Air Separation Plant Market: Product, Overview and Share Forecasted to 2032

The global air separation plant market enjoys a valuation of US$ 5.9 Bn, and is projected to expand at a CAGR of 5% to attain a net worth of US$ 7.9 Bn by the end of 2028.

The global air separation plant market enjoys a valuation of US$ 5.9 Bn, and projected to expand at a CAGR of 5% to attain a net worth of US$ 7.9 Bn by the end of 2028.  Strong demand for air separation plants in the healthcare industry is expected to be a prominent trend favoring overall market growth across regions.

The global market for air separation plants will reach a valuation of US$ 7,891.1 Mn by 2028, growing at a steady CAGR of 4.9 percent, with China holding the majority of the global market share in the coming decade.

Furthermore, many industrial activities are shifting toward high purity gases, which is boosting innovation in the air separation plant market. Chemical properties such as reactivity and physical properties such as density, boiling point, and vapour pressure make these gases suitable for use in a variety of industries—they are known as fuel gases, medical gases, refrigerant gases, or specialty gases depending on the industry.

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In addition, increasing demand for high purity gases such as oxygen, argon, hydrogen, and helium in the healthcare, iron & steel, and chemical sectors is projected to spur the sales at 5% CAGR over the forecast period (2022-2028).

Citing this trend, several market players are focusing on expanding their production capacity to capitalize on the surging demand. For instance, in February 2021, INOX Air Products announced building a new cryogenic air separation unit in India, which will assist the company to generate 300 and 700 tons of nitrogen and oxygen every day, respectively.

A slew of such developments are estimated to augment the growth in the market over the forthcoming years.

As per FMI, North America is anticipated to account for a significant share in the global market through 2028. Increasing shell gas exploration activities and rapidly expanding manufacturing sector across countries such as U.S. and Canada are favoring the growth in the region.

“Rising government emphasis on adoption of air separation plants in Integrated Gasification Combined Cycle (IGCC) plants and industrial sector to lower carbon emissions is expected to accelerate the growth in the market,” says a FMI analyst.

An Overview of the Global Air Separation Plant Market

A large share of the market revenue is likely to be generated by the chemical, iron and steel, healthcare, and food and beverages industries. Air separation plants are used for separating atmospheric air into industrial gases—including nitrogen, oxygen, argon, and other inert gases. Increasing demand for such industrial gases will create opportunities for the air separation plant market to grow in the coming years.

Growing emphasis on gas packaging, rapid refrigeration, and freezing technologies in the food and beverages industry is fuelling the demand for liquid nitrogen freezing. Several air separation plant manufacturers are specifically launching units for gas-related products in the food industry. Additionally, demand for medical gases and equipment like infusion pumps and continuous positive airway pressure (CPAP) devices in hospitals and private homes, will ramp up the investments in air separation plants market in the coming years.

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Growing Demand for Pure Gases Augmenting Adoption of On-site Air Separation Plants

In lieu of growing demand for on-site gas generation for environmental-friendly operations, key players in the air separation plant market are catering to diverse needs of several industries looking for volume and purity, with customizable on-site production solutions. On-site air separation plant enhances energy efficiency, boosts product quality, and increases throughput. Modular configuration, designed with backup systems, and easy installation and integration are some factors pushing the adoption of on-site air separation plant technologies—offering highly reliable source of energy.

Customized Solutions, M&A, and Divestments: Key Strategies Driving the Global Air Separation Plant Market 

Top players operating in the global air separation plant market are focussing on strategic mergers and acquisitions to expand their businesses in regions with high industrial growth. Manufacturers are also empowering end-users with innovations and digitization in air separation plants for increased operator comfort and protection. In order to meet specific customer demands in terms of gas volume and purity, market players are customizing air separation plants. For instance, Linde AG serves a major share of customers looking for customized solution owing to their worldwide presence and vast experience in engineering and operation of customized air separation plants.

However, factors such as high capital costs associated with setting up of air separation units and cyclical fluctuations in end-user markets could negatively impact the growth of air separation plants market, in terms of market volume. Mature markets of Japan are likely to reduce air separation plants deployments in the coming years.

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Key Takeaways from Air Separation Plant Market Study

• The U.S. is anticipated to account for the lion’s share in North America market, owing to the increasing shell gas exploration activities across the country.
• China is expected to register robust growth in the air separation plant market, on the back of growing adoption in production of chemicals and iron & steel.
• India is forecast to emerge as a highly attractive market in South Asia & Pacific, driven by the upsurge in trend of industrialization in the country.
• The U.K. and Germany are estimated to collectively account for the largest share in Europe market, favored by increasing applications across the food & beverage industry.
• In terms of end use industry, the chemical industry segment is projected to exhibit steady growth, accounting for around 20% of the overall sales through 2028.

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Key Drivers

• Surging demand for medical oxygen and equipment such as continuous positive airway pressure (CPAP) devices and infusion pumps in hospitals for patient treatments is expected to increase the sales of air separation plants across the healthcare segment.
• Increasing use of argon gas in casting and welding industries, especially, in manufacturing of specialty alloys and titanium is a primary factor propelling the demand across the argon segment.
• Key Restraints
• Extravagant cost of installation, component assemble, operation, and maintenance of air separation plants is hindering the sales in the market.
• High energy consumption for cryogenic separation plants as compared to non-cryogenic plants is a factor restraining the growth in the cryogenic separation plant segment.

Competitive Landscape

Key manufacturers of air separation plants are focusing on mergers and acquisitions to strengthen their global footprint and establish their business different countries. Apart from this, some of the players are aiming at expanding their production capacity to cater to demand for industrial gasses.

For instance,

• In November 2021, Nippon Gases, a leading Japanese industrial and medical gases provider, announced signing an agreement with a renowned Italian stainless steel manufacturer, Cogne Acciai Speciali. As per the agreement, Nippon Gases will assist the latter company to modernize its air separation unit to increase its efficiency and reduce energy consumption in production.
• In April 2020, CryopAL, a subsidiary of Air Liquide, announced increasing its production of liquid oxygen for medical use to three times of its current production to meet the increasing demand and supply oxygen to patients suffering from respiratory insufficiency.