The air separation plant market is projected to grow from USD 5.4 billion in 2023 to USD 6.8 billion by 2028, at a CAGR of 4.6% from 2023 to 2028. The air separation plant market refers to the global market for plants and systems used to separate atmospheric air into its primary components, primarily nitrogen, oxygen, and argon. Air separation plants play a crucial role in various industries, including chemical manufacturing, oil and gas, healthcare, electronics, and metal production.

Air separation plants utilize various technologies, such as cryogenic distillation, pressure swing adsorption (PSA), and membrane separation, to separate air into its component gases. Cryogenic distillation is the most common and widely used method, involving the cooling and condensation of air to separate it into different components based on their boiling points.

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The primary gases produced by air separation plants have diverse applications in different industries. Oxygen is used in medical applications, steelmaking, and chemical processes. Nitrogen finds applications in chemical manufacturing, food and beverage preservation, electronics, and as an inert gas in various processes. Argon is used in welding, lighting, and as a shielding gas in metallurgy.

The growth of the air separation plant market is driven by several factors. The increasing demand for industrial gases in various end-use industries, such as healthcare, electronics, and metal fabrication, is a significant driver. The expansion of the chemical manufacturing and oil and gas industries further contributes to the demand for air separation plants.

The air separation plant market is highly competitive, with key players including Linde plc, Air Liquide S.A., Praxair Inc. (now part of Linde plc), and Air Products and Chemicals, Inc. These companies have a global presence and offer a wide range of air separation plant solutions, along with associated services.