Asia-Pacific Air Separation Unit Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The r Asia-Pacific air separation unit market is expected to record a CAGR of more than 4.74% during the forecast period of 2020 – 2025. The increasing infrastructure development activities, particularly in China and India, have resulted in the growth of the iron and steel sector. This is expected to promulgate the air separation unit market in the Asia-Pacific region, during the forecast period. The price point of industrial gases in India is the lowest in the Asia-Pacific region, due to a large number of local players in the country. Due to stiff competition, the price point of industrial gases is very low, thereby, leading to reduced profit margins for the companies. Due to the aforementioned factor, the industrial gases sector in India may witness a recession. Moreover, the COVID-19 pandemic has slowed down many industrial activities owing to the increased infection rate, country shutdowns, and transportation halts across the nation. Thus, this is expected to decrease the new investment rate, which, in turn, is likely to hinder the growth of the market studied.

• The chemical industry accounted for the significant market share in the air separation unit market in 2019, owing to the increasing demand for chemicals and commissioning of new ASUs.
• Many countries across the region are developing new industrial zones to promulgate economic development. Therefore, the policy level initiatives to drive industrial growth are expected to create significant opportunities for the air separation unit market in Asia-Pacific in the near future.
• China is expected to dominate the market over the forecast period owing to the rapid industrialization in the country.