PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1493153
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1493153
US Air Separation Plant Market is valued approximately at USD 1.02 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.08% over the forecast period 2024-2032. An Air Separation Plant (ASP) is a facility that separates atmospheric air into its primary components, primarily nitrogen, oxygen, and argon. This process is typically carried out through cryogenic distillation, which exploits the differences in boiling points of these gases. Moreover, Air Separation Plant manufacturers were investing in research and development efforts to develop innovative technologies and products, improve process efficiency, and expand the range of gases produced. This included advancements in cryogenic distillation, membrane separation, and alternative gas separation technologies.
Moreover, the increasing demand for industrial gases in the US, including oxygen, nitrogen, and argon, was a significant driver for the air separation plant market in United States. Industries such as healthcare, manufacturing, chemicals, and electronics rely heavily on these gases, thereby driving the need for air separation plants. Additionally, other factors support the market growth are increasing consumption of industrial gases, expansion of oil & gas industry, rising demand from iron & steel industry, and growing demand from manufacturing and healthcare industries. However, the high cost associated with fabrication and operation are expected to hinder the market growth during the forecast period 2024-2032.