Air Separation Plant Market is Set to Reach USD 10,512.26 Million by 2034 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
An In-depth Market Insight into the Air Separation Plant Market including Cryogenic Air Separation Plants, and Non-cryogenic Air Separation Plants Covering 30+ Countries like United States, United Kingdom, Germany, France, Norway, Sweden, Saudi Arabia, United Arab Emirates, Japan, Korea, Australia, New Zealand, and Others. The air separation plant market in United States is estimated to rise at a 3.70% CAGR through 2034.
NEWARK, Del, July 22, 2024 (GLOBE NEWSWIRE) -- The Air separation plants market is becoming a must-have in almost all factory units due to their unprecedented capabilities of producing gases, such as oxygen, nitrogen, and argon from the atmosphere. This has elevated the air separation plant market’s stakes to a staggering USD 6,515.40 million in 2024, with the promise of continued growth in the coming years.
The demand for these ASUs is stretched across a broad spectrum of industries but mainly these are utilized in chemical, food and beverage, mining, and metal fabrication industries. These air separation units have become such a quintessential part of the everyday operation in the factory units of these industries that it is slated to surpass USD 10,512.26 million by 2034.
The adoption of air separation units, in a nutshell, depends heavily on the performance of the industrial sector globally. With the continuous growth in the manufacturing sector, across industries, the air separation market, too, is experiencing a steady but stable growth of 4.90% through 2034.
The oxygen segment dominates the air separation plant market, accounting for a share of 57.80% in 2024.
Based on type, the cryogenic segment leads the air separation plant market with a share of 57.40% in 2024.
The air separation plant market in India is anticipated to develop at a CAGR of 5.00% through 2034.
The air separation plant market in China is estimated to rise at a 5.70% CAGR through 2034.
The air separation plant market in South Korea has the potential to increase at a 4.30% CAGR through 2034.
The Canada air separation plant market is predicted to rise at a 3.80% CAGR through 2034.
The air separation plant market in the United States is very likely to develop at a CAGR of 3.70% through 2034.
“Sustainability remains one of the major concerns for manufacturers of air separation units. Companies involved in this market must bring in innovative solutions and technologies to address sustainability challenges,” says a Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
How is the Air Separation Plant Industry Expected to Perform Across Geographies?
This research details the global air separation plant landscape across the regions of North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).
Demand for air separation plant processed is expected to be driven by emerging and developing economies across the globe. East Asia and South Asia and Pacific have major economies such as India and China, which makes these regions very lucrative markets for air separation plants. Collectively, these regions have a dominant air separation plant market presence on a global level.
The air separation plant market in North America also has a significant presence on a global level, especially in terms of revenue. Demand for air separation plants in this region is driven by high manufacturing activity, and rising demand for high purity gases for a multitude of applications in industry verticals such as healthcare, oil & gas, etc.
The Middle East and Africa region is expected to see rather impressive increase in the adoption of air separation plants. This can be attributed to the development of healthcare infrastructure in the region as well as government backing to reduce the import costs of pure gases such as medical oxygen, etc.
Competitive Landscape
The market for air separation plants is still in its early stages, with only a few companies dominating the global market.
Key Companies
Linde AG
Air Products and Chemicals Inc.
Air Liquide SA
Praxair Inc.
Messer Group GmbH
Universal Industrial Gases Inc.
Taiyo Nippon Sanso Corporation
Technex Limited
Sichuan Air Separation Plant Group
Ranch Cryogenics Inc.
AMCS Corporation
Yingde Gases Group Company Limited
In many regions around the world, the use of these air separation units is not as prevalent as it is in developed industrial regions. To expand their consumer base, ASU manufacturing companies should explore untapped regions and tap into the potential demand.
Recent Developments
In October 2023, Praxair India, a subsidiary of Linde, started commercial production at its air separation unit in Hyderabad, producing 250 tonnes of gases daily.
In February 2023, INOXAP commissioned its 5th air separation facility in Hosur, Tamil Nadu, doubling its Liquid Oxygen production capacity to meet hospital and industrial needs.
In September 2020, Messer Group invested over €35 million to construct a new air separation plant in Vila-Seca, Spain, capable of producing 2,400 tons/day of gases.
In January 2024, EuroChem built an air separation unit in Nevinnomysskiy, producing oxygen, nitrogen, and argon to enhance efficiency and reduce environmental impact.
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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