The global air separation plant market is projected to reach USD 7.27 Billion by 2026, at a CAGR of 5.3% between 2016 and 2026. This growth of this market can be attributed to the growing demand from the metal fabrication industry in the developed economies, including the U.S. and the European countries, coupled with the increasing expenditure on iron & steel production and petrochemical industries in emerging economies including China, India, Brazil, South Africa, and the UAE.
The iron & steel segment dominated the global air separation plant market in 2015, followed by the oil & gas segment. The oil & gas segment is projected to grow at the highest CAGR from 2016 to 2026 owing to the increasing demand from end applications, including enhanced oil recovery (EOR), leak testing, and so on.
Cryogenic was the largest process segment of the air separation plant market in 2015. It is the most common type of air separation process and is used in a wide range of industrial applications. Between 2016 and 2026, the cryogenic segment is projected to be the fastest-growing process segment owing to the ability to produce high purity standard gases through this process.
Asia-Pacific is the fastest-growing market as it is a major consumer of air separation plants. There is an increasing demand for air separation plants from both developed and emerging countries such as Japan, China, India, Australia, and others in this region. Increasing number of metal fabrication plants is expected to drive the growth of the air separation plant market in China and India.
Growing population, urbanization, and investments in end-use industries are driving the growth of the air separation plant market in the Asia-Pacific region. Increasing chemical manufacturing, coupled with the growing iron & steel industry, is expected to further boost the air separation plant market in this region.