The global air separation plant market enjoys a valuation of US$ 5.9 Billion, and is projected to expand at a CAGR of 5% to attain a net worth of US$ 7.9 Billion by the end of 2028.
As per a recent analysis by Future Market Insights, the demand for air separation plants in the global market is expected to be relatively strong over the forecast period of 2022-2028. Registering a steady CAGR of 4.9%, the global market for air separation plant will reach a valuation of US$ 7,891.1 Mn by 2028, with China holding majority of the global market share in the coming decade.
Growth landscape of the air separation plant marketwill be positively impacted by the strong recovery underway in the emerging markets of developing world especially South East Asia & Pacific (SEAP). Cryogenic air separation plants are likely to dominate the market, with a total value share of 34.5% through 2018. Tremendous urbanization and industrialization is expected to generate demand for air separation plant in the SEA and Pacific region.
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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.
Moreover, a large number of industrial activities are shifting towards high purity gases—enhancing innovation in the air separation plant market. Chemical properties such as reactivity and physical properties including density, boiling point, and vapour pressure makes these gases suitable for applications in several industries—known as fuel gases, medical gases, refrigerant gases or specialty gases as per the industry they are used it.
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.
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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.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Feb 02, 2023
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