Oxygen market in Belgium

Earlier Report Observations

The Belgian oxygen market experienced a downturn in 2019 and 2020, with the latter year's contraction influenced by the COVID-19 pandemic, which led to a 5.7% decline in GDP and reduced industrial activity. Production fell to 112.5 million USD in 2020, down from 126.9 million USD in 2018, reflecting weaker demand from key industrial sectors.

A strong rebound began in 2021, propelled by the 6.1% post-pandemic economic recovery and a significant 22.4% surge in energy prices. This growth accelerated in 2022 following the war in Ukraine, which triggered an energy crisis and further increased electricity and natural gas costs. Government measures, including a VAT reduction on gas and the extension of nuclear power plant operations, supported industrial output, helping drive oxygen production to a peak of 236.8 million USD and market size to 171.3 million USD that year.

Market growth continued into 2023, reaching 184.6 million USD, fueled by rising demand for oxygen in both medical and industrial applications, particularly for oxygen therapy technologies. By 2024, with energy prices stabilizing and government support measures remaining in place, the market saw a slight adjustment, with production at 196.0 million USD and market size at 181.0 million USD.

Production oxygen in Belgium

In value, 2017-2020, M $ US

Belgium's oxygen production value declined for the second consecutive year. In 2020, output was valued at 112.5 million US dollars, marking a 3.2% drop compared to 2019. The largest decline occurred in 2019 at 8.4%, while the largest increase was recorded in 2018 at 15.1%, when production reached its peak value of 126.9 million US dollars.

Annual dynamics of production in Belgium in value, 2017-2020, M $ US

In kind, 2017-2020, M m³

Belgium's oxygen production volume declined for the second consecutive year. In 2020, 1 675 million cubic meters of oxygen were produced, showing a gradual year-on-year decline of 6.0%. Between 2017 and 2020, production decreased by 8.6%, equating to an annualized rate of 2.9%. The largest increase was recorded in 2018 at 1.9%, when production peaked at 1 867 million cubic meters.

Annual dynamics of production in Belgium in kind, 2017-2020, M m³

Exports oxygen from Belgium

Exports in kind, M m³

Belgium's oxygen exports declined for the third consecutive year. In 2020, the country exported 147.4 million cubic meters of oxygen, amounting to a steep year-on-year decrease of 58.2%. Between 2017 and 2020, exports decreased by 61.1%, equating to an annualized rate of 27.0%.

Annual dynamics of product's exports from Belgium in kind, 2017-2020, M m³

From 2017 to 2020, the Netherlands and France jointly absorbed 95.5% of Belgium's total oxygen exports in volume, with the remaining volume distributed across smaller markets.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Belgium in kind, 2017-2020

Exports in value, K $ US

Oxygen exports from Belgium declined for the second consecutive year. In 2020, exports reached 29 080 thousand US dollars, down by 8.7% from 2019. Over the period from 2017 to 2020, exports decreased by 14.7%, with a compound annual growth rate of -5.2%. The largest decline occurred in 2019 at 15.1%, while the largest increase was recorded in 2018 at 10.1%, when exports peaked at 37 535 thousand US dollars.

Annual dynamics of product's exports from Belgium in value, 2017-2020, K $ US

From 2017 to 2020, Belgium's oxygen exports in value terms were largely oriented towards the Netherlands and France, whose combined share reached 91.5% of total flows, with other destinations playing a secondary role.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Belgium in value, 2017-2020

Imports oxygen to Belgium

Imports in kind, M m³

Belgium's oxygen imports declined for the third consecutive year. In 2020, imports totalled 20.9 million cubic meters, constituting a reduction of 55.8% compared with 2019. Between 2017 and 2020, imports decreased by 91.3%, equating to an annualized rate of 55.6%.

Annual dynamics of product's imports to Belgium in kind, 2017-2020, M m³

From 2017 to 2020, France and the Netherlands together accounted for 95.8% of Belgium's total oxygen imports in volume, with other countries forming a diversified but less significant portion.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Belgium in kind, 2017-2020

Imports in value, K $ US

Oxygen imports into Belgium declined for the second consecutive year. In 2020, Belgium imported 3 951 thousand US dollars worth of oxygen, indicating an intense decline of 37.1% compared to the previous year. Over the period from 2017 to 2020, imports decreased by 49.2%, with a compound annual growth rate of -20.2%. The largest increase was recorded in 2018 at 27.3%, when imports peaked at 9 900 thousand US dollars.

Annual dynamics of product's imports to Belgium in value, 2017-2020, K $ US

Over the period from 2017 to 2020, the Netherlands and France remained the main suppliers of oxygen to Belgium, with a combined share of 86.8% of total imports in value terms, and a fragmented remainder across other countries.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Belgium in value, 2017-2020