(MENAFN- Market Research HUB) The report "Air Separation Plant Market by Process (Cryogenic, Non-cryogenic), Gas (Nitrogen, Oxygen, Argon), End-Use Industry (Iron & Steel, Oil & Gas, Chemical, Healthcare), and Region (North America, APAC, Europe, RoW) - Global Forecast to 2028", is expected to grow from USD 5.4 billion in 2023 to USD 6.8 billion by 2028, at a CAGR of 4.6%. Due to rapid urbanization and infrastructural development worldwide, emerging economies need a consistent supply of industrial gases for manufacturing, building, and healthcare facilities. Air separation plants are essential for breaking down air into its three main constituents, oxygen, nitrogen, and argon, which are used in a variety of industrial operations. To meet the expanding industrial and infrastructure needs, there is an increase in the demand for air separation plants.

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By process, the cryogenic segment accounted for the highest air separation plant market share from 2023 to 2028.

The cryogenic segment, by process, the market accounted for the highest share. To produce medical-grade oxygen and nitrogen, which are utilized in healthcare facilities for respiratory therapy, anesthesia, and other medical purposes, cryogenic air separation plants are required. Medical-grade oxygen from cryogenic facilities is necessary for patients who need prompt respiratory support in emergency departments and intensive care units (ICUs). The need for cryogenic air separation facilities in the healthcare industry is rising due to the growing population and the development of healthcare infrastructure.

By gas, the nitrogen segment accounted for the highest air separation plant market share from 2023 to 2028.

The nitrogen segment, by gas, the market accounted for the highest share. Nitrogen is used in various industries, such as in the oil & gas industry nitrogen is used to purge equipment, tanks, and pipelines of toxic vapors & gases and to maintain an inert atmosphere for storing flammable liquids. In the steel industry, nitrogen is used to treat melt in steel manufacturing and as a shielding gas in the heat treatment of iron, steel, and other metals. In the making of steel, nitrogen is employed as a cooling medium. It is frequently used in the process of quenching, which involves rapidly cooling hot steel by exposing it to a nitrogen atmosphere.

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By end-use industry, the iron & steel segment accounted for the highest air separation plant market share from 2023 to 2028.

The iron & steel segment, by end-use industry, market accounted for the highest share. Global infrastructural growth, urbanization, and industrial expansion drive the iron and steel industry’s growth. Steel is a key component of machinery and equipment made for a variety of industries, including those in agriculture, mining, energy, and manufacturing. As emerging economies continue to engage in infrastructure development, it is anticipated that the demand for steel in the construction sector will stay robust. As steel production expands, industrial gases produced by air separation plants, such as oxygen, nitrogen, and argon, are in greater demand.

Asia Pacific is the largest region in the air separation plant market.

The need for medicinal gases produced by air separation plants, such as oxygen and nitrogen, is driven by the region’s expanding population and rising healthcare spending in Asia. Medical technology has advanced in the Asia Pacific region, which has led to a greater reliance on medical gases in a variety of diagnostic and therapeutic applications. These gases are utilized in hospitals, clinics, and other healthcare facilities for anesthesia, respiratory therapy, and other medical operations. The demand from the healthcare industry is driving the air separation plant market in the region.

The major players operating in the air separation plant market include Linde Plc (UK), Air Liquide SA (France), Air Products and Chemicals, Inc. (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Daesung Industrial Co., Ltd. (South Korea), Air Water Inc. (Japan), Enerflex Ltd. (Canada), Yingde Gases Group Co., Ltd. (Hong Kong), Inox Air Products Private Limited (India), Hangzhou Hangyang Co., Ltd. (China), Universal Industrial Gases, Inc. (US), Nikkiso Cosmodyne, LLC. (US) and others.

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