The global market for air separation plants was valued at USD 4.5 billion in 2021 and is projected to reach USD 5.9 billion by 2026, at a CAGR of 4.9% between 2021 and 2026. The global air separation plants market is driven by strong growth in demand, especially from the iron & steel, oil & gas, chemical, healthcare, and other end use industries.
On the basis of process, the cryogenic process segment is projected to grow at the highest CAGR from 2021 to 2026. Cryogenic technology was commercialized in 1902 and has since been used extensively by companies across multiple industries that require gases such as nitrogen, oxygen, and others. Being the oldest air separation technology available, it has evolved considerably over the years, resulting in improved efficiency and high purity of yield gases. The growing demand for fabricated metals and alloys across the globe, the increasing dependency on pure gases for enhancing metal properties, and rapid industrialization are expected to drive the air separation plant market during the next five years. Technological advancements to control toxic emissions from plants are compelling companies to devise energy-efficient designs.
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Among gas types, the Nitrogen segment is projected to grow at the highest CAGR from 2021 to 2026. The inert properties of nitrogen make it a good blanketing gas in many applications. Nitrogen blanketing is used to protect flammable or explosive solids and liquids from contact with air. Certain chemicals, surfaces of solids, and stored food products have properties that must be protected from degradation by the effects of atmospheric oxygen and moisture. This is achieved by keeping these items in a nitrogen-enriched atmosphere. Nitrogen is used to treat melt in the manufacturing of steel and other metals and as a shielding gas in the heat treatment of iron, steel, and other metals. It is also used as a process gas, together with other gases for the reduction of carbonization and nitriding.
Among end use industries, the iron & steel segment is projected to grow at the highest CAGR from 2021 to 2026. Iron & steel are used in cars, appliances, roads, bridges, ships, airplanes, and in engineering and construction applications. Hence, with the development and growth of any country, the production and consumption of iron & steel increase proportionately. Countries such as China, the US, Japan, Russia, Italy, Germany, India and Brazil lead in the production and consumption of steel. These countries have shown increased economic activities in the recent past and this is likely to continue during the forecast period primarily due to macroeconomic factors such as population growth and urbanization.
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Asia Pacific, North America, and Europe are the major regional markets for air separation plants. The Asia Pacific region accounted for the largest share of the air separation plant market in 2020. Market growth in this region can be attributed to the increasing metal production, fabrication, and consumption in countries such as Japan, China, and India. The Asia Pacific region accounts for the highest production and consumption of steel in the world, along with one of the highest oil refining capacities. It is also the manufacturing hub of the world, with abundant heavy machinery and equipment manufacturing companies.
Linde Plc (UK), Air Liquide SA (France), Air Products and Chemicals, Inc. (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Daesung Industrial Co., Ltd. (South Korea), Air Water Inc. (Japan), Enerflex Ltd. (Canada), Yingde Gases Group Co., Ltd. (Hong Kong), are among the key players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels.
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