According to a new market report published by Credence Research, Inc., “Global Air Separation Plant Market (By Process (Cryogenic, Non-cryogenic); (By Gas (Nitrogen, Oxygen, Argon, Others); (By End-user (Iron & Steel, Oil & Gas, Chemical, Healthcare, Others) – Growth, Future Prospects and Competitive Landscape, 2019 – 2027”, the global air separation plant market is expected to touch US$ 7.74 Bn in 2027, witnessing a growth of 5.12% CAGR across the forecast period of 2019 to 2027.
The global air separation plant market is showing a strong growth owing to increase in demand of industrial and specialty gases across various end-user segment such as iron & steel, oil & gas, healthcare, etc. Increased demand coupled with changes in trade barriers and the consolidation of individual Chinese steelworks results into growth of steel industry in most regions of the world in 2018. As per World Steel Association, global steel production was up by 4.6% year-on-year in 2018. Moreover, global chemical market also performed well owing to robust demand, tight supply and strong profitability that in turn results into surge in reinvestment planning activities in North America, Middle East, China and other Asian locations. Overall, the global air separation plant market is expected to register a CAGR of 5.12% from 2019 to 2027.
Based on process, global air separation plant market is segmented into cryogenic and non-cryogenic processes. Cryogenic segment captured the largest market share of nearly 70% in 2018, pertaining to its routine applications in medium and large scale plants to produce nitrogen, oxygen and argon as gases or liquid products. Further highly pure oxygen, nitrogen and argon gases that are produced from cryogenic process are used for fabrication of semiconductor devices. The thriving iron & steel industry, metal fabrication and semiconductor industry is expected to further grow the demand for cryogenic air separation plants in the coming decade.
On the basis of geography, Asia Pacific was the largest air separation plant market, accounting for nearly 35% share in 2018. The growth of industrial sectors in emerging economies such as China and India has made it one of the promising regions of the market. Rising demand for air separation plant was mainly from electronics industry and in the refinery business and number of coal-to-olefin (CTO) and methanol-to-olefin (MTO) projects in China. In addition, expanding healthcare facilities in the region driven by increasing ageing population and chronic diseases such as chronic obstructive pulmonary disease (COPD), thus provided growth opportunity in the market.
The overall air separation plant market is quite competitive in nature with market players focused on technological upgradation and partnership. In addition, advancement in technologies is further expected to create investment opportunities in the market. For instance, in November 2019, Messer Group GmbH introduced its new cryogenic technology – Silensnow, for sustainable transport refrigeration. This new technology enabled transport of fresh and frozen products using dry-ice snow at inner-city, day or night, summer or winter and without disturbing residents or any interruption in cold-chain. Further, in November 2019, Linde AG signed a MoU with Baowu Clean Energy Ltd. to jointly cooperate on research and development of China’s hydrogen market.
Browse the full report at https://www.credenceresearch.com/report/air-separation-plant-market
The Global Air Separation Plant Market is Segmented into:
|Segmentation||By Position (2019–2027; US$ Mn)|
|By Type of Fog Lights (2019–2027; US$ Mn)|
|By Color Type (2019–2027; US$ Mn)|
|By Channel (2019–2027; US$ Mn)|
|By Vehicle (2019–2027; US$ Mn)|
|By Geography Segment (2019–2027; US$ Mn)|
*Complete segmentation list is on report page
Some of the major companies profiled in the report include Linde AG, Air Liquide, Praxair Technology, Inc., Air Products and Chemicals, Inc., TAIYO NIPPON SANSO CORPORATION, Universal Industrial Gases, Inc. Universal Cryo Gas, LLC, ENERFLEX LTD., Messer Group GmbH, Technex, Yingde Gas Group Co., Ltd., etc. among others.