Market Overview

The market for air separation unit in Asia-Pacific is expected to grow at a CAGR of approximately 6.42% during the forecast period of 2019 – 2024. The increasing infrastructure development activities, particularly in China and India, have resulted in the growth of the iron & steel sector. This is expected to promulgate the air separation unit market in Asia Pacific region, during the forecast period. The price point of industrial gases in India is lowest in Asia-Pacific region, due to 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 could witness recession, which, in turn, is likely to hinder the growth of the market studied.  

• Steel industry accounted for the largest share in the air separation unit market in 2018, owing to the increasing demand for iron and steel.  
• Many countries across the region are developing new industrial zones to promulgate economic development. Therefore, the policy level initiatives to drive industrial growth is expected to create significant opportunities to air separation unit market in Asia-pacific in near future.  
• China is expected to dominate the market over the forecast period owing to the rapid industrialization in the country.

Scope of the Report

The Asia-Pacific air separation unit market report include:

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Key Market Trends

Increasing Demand from Steel Industry

• The steel manufacturing industry is one of the largest consumers of industrial gasses and has accounted for more than 40% of the market share in 2018. These gasses are essential for steel manufacturing processes, and steel manufactures require air separation units in the manufacturing plant to ensure the supply of these gasses. The oxygen, nitrogen, and argon find various applications in the steel industry.  
• In 2016, the steel prices dropped drastically to lowest in the decade. The overproduction of steel caused this drop in price. During 2016-17, the consumption of the steel grew by 2.7%, and the steel price also gained positive momentum.
• Japan and South Korea, due to falling demand in domestic market, are investing in the global infrastructure projects. Japan and South Korea’s investment outside the domestic market have experienced a growth of 45% and 60% respectively, during 2017. These investments are expected to help develop the infrastructure projects in the developing countries in Asia-Pacific region.
• Therefore, growing investments from these countries are expected to drive the demand for the steel, in turn, driving the air separation unit market during the forecast period.      

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