Global Air Separation Unit Industry Report 2023: Market Size, Share, Trends, Opportunity, and Forecasts, 2018-2028F

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Feb 08, 2024, 14:30 ET

DUBLIN, Feb. 8, 2024 /PRNewswire/ -- The "Air Separation Unit Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F" report has been added to ResearchAndMarkets.com's offering.

Industrial Growth and Energy Efficiency Propel ASU Market with CAGR of 4.05% Projected through 2028

The global Air Separation Unit (ASU) market, critical for various industry sectors spanning healthcare to metallurgy, is anticipated to witness robust expansion. With a historic valuation at USD 4.63 billion in 2022, the market is projected to maintain a steady compound annual growth rate (CAGR) of 4.05% through the forecast period of 2028.

Key Market Drivers: Industry Expansion at the Core

Rapid industrial growth acts as the cornerstone of this market's development. The ASU market thrives on the increasing demand from burgeoning sectors such as the metallurgical industry, which necessitates oxygen and nitrogen for steel production, and the healthcare sector, which requires medical gases. Chemical manufacturing also presents substantial demand, leveraging these gases in various specialized processes.

Environmental conservation efforts are shaping the ASU market as well. Emphasis on energy efficiency and the integration of advanced technologies enhance the appeal of energy-efficient ASUs, presenting solutions with lower environmental impacts. These units facilitate carbon capture efforts, a pivotal stride towards sustainable industrial practices.

Market Challenges: Initial Capital and Regulatory Compliance

Despite the market's positive trajectory, two main challenges loom over its progress. The first is the considerable initial capital investment required for establishing ASU facilities, potentially deterring new entries within the market. The second challenge is environmental regulations that necessitate technology upgrades and can increase operational costs.

Market Trends: Rising Demand and Hydrogen Economy Contributions

One foundational trend is the growing industrial gas demand, with sectors like healthcare and manufacturing relying on a steady supply of these critical gases. Additionally, the rise of the hydrogen economy furthers market growth. ASU's role in the production of both 'blue' and 'green' hydrogen places it at the forefront of the renewable energy transition, catering to the expanding clean energy market and environmentally conscious practices.

Segmental and Regional Outlook

The iron and steel segment, heavily dependent on ASUs for oxygen, leads the end-user insights, reflecting significant sector-specific demand. Geographically, the Asia Pacific region dominates the global market, with worldwide attention on China and India's substantial industry growth.

Competitive Landscape and Comprehensive Analysis

The ASU market features a detailed analysis of leading companies shaping industrial capabilities globally. Through these comprehensive insights, stakeholders can navigate and strategize within the evolving industrial landscape.

By Process: The market splits between cryogenic and non-cryogenic distillation.
By Gas: It segments into nitrogen, oxygen, argon, and other gases.
By End User: It covers the chemical industry, oil and gas, iron and steel, among others.
Regional Market Analysis: Includes North America, Asia-Pacific, Europe, South America, and Middle East & Africa.

A selection of companies mentioned in this report includes

Linde AG
Messer Group GmbH
Siad Macchine Impianti Spa
Shanghai Chinllenge Gases Co. Ltd
Taiyo Nippon Sanso Corporation
Air Liquide SA
Air Products and Chemicals Inc.
Universal Industrial Plants Mfg Co. Pvt Ltd
Bhoruka Gases Limited
Sichuan Air Separation Plant Group

For more information about this report visit https://www.researchandmarkets.com/r/dgru1b

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