The global air separation plant market was valued at USD 5.76 billion in 2022 and is projected to reach USD 8.22 billion by 2030, growing at a CAGR of 4.6% from 2023 to 2030. Market growth is driven by key industrial and innovation-related factors, including the expansion of the iron & steel and chemical industries, the rise of emerging economies, and increased Foreign Direct Investment (FDI) in the industrial sector.
Rising awareness of workplace safety and the importance of providing workers with high-purity gases is fueling demand for air separation plants. Ensuring a reliable and consistent industrial gas supply has become a priority across multiple sectors, driving investment in air separation infrastructure.
Additionally, the push to enhance manufacturing efficiency and modernize production processes is encouraging the widespread adoption of air separation plants globally. The healthcare sector has also significantly contributed to market growth, particularly due to the surge in oxygen demand for emergency rooms and intensive care units. Meanwhile, the enforcement of strict industrial emissions and environmental regulations is further increasing the requirement for air separation plants in manufacturing and industrial applications.
Key Market Trends & Insights
- Asia Pacific dominated the global market in 2022, accounting for 51.4% of total revenue.
- By gas type, the nitrogen gas segment is expected to demonstrate lucrative growth from 2023 to 2030.
- By process type, the cryogenic segment held a market share of 65.4% in 2022, in terms of revenue.
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Market Size & Forecast
- 2022 Market Size: USD 5.76 Billion
- 2030 Projected Market Size: USD 8.22 Billion
- CAGR (2023–2030): 4.6%
- Asia Pacific: Largest market in 2022
Competitive Landscape
The air separation plant market is highly fragmented, with numerous small to large manufacturers competing across geographies. This fragmentation offers buyers wide equipment choices and customization options, catering to diverse industry needs. Market participants are pursuing growth through mergers & acquisitions, new manufacturing facilities, and geographic expansion initiatives.
- In February 2023, Veeco Instruments Inc. acquired Epiluvac AB, leveraging Epiluvac’s technology platform to expand its global go-to-market capabilities and strengthen long-term growth potential.
Prominent players in the global air separation plant market include:
- Air Liquide S.A.
- Linde AG
- Messer Group GmbH
- Air Products and Chemicals, Inc.
- E Taiyo Nippon Sanso Corporation
- Praxair, Inc.
- Oxyplants
- AMCS Corporation
- Enerflex Ltd
- Technex Ltd.
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Conclusion
The global air separation plant market is expected to witness steady growth through 2030, fueled by industrial expansion, rising demand for high-purity gases, modernization of manufacturing processes, and increasing regulatory compliance. Adoption across healthcare, chemical, and steel sectors, coupled with technological innovations and strategic market expansions, will continue to drive market opportunities worldwide.
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