Air separation plant market is expected to grow from USD 4.12 billion in 2015 to USD 5.52 billion by 2021, at a CAGR of 5.0% from 2016 to 2021.
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Browse 86 market data tables and 45 figures spread through 148 pages and in-depth TOC on “Air Separation Plant Market”
The global air separation plant market is projected to reach USD 7.27 billion by 2026, at a CAGR of 5.3% from 2016 to 2026. The air separation plant market is driven by various factors, including the strong growth in demand, especially from iron & steel, healthcare, oil & gas, and other sectors. Product innovations and technological developments for air separation processes are expected to create strong investment opportunities in the market.
In 2015, Air Liquide S.A. (France) held the largest share of the air separation plant market, followed by Linde AG (Germany). The dominance of Air Liquide S.A. in the air separation plant market is due to its extensive product line in the respective market across metal fabrication, oil & gas, petrochemical, and chemical industries.
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Recently, in April 2016, Air Liquide signed a long-term contract with Maoming Petrochemical Co. (MPCC), a subsidiary of China Petroleum & Chemical Corp. (Sinopec Corp.). Under the terms of this new agreement, Air Liquide will invest around USD 45.1 million in a new air separation unit with a total capacity of 850 tonnes of oxygen per day. By signing another significant contract in October, 2015, Air Liquide made a long-term agreement with Yan’an Energy and Chemical. Under the terms of this new agreement, Air Liquide will invest around USD 90.3 million in two air separation units with a total capacity of 2,800 tonnes of oxygen per day.
Praxair, Inc. (U.S.), another major player operating in the air separation plant market, has enhanced and expanded its industrial gas handling equipment business in the international market through acquisitions. For instance, in May, the company acquired Scotland-based Dominion Technology Gases Investment Limited to expand its oil and gas-related capabilities in the offshore energy segment. The company’s operating income margin increased from 21% to 22% during 2014-15. Praxair also focuses on adding new and technologically advanced products, which reflects through its huge industrial gas handling equipment portfolio.
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