Air Separation Plant Market Size to Reach USD 9.5 Billion by 2032 growing at 5.3% CAGR - Exclusive Report by Acumen Research and Consulting

The global Air Separation Plant Market size occupied USD 5.7 Billion in 2022 and is estimated to arrive at a size of around USD 9.5 Billion by 2032 rising with a CAGR of 5.3% during the forecasted years, as reported by Acumen Research & Consulting The air separation plant business is currently doing well, with continuous growth in demand for industrial gases in many end-use industries. Factors such as growing industrialization, urbanization, and the rise of different end-use sectors such as healthcare, chemical, and metallurgy are driving the market for air separation plants. Furthermore, rising demand for industrial gases in emerging nations is likely to propel the air separation plant market forward in the future years. Air separation plants are critical in the transition to a more sustainable energy system. Industrial gases, such as hydrogen, which may be produced using renewable energy sources, are projected to play an important role in decreasing carbon emissions in the future. The increasing demand for industrial gases from different end-use sectors, the expanding usage of industrial gases in the healthcare sector, and the move to more sustainable energy systems is all driving market expansion. The COVID-19 pandemic did not affect the air separation plant business since industrial gas demand remained steady during the epidemic. During the pandemic, demand for medical oxygen grew considerably, resulting in a rise in demand for air separation plants and other medical gas-producing facilities. Air Separation Plant Market Statistics Global air separation plant market revenue accounted for USD 5.7 billion in 2022, with a 5.3% CAGR from 2023 to 2032 Asia-Pacific air separation plant market share occupied around 41% in 2022 Asia-Pacific air separation plant market growth is projected to attain over 6% CAGR from 2023 to 2032 By process, the cryogenic sub-segment grabbed over 60% share in 2022 Among end-user industries, the iron & steel sub-segment gathered USD 1.2 billion in revenue in 2022 Increasing focus on renewable energy sources is a recent air separation plant market trend Request for a sample of this premium research report@ https://www.acumenresearchandconsulting.com/request-sample/3181 Air Separation Plant Market Dynamics Increasing Demand for Industrial Gases in Various End-Use Industries Propels the Air Separation Plant Market Value The rising need for industrial gases in a variety of end-use sectors, including healthcare, metallurgy, chemical, food and beverage, and oil and gas, is a major driver for the air separation plant business. Industrial gases are utilized in a variety of applications, including welding, metal fabrication, and chemical processing, as well as feedstock for the synthesis of other chemicals. Industrial gases such as oxygen and nitrogen are employed in medical applications such as respiratory therapy, anesthesia, and the treatment of numerous medical problems in the healthcare industry. During the COVID-19 epidemic, the need for medical oxygen surged considerably, highlighting the important significance of industrial gases in the healthcare sector. Industrial gases such as oxygen and nitrogen are utilized in the metallurgy sector to produce steel and other metals. The use of industrial gases increases the efficiency and quality of the manufacturing process while lowering emissions. Industrial gases are used as feedstocks in the chemical industry to produce a variety of compounds such as fertilizers, polymers, and plastics. In chemical processes, industrial gases such as hydrogen and nitrogen are utilized as reducing agents. Overall, the rising demand for industrial gases in various end-use sectors is a crucial driver for the air separation plant business, as it produces a consistent need for industrial gas production. Growing Demand for Liquefied Natural Gas (LNG) and Other Cryogenic Applications Will Generate Surplus Air Separation Unit Market Opportunities The need for LNG and other cryogenic applications, which is expanding, is another major factor driving the market for air separation plants. LNG is created by chilling natural gas to -162°C, which necessitates the use of vast quantities of cryogenic gases such as nitrogen, oxygen, and argon. As the need for natural gas grows, so does the demand for cryogenic gases and the factories that create them. Cryogenic gases are also employed in a variety of different industries, including food processing, medicines, and semiconductors. In the next years, the rise of these industries is likely to raise demand for cryogenic gases and air separation systems. Furthermore, with the move to more sustainable energy sources, the usage of cryogenic gases such as liquid hydrogen and liquid oxygen is becoming increasingly crucial. These gases can be utilized as fuel in fuel cells, which create zero-emission energy. The need for cryogenic gases and air separation facilities that create them is likely to rise in the future years as the demand for hydrogen fuel cells rises. Overall, rising demand for liquefied natural gas (LNG) and other cryogenic applications, as well as the growing relevance of cryogenic gases in the shift to more sustainable energy systems, are projected to propel the air separation plant sector forward in the coming years. Air Separation Plant Market Segmentation The global market has been categorized into process, gas type, end-use industry, and region. The process segment is bifurcated into cryogenic and non-cryogenic (pressure swing adsorption, vacuum pressure swing adsorption, and membrane separation) The gas-type segment is split into oxygen, argon, nitrogen, and others Air separation end-use industries include chemical, food & beverages, healthcare, iron & steel, pulp & paper, oil & gas, and others The market is divided into five regions that are North America, Europe, Latin America, Asia-Pacific, and The Middle East and Africa (MEA) Air Separation Plant Market Share The cryogenic process type sub-segment will have the greatest market share in 2022, according to the air separation plant market prediction. Non-cryogenic is predicted to develop at a steady rate between 2023 and 2032. According to air separation gas types, the oxygen sub-segment will have the largest market share in 2022, while the nitrogen sub-segment is expected to develop at a rapid pace in the future years. The iron and steel sub-segment will account for a significant share between 2023 and 2032, according to the air separation plant industry analysis. In contrast, the healthcare and chemical industries are predicted to flourish in the next years. Air Separation Plant Market Regional Outlook The Asia-Pacific area is one of the fastest-growing regions in the air separation plant business. The region has a fast-growing industrial base and a high demand for industrial gases from a variety of end-use sectors. China, India, Japan, South Korea, and Australia are among the important nations in the Asia-Pacific air separation plant market. China is the region's largest market for air separation facilities, with a substantial number of plants in operation. The country's industrial base is quickly expanding, and demand for industrial gases from diverse end-use industries such as healthcare, chemical, iron & steel is increasing. In the Asia-Pacific area, India is another key market for air separation plants. The country has a high need for industrial gases, which is being driven by an increase in demand from different end-use sectors such as healthcare, chemical, and metallurgy. Overall, the Asia-Pacific air separation plant market is likely to increase significantly in the coming years, driven by rising demand for industrial gases from different end-use sectors and government policies promoting industry development. Air Separation Plant Market Players Some prominent air separation plant companies covered in the industry include Air Liquide S.A., Air Products and Chemicals, Inc., Chart Industries, Inc., Cryogenic Industries AG (a subsidiary of Nikkiso Co., Ltd.), Enerflex Ltd., Hangzhou Hangyang Co., Ltd., Linde plc, Messer Group GmbH, Praxair, Inc. (a subsidiary of Linde plc), Taiyo Nippon Sanso Corporation, Technex Ltd., and Universal Industrial Gases, Inc. In November 2020, Air Products announced a partnership with ACWA Power to construct, own, and manage the world's biggest green hydrogen plant in Saudi Arabia, which will be fueled by renewable energy. In September 2020, Messer announced the opening of a new air gas production plant in China with a capacity of 80,000 Nm3/h that would service clients in the electronics, chemical, and metallurgical sectors. Click here to buy the Premium Market Research report https://www.acumenresearchandconsulting.com/buy-now/0/3181 Receive our personalized services and customization by clicking here https://www.acumenresearchandconsulting.com/request-customization/3181 Mr. Frank Wilson Acumen Research and Consulting USA: +13474743864 India: +918983225533 E-mail: sales@acumenresearchandconsulting.com