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Base Year
Historical Period
Forecast Period
Oxygen prices in Brazil, the highest-cost reporting region, eased 1.3% in Q2 2026 to USD 385.00/MT from USD 390.00/MT in Q1, continuing a gradual multi-quarter decline. US prices, by contrast, rose 4.1% to USD 255.00/MT, extending a sharp climb tied to robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors. European prices, tracked here via Germany, held essentially flat at USD 182.00/MT, reflecting the calm supply-demand equilibrium that has characterized this market throughout the period. Globally, the average rose from USD 247.34/MT in Q1 to USD 249.68/MT in Q2, a 0.9% gain. For H2 2026, a global average of USD 220.00-400.00/MT is expected, with regional demand divergence likely to persist.
Oxygen is a fundamental industrial gas produced through cryogenic fractional distillation of air, alongside nitrogen and argon as co-products. It serves essential applications in steelmaking and metal fabrication, healthcare and medical respiratory support, welding and cutting operations, wastewater treatment, and increasingly in semiconductor and electronics manufacturing processes. Regional pricing varies considerably by demand mix and infrastructure: North American prices have moved higher on robust healthcare and electronics sector demand alongside supply chain constraints in transportation and storage infrastructure, while European pricing has remained largely flat given a stable equilibrium between supply and demand fundamentals, and South American pricing has eased gradually. Energy costs for air separation units, regional healthcare and electronics sector demand, and steelmaking and metal fabrication consumption are what drive prices in this market.
The outlook for Oxygen through H2 2026 points to continued regional divergence. North American prices should stay firm, supported by robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors alongside ongoing supply chain constraints in transportation and storage infrastructure. European pricing is expected to remain broadly stable given the equilibrium between supply and demand fundamentals, while South American prices may continue their gradual easing trend.
The main upside risk is a further tightening of North American transportation and storage infrastructure combined with continued strong semiconductor and electronics demand, which could accelerate the pace of US gains beyond current expectations. The main downside risk is a broader softening of steelmaking and metal fabrication demand across major consuming regions, which would ease price pressure even in the currently firming North American market.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 220.00 - 400.00 | Regional demand divergence likely to persist |
| Brazil | 360.00 - 410.00 | Gradual easing trend sustains the highest regional price |
| United States | 230.00 - 280.00 | Healthcare and electronics demand drives continued gains |
| Germany | 175.00 - 190.00 | Stable supply-demand equilibrium keeps this market flat |
| China | 135.00 - 155.00 | Steady industrial demand keeps this the most affordable market |
Brazilian Oxygen prices averaged USD 385.00/MT in Q2 2026, the highest of any region tracked here, down 1.3% from USD 390.00/MT in Q1, continuing a gradual multi-quarter decline.
Why did the price of Oxygen change in Q2 2026 in Brazil?
Softening industrial demand and improving regional supply conditions continued gradually easing this market, even as it remained the highest-priced region tracked in this report.
US prices averaged USD 255.00/MT in Q2 2026, up 4.1% from USD 245.00/MT in Q1, as robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors continued driving gains.
Why did the price of Oxygen change in Q2 2026 in the United States?
Robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors continued driving heightened procurement activity from industrial gas suppliers, while supply chain constraints in transportation and storage infrastructure added further upward pressure.
German prices averaged USD 182.00/MT in Q2 2026, up 1.1% from USD 180.00/MT in Q1, holding essentially flat within the stable band that has characterized this market.
Why did the price of Oxygen change in Q2 2026 in Germany?
Moderate consumption from the steelmaking, metal fabrication, and healthcare sectors maintained consistent procurement activity, while adequate production output from established air separation unit operations continued ensuring comfortable supply volumes.
Chinese prices, the lowest of the four regions, averaged USD 145.00/MT in Q2 2026, up 2.1% from USD 142.00/MT in Q1, as steady industrial demand continued keeping this market comparatively affordable.
Why did the price of Oxygen change in Q2 2026 in China?
Steady demand from steelmaking and metal fabrication applications kept this market on a gradually firming path, tracking broadly stable industrial activity across the region.
Brazilian prices fell 1.3% in Q1 2026 to USD 390.00/MT from USD 395.00/MT in Q4 2025, continuing the gradual easing trend.
Why did the price of Oxygen change in Q1 2026 in Brazil?
Softening industrial demand and gradually improving regional supply conditions continued easing Brazilian oxygen pricing, a trend consistent across the full period covered in this report.
US prices surged 11.4% in Q1 2026 to USD 245.00/MT from USD 220.00/MT in Q4 2025, as healthcare and electronics sector demand accelerated sharply.
Why did the price of Oxygen change in Q1 2026 in the United States?
In North America, oxygen prices increased notably due to robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors, with the oxygen price index reflecting heightened procurement activity from industrial gas suppliers, while supply chain constraints in transportation and storage infrastructure added to the price rise.
German prices held unchanged in Q1 2026 at USD 180.00/MT, matching USD 180.00/MT in Q4 2025, reflecting entirely flat market conditions.
Why did the price of Oxygen change in Q1 2026 in Germany?
The pricing movement between December and March 2026 remained unchanged, with the flat pricing trajectory reflecting a predominantly stable market environment characterized by equilibrium between supply and demand fundamentals, and balanced inventory positions among key distributors limiting any significant pricing fluctuation.
Chinese prices rose 2.9% in Q1 2026 to USD 142.00/MT from USD 138.00/MT in Q4 2025, tracking steady industrial demand.
Why did the price of Oxygen change in Q1 2026 in China?
Steady offtake from steelmaking, metal fabrication, and welding applications sustained baseline consumption fundamentals, keeping this market on a gradually firming trajectory consistent with broader Asian industrial activity.
Global Oxygen prices held essentially flat through most of 2025 before diverging sharply by region in Q1 2026, with North American pricing accelerating on robust healthcare and semiconductor demand even as European pricing stayed entirely flat and South American pricing continued its gradual multi-quarter decline.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 249.68 | +0.9% | ↑ Rising |
| Q1 2026 | 247.34 | +2.5% | ↑ Rising |
| Q4 2025 | 241.36 | +0.7% | ↑ Rising |
| Q3 2025 | 239.72 | -0.1% | ↓ Falling |
| Q2 2025 | 240.08 | - | — Stable |
| Q3 2026 | In Progress | - | — In Progress |
Oxygen moved in genuinely different directions across the markets covered in this report through 2025. The United States posted the strongest annual gain as healthcare and electronics sector demand built through the year, China and Germany firmed modestly, while Brazil stood apart with a steady annual decline reflecting softening industrial demand and improving regional supply.
Brazilian prices declined from about USD 420.00/MT in Q1 2025 to USD 395.00/MT by Q4, down roughly 6.0%, the only region among the four to post a negative annual figure.
US prices firmed from about USD 200.00/MT in Q1 2025 to USD 220.00/MT by Q4, up roughly 10.0%, the strongest annual increase of the four regions, before accelerating even further into 2026.
German prices firmed modestly from about USD 175.00/MT in Q1 2025 to USD 180.00/MT by Q4, a gain of roughly 2.9%, before holding entirely flat into Q1 2026.
Chinese prices firmed from about USD 130.00/MT in Q1 2025 to USD 138.00/MT by Q4, up roughly 6.2%, tracking steady industrial demand through the year.
Expert Market Research: Your Source for Real-Time Oxygen Price Intelligence
Expert Market Research tracks Oxygen prices continuously across every major producing and consuming region, combining air separation energy cost data, regional healthcare and electronics sector demand signals, and steelmaking and metal fabrication consumption trends into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the divergent regional trends covered in this report, and build a defensible view of where this essential industrial gas is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
It serves essential applications in steelmaking and metal fabrication, healthcare and medical respiratory support, welding and cutting operations, wastewater treatment, and increasingly in semiconductor and electronics manufacturing processes.
The Q2 2026 global average was USD 249.68/MT, ranging from USD 145.00/MT in China to USD 385.00/MT in Brazil.
The global average rose from USD 241.36/MT in Q4 2025 to USD 247.34/MT in Q1 2026 and then to USD 249.68/MT in Q2, though this composite figure masks a sharp divergence between rising North American, flat European, and declining South American pricing.
Robust demand from healthcare and the expanding semiconductor and electronics manufacturing sectors, combined with supply chain constraints in transportation and storage infrastructure, has pushed US prices higher, while European pricing reflects a stable equilibrium between supply and demand fundamentals with adequate air separation unit output.
The global average is expected in the USD 220.00-400.00/MT range, with regional demand divergence likely to persist.
China holds the lowest cost among the regions tracked here given steady industrial demand, while Brazil carries the highest cost despite its ongoing gradual price decline.
This report is updated monthly. For real-time pricing intelligence, connect with the Expert Market Research team.
Energy costs for air separation units, regional healthcare and electronics sector demand, and steelmaking and metal fabrication consumption.
Major merchant suppliers including Air Products, Air Liquide, and Linde operate air separation units across every major industrial region, with production scale and demand mix varying substantially between North America, Europe, Asia, and South America.
Buyers can monitor regional healthcare, electronics, and steelmaking demand trends given their outsized and divergent influence on this market, time forward purchases around the quarterly breakdowns in this report, and benchmark supplier quotes against the tracked price ranges appropriate to their specific region.
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