Cryogenic Air Separation Unit Market Size - By Gas (Nitrogen, Oxygen, Argon), End Use (Iron & Steel, Oil & Gas, Healthcare, Chemicals), Regional Outlook & Growth Forecast, 2024 – 2032

Cryogenic Air Separation Unit Market Size

Cryogenic Air Separation Unit Market was valued at USD 4.1 billion in 2023 and is predicted to showcase about 4.9% CAGR between 2024 and 2032, driven by rising demand across various industries, including healthcare, manufacturing, and energy. Cryogenic ASUs are critical for producing high-purity industrial gases like oxygen, nitrogen, and argon, which are essential for numerous applications.
 

Rapid growth in industrial applications along with expansion in energy & power sectors across the globe will add to the market growth. Industrial applications represent a substantial portion of the ASU market in manufacturing sectors, including steel, chemical, and electronics industries, rely heavily on high-purity gases. For instance, oxygen is used in steelmaking, while nitrogen is crucial for creating an inert environment in electronics manufacturing.
 

Cryogenic Air Separation Unit Market Trends

The energy sector particularly the growth of renewable energy and hydrogen production, is boosting demand for cryogenic ASUs. Hydrogen, often produced through electrolysis, requires cryogenic separation to achieve high purity. Additionally, nitrogen is used in various energy applications, including enhanced oil recovery and maintaining inert atmospheres in power plants. Moreover, technological innovations are enhancing the efficiency and capabilities of cryogenic ASUs. Advances in materials science, automation, and process control are leading to more efficient and cost-effective units. These improvements are reducing operational costs and increasing the appeal of cryogenic ASUs across various industries.
 

Cryogenic Air Separation Unit Market Analysis

Based on gas, the nitrogen-based air separation unit market is expected to surpass USD 2.2 billion by 2032. Stringent environmental regulations and the global push for sustainability are driving the adoption of cryogenic ASUs. These units are essential for processes that reduce greenhouse gas emissions, such as carbon capture and storage (CCS) and the production of low-carbon hydrogen.
 

Based on end use, the healthcare end use industry will grow at a CAGR of over 5.5% through 2032. The healthcare industry is a significant driver of the cryogenic ASU market as during the COVID-19 pandemic highlighted the critical need for medical oxygen, leading to increased investment in ASUs to ensure a steady supply. Beyond the pandemic, the growing use of oxygen in medical treatments, surgeries, and respiratory therapies continues to drive the product demand, thereby propeeling the market growth.
 

Asia Pacific cryogenic air separation unit market size projected to surpass USD 2.3 billion by 2032. Rapid industrialization, urbanization, and growth in manufacturing sectors in countries like China and India are propelling the demand for cryogenic ASUs. The region is also witnessing significant investments in healthcare infrastructure and renewable energy projects. This is turn will foster the healthcare industry aiding in the deployment of ASUs.
 

In the U.S., market is driven by strong demand from the healthcare, manufacturing, and energy sectors. Government initiatives to boost industrial growth and ensure energy security are further supporting market expansion. In addition, the market is highly influenced by the oil and gas industry, with significant demand for nitrogen and other industrial gases for enhanced oil recovery and refining processes.
 

Cryogenic Air Separation Unit Market Share

The cryogenic ASU market is witnessing consolidation as major players engage in mergers, acquisitions, and strategic partnerships to enhance their market presence and technological capabilities. These collaborations are aimed at expanding production capacities, entering new markets, and developing innovative solutions to meet evolving customer needs.
 

Cryogenic Air Separation Unit Market Companies

Some of the key market players operating across the cryogenic air separation unit industry are:

• Air Liquide
• Air Products and Chemicals, Inc.
• AIR WATER INC
• AMCS Corporation
• CRYOTEC Anlagenbau GmbH
• Enerflex Ltd.
• KaiFeng Air Separation Group Co.,LTD.
• Linde plc
• Messer
• Praxair Technology, Inc.
• Ranch Cryogenics, Inc.
• Sichuan Air Separation Plant Group
• TAIYO NIPPON SANSO CORPORATION
• Technex
• Universal Industrial Gases, Inc.
• Yingde Gases
   

Cryogenic Air Separation Unit Industry News

• In August 2023, Air Water Inc. announced that its US subsidiary, Air Water America, located in New Jersey, USA, will construct its first air separation unit in Rochester, New York, in the northeastern United States. This strategic move aims to enable the subsidiary to establish a comprehensive gas supply operation, covering the entire process from production to distribution of industrial gases.
   
• In March 2023, INOX Air Products (INOXAP), a company specializing in industrial and medical gas production, was awarded a contract to establish a sixth Air Separation Unit (ASU) at ArcelorMittal Nippon Steel India's (AM/NS India) Hazira facility. This ASU is designed to produce 1,000 tons per day of both gaseous oxygen and gaseous nitrogen, alongside various other liquid medical and industrial gases.
   

This cryogenic air separation unit market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘USD Billion’ from 2021 to 2032, for the following segments:

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Market, By Gas

• Nitrogen
• Oxygen
• Argon
• Others

Market, By End Use

• Iron & Steel
• Oil & Gas
• Healthcare
• Chemicals
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Aisa Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
• Latin America
  • Brazil
  • Argentina