announced the first production of ultra-high purity oxygen using new modular system. Under trials, the system produced 5 normal cubic meters of oxygen from just 10 litres of water each hour over a ten-hour test period.
Also, in June 2020, Peak Scientific, a leading player announced the launch of new i-Flow O2 oxygen gas generator for manufacturing and processing industries. Withi-Flow O2, the company upgraded its gas generation technology to provide a cost-effective solution for consumers requiring high purity industrial oxygen supply.
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More Valuable Insights on High Purity Oxygen Market
In its latest report, Fact.MR provides a detailed segmentation on the global high purity oxygen market for the forecast period 2020-2030. The study offer detailed insights on the high purity oxygen market trends, growth and opportunities. To gain a better perspective, the market is segmented on the basis of grade (industrial grade, medical grade, electronic grade, and others), supply (onsite & pipeline, merchant & bulk, and packaged), end-use (metal production & fabrication, chemicals & refinery, medical & healthcare, electronics, glass & ceramics, pulp & paper, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
Key Questions Covered in the Report
- Which grade type will be the most lucrative segment for high purity oxygen market?
- What is likely to be the future outlook of high purity oxygen market?
- What are the key drivers and restraints for the high purity oxygen market?
- Why is China likely to dominate the high purity oxygen market?
- Which are the prominent players operating in the high purity oxygen market?
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SOURCE: Fact.MR