Air Separation Unit Market Report 2024

This Air Separation Unit market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The air separation unit market size has grown strongly in recent years. It will grow from $5.29 billion in 2023 to $5.59 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth during the historic period can be credited to increased metal production, expansion of chemical manufacturing, growth in chemical output, rising industrialization and urbanization, and increased government investments and policies.

The air separation unit market size is expected to see strong growth in the next few years. It will grow to $7.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth projected for the forecast period can be attributed to the expansion of industrial sectors, increasing demand for industrial gases, growth in the energy sector, rising need for medical oxygen in healthcare facilities, and the growing use of nitrogen in food preservation and packaging. Key trends during this period include advancements in energy-efficient technologies, the integration of AI for process optimization, the adoption of modular and compact designs, innovations in cryogenic air separation technology, improved safety features, and the development of greener solutions to reduce carbon emissions.

The rising demand for energy is anticipated to drive the growth of the air separation unit (ASU) market in the coming years. Factors such as global population growth, increased industrial activities, and the growing use of energy-intensive technologies and appliances are contributing to this demand. Air separation units play a vital role in meeting energy needs by supplying essential gases, including oxygen and nitrogen, that are critical for efficient combustion and process optimization in energy production and industrial applications. For instance, in April 2023, the Energy Information Administration, a US-based government agency, reported that total energy consumption in the United States is projected to increase between 0% and 15% from 2022 to 2050. Notably, energy consumption in the industrial sector is expected to rise by approximately 5% to 32% during this period. As a result, the growing demand for energy is fueling the expansion of the air separation unit market.

Leading companies in the air separation unit market are adopting strategic partnership approaches to expand the availability of argon, oxygen, and nitrogen in Eastern European markets. Strategic partnerships enable companies to leverage each other's strengths and resources to achieve common goals and mutual success. For example, in August 2023, SIAD Group, an Italy-based chemical group, entered into a joint venture with SOL Group, an Italy-based chemical company, to establish OXY Technical Gases in Croatia. SIAD holds a 60% stake in the venture, while SOL holds 40%. The joint venture aims to increase the supply of nitrogen, oxygen, and argon in Eastern Europe, particularly in Croatia and neighboring countries. As part of this initiative, OXY Technical Gases is investing $56.1 million to construct an air separation unit in Velika Gorica, Croatia, near Zagreb. This facility will enhance the availability of high-purity liquid oxygen, nitrogen, and argon, which are produced at cryogenic temperatures, and will serve hospitals, industrial factories, and other customers throughout the region.

In July 2024, Honeywell International Inc., a US-based industrial goods and machinery company, acquired Air Products and Chemicals Inc. for $1.81 billion. This acquisition is designed to strengthen Honeywell's energy transition solutions and broaden its expertise in the air separation unit market. Air Products and Chemicals Inc., also based in the US, provides essential industrial gases, along with related equipment and applications.

Major companies operating in the air separation unit market are Linde Plc, Air Liquide S.A., Parker Hannifin Corporation, Atlas Copco AB, Air Products and Chemicals Inc., Nippon Sanso Holdings Corporation, Messer Group GmbH, Matheson Tri-Gas Inc., Yingde Gases Group Co. Ltd., Enerflex Ltd., Gulf Cryo, Cryogenmash, SIAD Macchine Impianti S.p.A., Bhoruka Gases Limited, MVS Engineering Pvt. Ltd., Novair Industries AB, CRYOTEC Anlagenbau GmbH, AMCS Corporation, Ranch Cryogenics Inc., Buzwair Industrial Gases Factories, The Southern Gas Limited, Shanghai Chinllenge Gases Co. Ltd., Kaifeng Air Separation Group Company Limited, AMCS Corporation, Sichuan Air Separation Plant Group.

Asia-Pacific was the largest region in the air separation unit market in 2023 and it is expected to be the fastest-growing region in the forecast period. The regions covered in the air separation unit market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the air separation unit market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An air separation unit (ASU) is a facility designed to separate atmospheric air into its main components, which typically include nitrogen, oxygen, and argon. These units function by cooling the air to extremely low temperatures through a process known as cryogenic distillation or by employing non-cryogenic methods such as pressure swing adsorption (PSA) or membrane separation.

The primary types of air separation units are cryogenic and non-cryogenic. Cryogenics involves processing materials at extremely low temperatures to enhance their mechanical properties and reduce residual stresses, thereby improving durability and performance. This process is used for various gases, such as nitrogen, oxygen, and argon, and is applied across industries such as iron and steel, oil and gas, healthcare, chemicals, and more.

The air separation unit market research report is one of a series of new reports that provides air separation unit market statistics, including air separation unit industry global market size, regional shares, competitors with a air separation unit market share, detailed air separation unit market segments, market trends and opportunities, and any further data you may need to thrive in the air separation unit industry. This air separation unit market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry other End Uses.

The air separation unit market includes revenues earned by entities by providing services such as design and engineering, installation, maintenance and support, optimization, and gas supply. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.