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Air Separation Unit Market Outlook 2024 : Expected Market Growth Rate, Major Driver And Segments
Air Separation Unit Global Market Report 2024
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According to The Business Research Company's, The air separation unit market size has grown strongly in recent years. It will grow from $5.29 billion in 2023 to $5.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to growth in the production of metals, expansion of chemical manufacturing, rise in chemical production, rise in industrialization and urbanization, and rise in government investments and policies.
The air separation unit market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to expanding industrial sectors, rising demand for industrial gases, growing energy sector, rising demand for medical oxygen in healthcare facilities, and growing use of nitrogen in food preservation and packaging. Major trends in the forecast period include advancements in energy-efficient technologies, integration of AI for process optimization, adoption of modular and compact designs, innovation in cryogenic air separation technology, enhanced safety features, and development of greener solutions to reduce carbon emissions.
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Market Drivers and Trends:
The increase in energy demand is expected to propel the growth of the air separation unit market going forward. Energy demand is increasing due to global population growth, rising industrial activities, and greater consumption of energy-intensive technologies and appliances. Air separation units are crucial for fulfilling energy demands by providing essential gases such as oxygen and nitrogen for efficient combustion and process optimization in energy production and industrial applications. For instance, in April 2023, according to the Energy Information Administration, a US-based government agency, overall energy consumption in the United States will increase between 0% and 15% from 2022 to 2050. Specifically, energy use in the industrial sector is expected to grow by roughly 5% to 32% during this period. Therefore, the increase in energy demand is driving the growth of the air separation unit market.
Major companies operating in the air separation unit market are adopting a strategic partnership approach to make more argon, oxygen, and nitrogen available in markets in Eastern Europe. Strategic partnerships involve companies utilizing each other's strengths and resources to achieve shared goals and mutual success. For instance, in August 2023, SIAD Group, an Italy-based chemical group, partnered with SOL Group, an Italy-based chemical company, to form a joint venture called OXY Technical Gases in Croatia. This joint venture, in which SIAD holds a 60% share and SOL holds 40%, aims to increase the availability of nitrogen, oxygen, and argon in Eastern Europe, particularly in Croatia and neighboring countries. As part of the venture, OXY Technical Gases is investing $56.1 million to build an air separation unit (ASU) in Velika Gorica, Croatia, near Zagreb. This facility will enhance the supply of high-purity liquid oxygen, nitrogen, and argon produced at cryogenic temperatures, serving hospitals, industrial factories, and other customers throughout the region.
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Major Key Players of the Market:
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
Air Separation Unit Market 2024 Key Insights:
• The air separation unit market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%.
• Rising Energy Demand To Propel Growth In Air Separation Unit Market
• Strategic Partnerships Drive Expansion In Air Separation Unit Market
• Asia-Pacific was the largest region in the air separation unit market in 2023 and it is expected to be the fastest-growing region in the forecast period
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