Oxygen market in Spain

Earlier Report Observations

The Spanish oxygen market experienced significant volume fluctuations between 2018 and 2024. Market size fell from 1 787 million m³ in 2018 to 1 364 million m³ in 2020, before rebounding sharply to 1 810 million m³ in 2021. In value terms, the market followed a similar path, reaching $287.5 million in 2021.

Post-pandemic economic recovery and increased private consumption in 2022 boosted demand for oxygen in medical and industrial applications, driving the market value to a peak of $356.3 million even as physical volume declined to 1 623 million m³. The following year, a 7.73% reduction in Spain's total CO2 emissions signaled lower industrial activity, coinciding with a drop in market volume to 1 535 million m³ and value to $305.2 million. By 2024, the market volume had decreased further to 1 451 million m³, with a value of $247.5 million.

Production oxygen in Spain

In value, 2017-2020, M $ US

In 2020, Spain's oxygen production was valued at 224.4 million US dollars, showing a moderate increase of 3.8% compared to the previous year. Over the period from 2017 to 2020, production grew by 9.4%, with an average annual growth rate of 3.0%. The highest value was recorded in 2018 at 225.6 million US dollars. The largest decline occurred in 2019, with a drop of 4.1%, while the largest increase was in 2018, at 10.0%.

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

In kind, 2017-2020, M m³

Spain's oxygen production has declined for the third consecutive year. In 2020, the country produced 1 355 million cubic meters of oxygen, representing a decrease of 15.4% from the previous year. From 2017 to 2020, production fell by 32%, with an average annual decline of 12.1%.

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

Exports oxygen from Spain

Exports in kind, K m³

The data shows irregular changes, indicating a volatile market environment. Exports reached their lowest point in 2017 and peaked in 2018, with a 3.4-fold difference between these years. In 2020, Spain exported 15 758 thousand cubic meters of oxygen, marking a decline of 15.7% from the previous year. The highest value was recorded in 2018 at 18 694 thousand cubic meters, with the largest increase that year at 244.7%.

Annual dynamics of product's exports from Spain in kind, 2017-2020, K m³

From 2017 to 2020, three principal markets—Portugal, Germany, and France—together accounted for 76.9% of Spain's total oxygen exports in volume terms.

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

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

Exports in value, K $ US

After a two-year increase, Spain's oxygen export volume declined. In 2020, the country exported 4 408 thousand US dollars worth of oxygen, a decrease of 3.1% compared to 2019. Between 2017 and 2020, exports grew by 43.8%, equating to an annualized rate of 12.9%. The highest value was recorded in 2019 at 4 550 thousand US dollars, with the largest increase that year at 24.3%.

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

From 2017 to 2020, Portugal (25.3% of exports in value terms), Germany (16.3%), and Gibraltar (10.1%) were the principal destinations for Spain's oxygen exports in value terms, jointly accounting for 51.7% of total flows.

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

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

Imports oxygen to Spain

Imports in kind, K m³

There were noticeable fluctuations in market performance during this period. Imports were at their lowest in 2017 and reached their highest in 2019, with a 4-fold gap between these years. In 2020, Spain imported 23 604 thousand cubic meters of oxygen, showing a controlled decrease of 7.3% compared to 2019. The highest value was recorded in 2019 at 25 455 thousand cubic meters, with the largest increase in 2018 at 107.2%.

Annual dynamics of product's imports to Spain in kind, 2017-2020, K m³

Throughout 2017 to 2020, Portugal (39.3% of imports in volume terms), the United States (32.2%), and Germany (22.1%) remained the key sources for Spain's oxygen imports in volume terms, together accounting for 93.6% of total flows.

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

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

Imports in value, K $ US

In 2020, Spain's oxygen imports amounted to 3 956 thousand US dollars, which is 21.5% lower year-over-year. Between 2017 and 2020, imports decreased by 15.1%, equating to an annualized decline of 5.3%. The highest value was recorded in 2019 at 5 039 thousand US dollars, with the largest increase that year at 22.7%.

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

From 2017 to 2020, Germany (32.7% of imports in value terms), the United States (29.1%), and Portugal (28.4%) were the main markets for Spain's oxygen imports in value terms, together accounting for 90.2% of total flows.

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

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