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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
Report ID: GMI10781
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Published Date: August 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 16
Tables & Figures: 15
Countries covered: 18
Pages: 100
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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:
Cryogenic Air Separation Unit Industry News
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
Market, By End Use
The above information has been provided for the following regions and countries: