Global air separation market is increasing at an excellent rate with industrial gases being increasingly used across wide range of industries. There are so many industries that require use of high purity oxygen and other gases. Mostly, it is petroleum and refining industry that are considered the major consumers of industrial gases. There is no denying the fact that oil and gas industry forms an important part of global air separation industry contributing a significant portion of its revenue.
As the manufacturing looking to pick up, the market will witness sustained growth in the near future. It is not only manufacturing industry in developing countries but also shale industry in North America will have a positive impact on the demand of industrial gases. Food industry is performing very well both in developing and developed countries. It is an important industry because globally emerging as significant consumer of food-grade gases such as oxygen, nitrogen and carbon dioxide. The industry will increase the use gases harnessed from the ambient air.
With a surge in demand of pure air gases, the air separation industry is seeing an immense opportunity for growth. Many new players are coming in the seeing potential of the industry. In order to beat the competition, the companies are working at drastically improving efficiencies and production capacity of the air separation process. They are also focusing on delivering gas plants at competitive rates and reducing energy consumption.
Air separation process and its industrial processes
Air separation involves separation of ambient air into constituent parts such as oxygen, nitrogen and rare inert gases like argon. The air separation plants are used for separating the gases and using them in various industries like medical, chemical, steel, metallurgy, food, paper and pulp. These plants provide the only viable technique for recovering rare gases used in the above-mentioned industries. It is changes and innovation in these industries that is driving the growth
And, newer industries are also emerging requiring use of industrial gases. Naturally, such development not only leads to growth in the industry but also contributes to huge improvements in the air separation technology. For achieving lower carbon emissions the reputed manufacturers are fabricating Integrated Gasification Combined Cycle (IGCC) plants. New areas are also opening up in green industry that would increase the demand.
Customizable to the requirements of different industries
Air separation plant manufacturer industries are highly customizable as per the requirements of the customers. It can also be made available in the modular form. It is worth mentioning here that different types of air separation plants provide unique advantages so must be selected with extreme care. Mostly, industries seek for customization to achieve higher efficiency and lower maintenance cost resulting in low operating expenses. However, the modular plants offer their unique features of reducing costs and technical risks while allowing greater flexibility. However, it is worth remembering that different techniques are used for separation of different gases.
Industry Trends and Forecast to up 2024
Industry trends for air separation market are upbeat as the demand for industrial gases is picking up rapidly. The trend has been sluggish for quite some time because of the slowdown caused by global pandemic. As the danger of the pandemic is almost over, the industrial activity has returned to the normal level.
It is estimated that is air separation market is projected to grow at a CAGR of 6.08 per cent in the forecast period, that is, 2024. The chief drivers of the market will be in the developing countries like India, Brazil, Argentina and South Africa. These countries have huge potential for achieving a huge surge in manufacturing as most of the developed countries would try to decouple their economies from over-dependence on Chinese.