Air Separation Plant Market to Register 5% CAGR Driven by Surging Demand for Nitrogen Gas within Food & Beverage Sector: Future Market Insights
Thursday, January 13, 2022
A comprehensive analysis on the air separation plant market by Future Market Insights (FMI) offers compelling insights into key factors affecting the growth trajectory in the market. It uncovers hidden opportunities pushing the sales across various segments in terms of type, gas, and end use industry. The report also forecast the scope of expansion across developed and developing economies
DUBAI, UAE, Jan. 5, 2022 /PRNewswire/ -- Future Market Insights (FMI), Dubai: Sales in the global air separation plant are estimated to reach US$ 5.9 Bn in 2022, as per FMI. In response to increasing use of air separation plants in the extraction of diesel and natural gas across the oil and gas industry, the market is estimated to total US$ 7.9 Bn by the end of 2028.
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Surging need for rapid refrigeration, gas packaging, and freezing technologies across the food & beverages industry is fueling the demand for nitrogen in gas as well as liquid form. As air separation plants are used for extraction of nitrogen from atmospheric air, rise in demand for nitrogen is expected to facilitate the growth in the market.
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In addition, increasing demand for high purity gases such as oxygen, argon, hydrogen, and helium in the healthcare, iron & steel, and chemical sectors is projected to spur the sales at 5% CAGR over the forecast period (2022-2028).
Citing this trend, several market players are focusing on expanding their production capacity to capitalize on the surging demand. For instance, in February 2021, INOX Air Products announced building a new cryogenic air separation unit in India, which will assist the company to generate 300 and 700 tons of nitrogen and oxygen every day, respectively.
A slew of such developments are estimated to augment the growth in the market over the forthcoming years.
As per FMI, North America is anticipated to account for a significant share in the global market through 2028. Increasing shell gas exploration activities and rapidly expanding manufacturing sector across countries such as U.S. and Canada are favoring the growth in the region.
"Rising government emphasis on adoption of air separation plants in Integrated Gasification Combined Cycle (IGCC) plants and industrial sector to lower carbon emissions is expected to accelerate the growth in the market," says a FMI analyst.
Key Takeaways from Air Separation Plant Market Study
-- The U.S. is anticipated to account for the lion's share in North America
market, owing to the increasing shell gas exploration activities across
the country.
-- China is expected to register robust growth in the air separation plant
market, on the back of growing adoption in production of chemicals and
iron & steel.
-- India is forecast to emerge as a highly attractive market in South Asia
& Pacific, driven by the upsurge in trend of industrialization in the
country.
-- The U.K. and Germany are estimated to collectively account for the
largest share in Europe market, favored by increasing applications
across the food & beverage industry.
-- In terms of end use industry, the chemical industry segment is projected
to exhibit steady growth, accounting for around 20% of the overall sales
through 2028.
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Key Drivers
-- Surging demand for medical oxygen and equipment such as continuous
positive airway pressure (CPAP) devices and infusion pumps in hospitals
for patient treatments is expected to increase the sales of air
separation plants across the healthcare segment.
-- Increasing use of argon gas in casting and welding industries,
especially, in manufacturing of specialty alloys and titanium is a
primary factor propelling the demand across the argon segment.
-- Key Restraints
-- Extravagant cost of installation, component assemble, operation, and
maintenance of air separation plants is hindering the sales in the
market.
-- High energy consumption for cryogenic separation plants as compared to
non-cryogenic plants is a factor restraining the growth in the cryogenic
separation plant segment.
Competitive Landscape
Key manufacturers of air separation plants are focusing on mergers and acquisitions to strengthen their global footprint and establish their business different countries. Apart from this, some of the players are aiming at expanding their production capacity to cater to demand for industrial gasses.
For instance,
-- In November 2021, Nippon Gases, a leading Japanese industrial and
medical gases provider, announced signing an agreement with a renowned
Italian stainless steel manufacturer, Cogne Acciai Speciali. As per the
agreement, Nippon Gases will assist the latter company to modernize its
air separation unit to increase its efficiency and reduce energy
consumption in production.
-- In April 2020, CryopAL, a subsidiary of Air Liquide, announced
increasing its production of liquid oxygen for medical use to three
times of its current production to meet the increasing demand and supply
oxygen to patients suffering from respiratory insufficiency.
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Some of the key players operating in the market profiled by FMI are:
-- Linde AG
-- Air Products and Chemicals Inc.
-- Air Liquide SA
-- Praxair Inc.
-- Messer Group GmbH
-- Universal Industrial Gases Inc.
-- Taiyo Nippon Sanso Corporation
-- Technex Limited
-- Sichuan Air Separation Plant Group
-- Ranch Cryogenics Inc.
-- AMCS Corporation
-- Yingde Gases Group Company Limited.
-- Others
More Valuable Insights on Air Separation Plant Market
FMI, in its new report, offers an unbiased analysis of the global air separation plant market, analyzing forecast statistics between 2022 and 2028. The survey reveals growth projections on in air separation plant market with detailed segmentation:
By Type:
-- Cryogenic Air Separation Plants
-- Non-cryogenic Air Separation Plants
-- Pressure Swing Adsorption (PSA)
-- Vacuum Pressure Swing Adsorption (VPSA)
-- Membrane Separation
By Gas:
-- Oxygen
-- Nitrogen
-- Argon
-- Diesel
By End-use Industry:
-- Air Separation Plants for Chemical Industry
-- Air Separation Plants for Iron & Steel Industry
-- Air Separation Plants for Healthcare Industry
-- Air Separation Plants for Food & Beverage Industry
-- Air Separation Plants for Paper & Pulp Industry
-- Air Separation Plants for Oil & Gas Industry
-- Others
By Region:
-- North America Air Separation Plant Market
-- Latin America Air Separation Plant Market
-- Europe Air Separation Plant Market
-- East Asia Air Separation Plant Market
-- South Asia & Pacific Air Separation Plant Market
-- Middle East & Africa (MEA) Air Separation Plant Market
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Key Questions Covered in the Report
-- The report offers insight into air separation plant market demand
outlook for the forecast period 2022-2028
-- The market study also highlights projected sales growth for air
separation plant market between 2022 and 2028
-- Air separation plant market survey identifies key growth drivers,
restraints, and other forces impacting prevailing trends and evaluation
of current market size and forecast and technological advancements
within the industry
-- Air separation plant market share analysis, covering key companies
within the industry and coverage of strategies such as mergers &
acquisitions, joint ventures, collaborations or partnerships, and others
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE Future Market Insights
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