Markets and Markets new report "Air Separation Plant Market by Process (Cryogenic, Non-Cryogenic), Gas (Nitrogen, Oxygen, Argon), End User (Iron & Steel, Oil & Gas, Chemical, Healthcare), Region - Global Forecast to 2026", has projected the global market will reach US$7.27 billion by 2026, at a CAGR of 5.3% from 2016 - 2026.
The global air separation plant market is driven by the strong growth in the demand for industrial and speciality gases across various end-use sectors, especially iron and steel, healthcare, oil and gas, and energy. Advancements in terms of product innovations and technologies in the market are also expected to create strong investment opportunities for global players. The high cost of gas processing is a major challenge, whereas fluctuating demand patterns and advancements of alternative technologies are expected to be the burning issues for the market.
Based on end users, the air separation plant market has been segmented into iron and steel, oil and gas, chemical, healthcare, and others. The iron and steel segment accounted for the largest share of the air separation plant market in 2015; however, the oil and gas segment is projected to be the fastest growing segment from 2016 to 2021. Air separation plants have various applications in the oil and gas industry, including oil recovery, leak testing, and so on.
Based on process, the air separation plant market has been segmented into cryogenic and non-cryogenic. Cryogenic process is the most common air separation process and is projected to grow at the highest CAGR during the forecast period. Cryogenic air separation processes are used in medium to large scale plants to produce nitrogen, oxygen, argon, and other atmospheric gases in liquid or gaseous form.
Asia Pacific was the largest air separation plants market in 2015, owing to the increase in demand for the air separation plants in this region. The growth in the Asia Pacific region can be attributed to the growth of the metal fabrication and electronic industries in countries such as Japan, China, and India. The key players operational in the air separation plant market include Air Liquide S.A. (France), Linde AG (Germany), Praxair, Inc. (US), Air Products and Chemicals, Inc. (US), Taiyo Nippon Sanso Corporation (Japan), Messer Group GmbH (Germany), Universal Industrial Gases (US), Enerflex Ltd. (Canada), and Technex Ltd. (Ukraine), among others.
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/27012017/air-separation-plant-market/