U.S.: Oxygen Market 2024

Oxygen Market Size in the U.S.

In 2022, the U.S. oxygen market decreased by -0.6% to $X, falling for the fourth year in a row after three years of growth. Over the period under review, the total consumption indicated resilient growth from 2012 to 2022: its value 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, consumption decreased by -7.0% against 2018 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption remained at a lower figure.

Oxygen Production in the U.S.

In value terms, oxygen production reduced to $X in 2022. Over the period under review, the total production indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.0% against 2020 indices. The growth pace was the most rapid in 2016 when the production volume increased by 43%. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Oxygen Exports

Exports from the U.S.

For the third consecutive year, the United States recorded growth in shipments abroad of oxygen, which increased by 32% to X cubic meters in 2022. In general, exports enjoyed buoyant growth. The growth pace was the most rapid in 2021 with an increase of 115%. Over the period under review, the exports attained the maximum in 2022 and are likely to see steady growth in the near future.

In value terms, oxygen exports fell rapidly to $X in 2022. Overall, exports, however, recorded a mild downturn. The growth pace was the most rapid in 2021 when exports increased by 53% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

Canada (X cubic meters) was the main destination for oxygen exports from the United States, accounting for a 73% share of total exports. Moreover, oxygen exports to Canada exceeded the volume sent to the second major destination, the Dominican Republic (X cubic meters), fivefold. The third position in this ranking was held by Mexico (X cubic meters), with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at +21.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+9.7% per year) and Mexico (-1.5% per year).

In value terms, Canada ($X) remains the key foreign market for oxygen exports from the United States, comprising 48% of total exports. The second position in the ranking was taken by the Dominican Republic ($X), with a 23% share of total exports. It was followed by Mexico, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Dominican Republic (+1.7% per year) and Mexico (-8.7% per year).

Export Prices by Country

The average oxygen export price stood at $X per cubic meter in 2022, with a decrease of -39.9% against the previous year. In general, the export price recorded a deep contraction. The pace of growth was the most pronounced in 2016 an increase of 18%. As a result, the export price attained the peak level of $X per cubic meter. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Mexico ($X per cubic meter), while the average price for exports to Canada (less than $X per cubic meter) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (-7.3%), while the prices for the other major destinations experienced a decline.

Oxygen Imports

Imports into the U.S.

In 2022, purchases abroad of oxygen increased by 82% to X cubic meters, rising for the second year in a row after two years of decline. Overall, imports showed significant growth. The pace of growth appeared the most rapid in 2021 with an increase of 110%. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, oxygen imports surged to $X in 2022. In general, imports showed a tangible increase. The pace of growth was the most pronounced in 2013 when imports increased by 60%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X cubic meters) constituted the largest oxygen supplier to the United States, with a 75% share of total imports. Moreover, oxygen imports from Japan exceeded the figures recorded by the second-largest supplier, Mexico (X cubic meters), ninefold. The third position in this ranking was held by Italy (X cubic meters), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +20.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+24.4% per year) and Italy (+30.9% per year).

In value terms, Japan ($X) constituted the largest supplier of oxygen to the United States, comprising 79% of total imports. The second position in the ranking was taken by Mexico ($X), with a 7.3% share of total imports. It was followed by Italy, with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Mexico (+5.7% per year) and Italy (+97.1% per year).

Import Prices by Country

In 2022, the average oxygen import price amounted to $X per cubic meter, shrinking by -13.2% against the previous year. Overall, the import price recorded a deep contraction. The pace of growth was the most pronounced in 2019 an increase of 11% against the previous year. Over the period under review, average import prices hit record highs at $X per cubic meter in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per cubic meter), while the price for the Netherlands (less than $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 Italy (+51.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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