DUBLIN--(BUSINESS WIRE)--The "Air Separation Plant Market by Process (Cryogenic, Non-cryogenic), Gas (Nitrogen, Oxygen, Argon, Others), End-Use Industry (Iron & Steel, Oil & Gas, Chemical, Healthcare, Others) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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 market for air separation plants is driven by strong growth in demand, especially from the iron & steel, oil & gas, chemical, healthcare, and other end-use industries.

The cryogenic process is the largest segment of the global air separation plant market, by the process.

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.

Nitrogen is the largest segment of the air separation plant market, by gas.

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.

Iron & Steel is the largest segment of the air separation plant market, by end-use industry.

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.

The Asia Pacific is projected to lead the air separation plant market during the forecast period.

Market growth in the Asia Pacific 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.

Market Dynamics

Drivers

• Growing Demand for Industrial Gases from Dynamic Manufacturing Sectors
• Increased Demand for Medical Oxygen due to COVID-19

Restraints

• High Costs Associated with Fabrication, Component Assembly, and Operations

Opportunities

• Demand for Industrial Oxygen in the African Region due to COVID-19
• Emerging Applications in Glass, Gasification, and Gas-To-Liquid Industries

Challenges

• Development of Affordable as Well as Effective Technologies
• Hazards Associated with Cryogenic Air Separation Technology

Companies Mentioned

• Air Liquide S.A.
• Air Products and Chemicals, Inc.
• Air Water Inc.
• AMCS Corporation
• China National Air Separation Plant Corporation
• Cryotec Anlagenbau GmbH
• Daesung Industrial Co., Ltd.
• Enerflex Ltd.
• Gas Engineering, LLC
• Hangzhou Hangyang Co., Ltd.
• Inox Air Products Private Limited
• Linde plc
• Messer Group GmbH
• Nikkiso Cosmodyne, LLC
• Novair Sas
• Phoenix Equipment Corporation
• Ranch Cryogenics, Inc.
• Siad Macchine Impianti S.P.A.
• Taiyo Nippon Sanso Corporation
• Technex Limited
• Universal Industrial Gases, Inc.
• Universal Ing. L. & A. Boschi Plants Private Limited
• Yingde Gases Group Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/z71nl

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