The air separation plant market is projected to grow from USD 5.4 billion in 2023 to USD 6.8 billion by 2028, at a CAGR of 4.6% from 2023 to 2028. The market for air separation plants is expanding due to developments in cryogenic technology, including increased energy efficiency, enhanced process automation, and the development of more efficient heat exchangers.
Based on the process, the cryogenic segment is projected to be the fastest-growing segment from 2023 to 2028. Cryogenic is the preferred process for producing high-purity oxygen and nitrogen in all plants growing liquefied industrial gas products. Cryogenic air separation processes are used in medium-to-large scale plants to produce nitrogen, oxygen, argon, and other atmospheric gases in liquid or gaseous forms.
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The need for gases like nitrogen and oxygen rises as industries grow and develop. These gases, which are essential for several industrial processes, must be continuously and reliably supplied, resulting in the need for cryogenic air separation systems.
Based on gas, the nitrogen segment is projected to be the fastest-growing segment from 2023 to 2028. The inert properties of nitrogen make it an excellent blanketing gas in many applications. Nitrogen is used in various industries such as chemicals, pharmaceuticals, oil & gas processing, glass & ceramic manufacture, steelmaking, metal refining & fabrication, and healthcare. In the chemical and petrochemical industries, nitrogen is used. In order to stop dangerous reactions, regulate atmospheres, and maintain a secure working environment, it is utilized for inerting and purging systems.
Based on the end-use industry, the iron & steel segment is projected to be the fastest-growing segment from 2023 to 2028. Iron & steel industries have enormous requirements for oxygen, nitrogen, and argon during the production and finishing processes that air separation plants produce. In the steel industry, most oxygen produced by air separation plants is used to oxidize and remove contaminants. Nitrogen gas is produced by air separation plants and utilized in the steel industry to control combustion. To create inert atmospheres, nitrogen is fed into furnaces and other high-temperature activities. It enhances safety and product quality, lowers the production of dangerous gases, and aids in preventing oxidation.
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Based on region, Asia Pacific is projected to be the fastest-growing market for air separation plants during the forecast period. Particularly in nations like China, India, and Southeast Asian countries, this region is undergoing rapid industrialization. One of the leading producers and users of steel worldwide is China. For oxygen-enriched blast furnaces and basic oxygen furnaces (BOF), which increase the productivity and efficiency of the steelmaking processes, the steel industry needs a lot of oxygen. Industrial gases produced by air separation plants are essential to sectors like metal production, electronics, manufacturing, chemicals, and healthcare. The growing industrial sector is driving the region’s demand for air separation facilities.
The major players operating in the air separation plant market include 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), Inox Air Products Private Limited (India), Hangzhou Hangyang Co., Ltd. (China), Universal Industrial Gases, Inc. (US), Nikkiso Cosmodyne, LLC. (US) and others.