How Has the Air Separation Unit Market Size Evolved in Recent Years?
The air separation unit market has seen considerable growth due to a variety of factors.
• The market size of the air separation unit has seen substantial growth in previous years. It is predicted to rise from $5.59 billion in 2024 to $5.93 billion in 2025, with a compound annual growth rate (CAGR) of 6.0%.
The historical period's growth is tied to an increase in metal production, expansion of the chemical manufacturing sector, an upswing in chemical production, growing industrialization and urbanization, as well as increased government investments and policies.
What are the Market Size and Expected Growth Rates for the Air Separation Unit Market?
The air separation unit market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the air separation unit market is predicted to experience significant growth, anticipated to reach a $7.42 billion value by 2029, with a compound annual growth rate (CAGR) of 5.8%.
This expected growth during the forecast period can be credited to factors such as the expansion of industrial sectors, increasing need for industrial gases, the thriving energy sector, burgeoning demand for medical oxygen in healthcare settings, and the intensified use of nitrogen for food preservation and packaging. The forecast period is likely to see a shift towards energy-efficient technologies, usage of artificial intelligence for process improvement, preference for compact and modular designs, innovation in cryogenic air separation technology, improved safety measures, and the creation of more eco-friendly solutions to curb carbon emissions.
What Are The Core Factors Supporting Growth In The Air Separation Unit Market?
The escalating need for energy is predicted to drive the expansion of the air separation unit market. This surge can be attributed to global population growth, elevated industrial activities, and increased use of energy-intensive technologies and appliances. Air separation units play a pivotal role in meeting energy requirements by supplying vital gases like oxygen and nitrogen needed for productive combustion and process refinement in energy creation and industrial uses. For instance, the Energy Information Administration, a US-based governmental agency, reported in April 2023 that the overall consumption of energy in the United States is projected to escalate from 0% to 15% between 2022 and 2050. Particularly, energy utilization in the industrial sector is anticipated to burgeon by approximately 5% to 32% in this timeframe. Consequently, the burgeoning energy demand is fuelling the growth of the air separation unit market.
What Are The Key Segments Within The Global Air Separation Unit Market?
The air separation unitmarket covered in this report is segmented –
1) By Process: Cryogenic, Non-Cryogenic
2) By Gas: Nitrogen, Oxygen, Argon, Other Gases
3) By End Use: Iron And Steel, Oil And Gas, Healthcare, Chemicals, Other End Uses
Subsegments:
1) By Cryogenic Air Separation Units: Single-Column Cryogenic Units, Double-Column Cryogenic Units, Mixed Refrigerant Systems
2) By Non-Cryogenic Air Separation Units: Pressure Swing Adsorption (PSA) Systems, Membrane Separation Systems, Vacuum Pressure Swing Adsorption (VPSA) Systems
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How Are New Trends Impacting The Size Of The Air Separation Unit Market?
Prominent firms in the air separation unit market are embracing the concept of strategic partnerships in order to expand the supply of argon, oxygen, and nitrogen in Eastern European markets. Such partnerships allow businesses to leverage each other's strengths and resources for collective benefits and joint success. For instance, in August 2023, Italy-based chemical conglomerate SIAD Group formed a joint venture with Italy-based chemical firm SOL Group. Named OXY Technical Gases, this Croatia-based venture sees SIAD holding a 60% stake, while SOL controls the remaining 40%. The main objective of this collaboration is to boost the supply of nitrogen, oxygen, and argon in Eastern Europe, with a special focus on Croatia and its surrounding nations. As part of this venture, OXY Technical Gases is committing $56.1 million towards the establishment of an air separation unit in Velika Gorica, Croatia, in proximity to Zagreb. This plant will improve the delivery of high-purity liquid oxygen, nitrogen, and argon manufactured at cryogenic temperatures. It will cater to hospitals, industrial plants, and other consumers across the region.
Who Are the Key Players In The Air Separation Unit Market?
Major companies operating in the air separation unit market are:
• Linde Plc
• Air Liquide S.A.
• Parker Hannifin Corporation
• Atlas Copco AB
• Air Products and Chemicals Inc.
• Nippon Sanso Holdings Corporation
• Messer Group GmbH
• Matheson Tri-Gas Inc.
• Yingde Gases Group Co. Ltd.
• Enerflex Ltd.
• Gulf Cryo
• Cryogenmash
• SIAD Macchine Impianti S.p.A.
• Bhoruka Gases Limited
• MVS Engineering Pvt. Ltd.
• Novair Industries AB
• CRYOTEC Anlagenbau GmbH
• AMCS Corporation
• Ranch Cryogenics Inc.
• Buzwair Industrial Gases Factories
• The Southern Gas Limited
• Shanghai Chinllenge Gases Co. Ltd.
• Kaifeng Air Separation Group Company Limited
• AMCS Corporation
• Sichuan Air Separation Plant Group
What Are The Regional Insights Into The Air Separation Unit Market?
Asia-Pacific was the largest region in the air separation unit market in 2024 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the air separation unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
