Technology-driven Innovations to Create New Avenues of Growth in the Air Separation Plant Market- Exclusive Report by MarketsandMarkets™
Verfasser: ashwani_kailiya on Friday, 11 March 2022Air separation plants are used for the purification of various components of air, in particular oxygen, nitrogen, argon, and other gases such as carbon dioxide, helium, neon, krypton, and xenon. The global market for air separation plants was valued at USD 4.5 billion in 2021 and is projected to reach USD 5.9 billion by 2026, at a CAGR of 4.9% between 2021 and 2026. The global market for air separation plants is driven by strong growth in demand, especially from the iron & steel, oil & gas, chemical, healthcare, and other end use industries.
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Cryogenic technology was commercialized in 1902 and has since been used extensively by companies across multiple industries that require gases such as nitrogen, oxygen, and others. Being the oldest air separation technology available, it has evolved considerably over the years, resulting in improved efficiency and high purity of yield gases. The growing demand for fabricated metals and alloys across the globe, the increasing dependency on pure gases for enhancing metal properties, and rapid industrialization are expected to drive the air separation plant market during the next five years.