Air Separation Unit Market By Process (Cryogenic Distillation, Non-Cryogenic Distillation) , By Gas Type (Oxygen, Nitrogen, Argon, Others) By End-Use Industry (Iron and Steel, Petrochemical, Medical, Chemical Manufacturing, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Air Separation Unit Market
The air separation unit market was valued at $5.8 billion in 2023 and is projected to reach $8.8 billion by 2033, growing at a CAGR of 4.3% from 2024 to 2033.
An air separation unit is used to separate the atmospheric air into its primary components, including oxygen, nitrogen, and sometimes argon, through cryogenic distillation. The process involves the compression and purification of atmospheric air to remove impurities such as carbon dioxide and water vapor. ASUs are deployed in industrial gas production and are utilized in the supply chain of industrial gases, medical oxygen, and cryogenic fuels for aerospace & healthcare industries.
Rise in urbanization and industrialization is boosting the demand for ASUs in different sectors, including chemicals, steel, healthcare, and electronics. Furthermore, the market growth is being driven by the expansion of the oil & gas industry, which requires ASUs for enhanced oil recovery and refining processes. The deployment of air separation units in the generation of renewable energy is an emerging trend in the market. Renewable energy plants are currently leveraging technologies such as on-site renewable power generation to reduce their carbon footprint, in which ASUs play a significant role in carbon capture and oxygen enrichment.
However, ASUs are energy intensive, hence surging the overall operational costs for the units. This deters several potential buyers from investing in them. In addition, the air separation unit market is highly fragmented, as several suppliers offer competitive technologies at similar prices. On the contrary, the implementation of stringent laws & regulations promoting the reduction of greenhouse emissions and use of clean technologies is boosting the adoption of ASUs. This is a result of advancements in ASU technology allowing the capture and utilization of carbon dioxide from industries, thereby assisting in carbon capture and storage (CCS) initiatives.
Segment ReviewThe air separation unit market is segmented into process, gas type, end-use industry, and region. By process, the market is bifurcated into cryogenic distillation and non-cryogenic distillation. As per gas type, it is divided into oxygen, nitrogen, argon, and others. Depending on end-use industry, it is classified into iron & steel, petrochemical, medical, chemical manufacturing, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsBy process, the cryogenic segment is expected to maintain its dominance during the forecast period.
As per gas type, the oxygen segment is predicted to be the highest shareholder during the forecast period.
Depending on end-use industry, the medical segment is anticipated to lead the market by 2033.
Region wise, North America is projected to be the highest revenue generator by 2033.
Competition AnalysisThe major players operating in the global air separation unit market include Linde PLC, Air Products and Chemicals, Inc., Nikkiso, ING. L. & A. BOSCHI ITALY, Bhuruka Gases Limited, Hangzhou Nuzhuo Technology Group Co., Ltd., TAIYO NIPPON SANSO CORPORATION, Brise Chemicals, Comi Polaris Systems, INOX-Air Products Inc., and Maddox Industrial Group. These players have adopted various key developmental strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the market.
Key Market SegmentsBy ProcessCryogenic Distillation
Non-Cryogenic Distillation
By Gas TypeOxygen
Nitrogen
Argon
Others
By End-Use IndustryIron and Steel
Petrochemical
Medical
Chemical Manufacturing
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
South Africa
Rest of LAMEA
Key Market Players
Linde PLC
Air Products and Chemicals, Inc.
Nikkiso
ING. L. & A. BOSCHI ITALY
Bhuruka Gases Limited
Hangzhou Nuzhuo Technology Group Co.,Ltd.
TAIYO NIPPON SANSO CORPORATION
Brise Chemicals
Comi Polaris Systems
INOX-Air Products Inc.
Maddox Industrial Group