High purity oxygen manufacturers are displaying increased interest in improvements in offerings in terms of miniaturization, and cost reductions for oxygen generation.
ROCKVILLE, MD / ACCESSWIRE / November 3, 2020 / The high purity oxygen market is expected to rise at a healthy 6% CAGR between the period of projection from 2020 to 2030. The current pandemic will adversely affect the global demand for high purity oxygen. Demand from the metal and mining, optic-fiber, and petroleum industries will likely slump as lockdown measures hinder operations in these sectors. On the other hand, potential for healthcare applications will, partially alleviate losses during the crisis.
"A diverse range of applications of high purity oxygen as oxidizing agents and catalysts in the chemical industry has aided the high purity oxygen market to gain strong demand. Further, applications in mining and mineral processing has boosted growth of the market for the long term," says the FACT.MR report.
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High Purity Oxygen Market- Key Takeaways
Electronic grade high purity oxygen is expected to reflect a high rate of growth during the assessment period, owing to applications in metal and silicon oxide generation for the semiconductor sector.
On-site and pipeline methods of distribution of high purity oxygen will gain interest on the back of numerous small-scale industrial projects.
East Asia is projected to be the predominant market for high purity oxygen in the long term, supported by the presence of leading production facilities and high demand from the regional steel industry.
High Purity Oxygen Market- Driving Factors
Expanding scope of applications including steel, medicine, ship building, and space exploration are leading factors driving long term demand.
The high demand for oxygen generation devices to minimize impact of air pollution contributes to growth.
Investments into the use of high purity oxygen applications in research and academic sectors will boost growth.
High Purity Oxygen Market- Major Restraints
Lack of standardized safety regulations, associated with high purity oxygen handling is a health hazard, which will limit market growth.
Prohibitive production costs of high purity oxygen, especially for healthcare and industrial applications, will limit adoption.
COVID-19 Impact on High Purity Oxygen Market
The effects of the covid-19 pandemic on the high purity oxygen market has largely been negative, owing to strict lockdown restrictions that have severely curtailed operations in a number of end use industries including steel, automotive, construction, and petroleum. On the other hand, applications in healthcare and pharmaceuticals are likely to gain during the crisis period, partially mitigating losses to market players.
Europe and North American high purity oxygen markets are likely to witness increased restrictions in the near future, owing to a resurgence in covid-19 cases. The global market is likely to recover steadily in the coming months, as restrictions by governments are gradually lifted.
Explore the High Purity Oxygen market comprising of 129 figures and 62 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/619/high-purity-oxygen-market
Competitive Landscape
Linde AG, Air Products and Chemicals Inc., Prodair Air Products, and Air Liquide are some of the more important players that are taking part in the global high purity oxygen market, accounting for more than 2/3rds of overall sales.
Players in the high purity oxygen market are increasingly investing in strategic contracts, in addition to capacity and geographical expansion strategies to enable long-term consolidated market share.
For example, Prodair Air Products in collaboration with the Bharat Petroleum Corporation has entered into an agreement to supply 90 MT of high purity liquid oxygen to the Kerela government in support of combating the covid-19 outbreak. Linde AG has entered into a long-term contract to provide high purity industrial gases including oxygen to Samsung of South Korea semiconductor operations. Furthermore, Air Liquide has announced its intentions to invest 125 million euros in a new oxygen production plant for renewable energy generation in France.
About the Report
This study offers readers a comprehensive market forecast of the high purity oxygens market. Global, regional and country-level analysis of industry trends influencing the high purity oxygen market is covered in this FACT.MR report. The report offers insights on the market on the basis of grade (industrial, medical, electronic, and others), supply (onsite & pipeline, merchant & bulk, and packaged) and end use (metal production & fabrication, chemicals & refinery, medical & healthcare, electronics, glass & ceramics, pulp & paper) across six regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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SOURCE: FactMR