Asia-Pacific: Oxygen Market 2024

Oxygen Market Size in Asia-Pacific

The Asia-Pacific oxygen market expanded modestly to $X in 2022, rising by 2.9% against the previous year. The market value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Oxygen Production in Asia-Pacific

In value terms, oxygen production totaled $X in 2022 estimated in export price. In general, production recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 17%. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a somewhat lower figure.

Oxygen Exports

Exports in Asia-Pacific

In 2022, approx. X cubic meters of oxygen were exported in Asia-Pacific; which is down by -48.5% against the previous year's figure. In general, exports showed a pronounced curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 89% against the previous year. As a result, the exports reached the peak of X cubic meters, and then declined dramatically in the following year.

In value terms, oxygen exports shrank dramatically to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 101% against the previous year. As a result, the exports attained the peak of $X, and then reduced rapidly in the following year.

Exports by Country

Singapore was the key exporting country with an export of around X cubic meters, which finished at 34% of total exports. Hong Kong SAR (X cubic meters) took the second position in the ranking, followed by Malaysia (X cubic meters), India (X cubic meters), China (X cubic meters), Thailand (X cubic meters) and New Zealand (X cubic meters). All these countries together took approx. 60% share of total exports. Vietnam (X cubic meters) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to oxygen exports from Singapore stood at -10.8%. At the same time, New Zealand (+54.9%), Hong Kong SAR (+26.5%), India (+14.7%), Thailand (+9.6%), China (+7.1%), Vietnam (+6.9%) and Malaysia (+3.3%) displayed positive paces of growth. Moreover, New Zealand emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +54.9% from 2012-2022. While the share of Hong Kong SAR (+14 p.p.), India (+10 p.p.), Malaysia (+6.5 p.p.), New Zealand (+5 p.p.), China (+4.7 p.p.) and Thailand (+4.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Singapore (-45.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Singapore ($X), China ($X) and Hong Kong SAR ($X) were the countries with the highest levels of exports in 2022, together comprising 59% of total exports. Malaysia, India, Thailand, New Zealand and Vietnam lagged somewhat behind, together accounting for a further 23%.

Among the main exporting countries, New Zealand, with a CAGR of +39.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia-Pacific stood at $X per cubic meter in 2022, growing by 26% against the previous year. Over the last decade, it increased at an average annual rate of +3.8%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($X per cubic meter), while India ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+7.9%), while the other leaders experienced more modest paces of growth.

Oxygen Imports

Imports in Asia-Pacific

In 2022, oxygen imports in Asia-Pacific shrank rapidly to X cubic meters, declining by -31.1% against 2021 figures. Over the period under review, imports continue to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2021 when imports increased by 80%. As a result, imports attained the peak of X cubic meters, and then declined rapidly in the following year.

In value terms, oxygen imports reduced notably to $X in 2022. Overall, imports, however, showed a modest expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 117% against the previous year. As a result, imports reached the peak of $X, and then declined remarkably in the following year.

Imports by Country

In 2022, Hong Kong SAR (X cubic meters) and Bangladesh (X cubic meters) were the main importers of oxygen in Asia-Pacific, together constituting 32% of total imports. Singapore (X cubic meters) took a 7.9% share (based on physical terms) of total imports, which put it in second place, followed by Malaysia (7.8%), Cambodia (6.6%), Indonesia (5.8%), Fiji (5.6%) and Pakistan (5.5%). Lao People's Democratic Republic (X cubic meters), Guam (X cubic meters), Macao SAR (X cubic meters), Brunei Darussalam (X cubic meters) and Papua New Guinea (X cubic meters) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Guam (with a CAGR of +82.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest oxygen importing markets in Asia-Pacific were Indonesia ($X), Hong Kong SAR ($X) and Singapore ($X), together comprising 34% of total imports. These countries were followed by Bangladesh, Macao SAR, Cambodia, Malaysia, Lao People's Democratic Republic, Fiji, Pakistan, Papua New Guinea, Guam and Brunei Darussalam, which together accounted for a further 32%.

Among the main importing countries, Guam, with a CAGR of +40.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Asia-Pacific stood at $X per cubic meter in 2022, shrinking by -2.4% against the previous year. Import price indicated a buoyant increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, oxygen import price increased by +17.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 an increase of 55%. As a result, import price reached the peak level of $X per cubic meter. From 2018 to 2022, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per cubic meter), while Bangladesh ($X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+18.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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