According to the new market research report “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“, 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.
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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.
The inert properties of nitrogen make it a good blanketing gas in many applications. Nitrogen blanketing is used to protect flammable or explosive solids and liquids from contact with air. Certain chemicals, surfaces of solids, and stored food products have properties that must be protected from degradation by the effects of atmospheric oxygen and moisture; This is achieved by keeping these items in a nitrogen-enriched atmosphere.
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The global air separation plant market is projected to reach USD 7.27 Billion by 2026, at a CAGR of 5.3% from 2016 to 2026. The air separation plant market is driven by various factors, including the strong growth in demand, especially from iron & steel, healthcare, oil & gas, and other sectors. Product innovations and technological developments for air separation processes are expected to create strong investment opportunities in the market.
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), are among the key players leading the market through their innovative offerings, enhanced production capacities, and efficient distribution channels. Other noteworthy players included in this report are Inox Air Products Private Limited (India), Hangzhou Hangyang Co., Ltd. (China), Universal Industrial Gases, Inc. (US), Nikkiso Cosmodyne, LLC. (US), and SIAD Macchine Impianti S.p.A. (Italy). Apart from global companies, the air separation plant market comprises several companies that conduct their business activities at a regional and local level. These include Ranch Cryogenics, Inc. (US), Technex Limited (Ukraine), Phoenix Equipment Corporation (US), AMCS Corporation (US), Universal ING. L. & A. Boschi Plants Private Limited (India), China National Air Separation Plant Corporation (China), Gas Engineering, LLC. (US), Cryotec Anlagenbau GmbH (Germany), and Novair SAS (France). Key market players have focused on agreements, acquisitions, contracts, new product launches, expansions and investment to cater to the demand for air separation plants across various end-use industries.
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In January 2021, Linde Plc signed a long-term agreement with BorsodChem Zrt., the Hungarian chemical company and member of the Wanhua Chemical Group, for the supply of nitrogen, oxygen, and compressed air to its chemical complex in Kazincbarcika. Linde will construct one of the largest air separation units in Hungary, which is expected to be completed by the end of 2021. In addition to supporting BorsodChems expansion, the plant will provide additional nitrogen, oxygen and compressed air to meet the increasing demand for industrial gases in Hungary and surrounding countries.
In July 2020, Air Products and Chemicals, Inc. signed an agreement with ACWA Power (Saudi Arabia) and NEOM (a developing smart city in Saudi Arabia), worth USD 5 billion for developing a world-scale green hydrogen-based ammonia and nitrogen production facility powered by renewable energy. The project, which will be equally owned by the three partners, will be sited in Tabuk region, located in the north west corner of the Kingdom of Saudi Arabia, and will produce green ammonia for export to global markets. This development will help Air Products in identifying itself as one of the leading players in the green energy sector.
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