Air or Gas Liquefier Market

The article discusses the global market for machinery used in liquefying air or gases, forecasting an increase in consumption and value over the next eight years. China stands out as the largest consumer and producer, with the United States and India following closely. Canada is the top importer, while India leads in exports. The trend of consumption and production shows steady growth, with some fluctuations recorded throughout the years. The article also highlights notable growth rates in various countries and analyzes import and export prices over the years.

Market Forecast

Driven by increasing demand for machinery for liquefying air or gases worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +4.6% for the period from 2022 to 2030, which is projected to bring the market volume to 3.3M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +6.1% for the period from 2022 to 2030, which is projected to bring the market value to $116.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Machinery for Liquefying Air or Gases

After seven years of growth, consumption of machinery for liquefying air or gases decreased by -8.7% to 2.3M units in 2022. In general, the total consumption indicated a tangible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked at 2.6M units in 2021, and then contracted in the following year.

The global air or gas liquefier market size shrank to $72.6B in 2022, which is down by -6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Global consumption peaked at $77.2B in 2021, and then dropped in the following year.

Consumption By Country

The country with the largest volume of air or gas liquefier consumption was China (594K units), accounting for 25% of total volume. Moreover, air or gas liquefier consumption in China exceeded the figures recorded by the second-largest consumer, the United States (193K units), threefold. The third position in this ranking was taken by India (137K units), with a 5.9% share.

In China, air or gas liquefier consumption expanded at an average annual rate of +7.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+7.3% per year) and India (+1.4% per year).

In value terms, the largest air or gas liquefier markets worldwide were Russia ($21.2B), China ($14B) and Brazil ($5.3B), together comprising 56% of the global market. Japan, the United States, Indonesia, South Korea, India, Mexico, France, Nigeria, Turkey and Ethiopia lagged somewhat behind, together accounting for a further 26%.

Nigeria, with a CAGR of +11.3%, saw the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of air or gas liquefier per capita consumption in 2022 were Japan (1,041 units per million persons), France (1,038 units per million persons) and South Korea (1,030 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Nigeria (with a CAGR of +8.0%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Machinery for Liquefying Air or Gases

In 2022, after seven years of growth, there was significant decline in production of machinery for liquefying air or gases, when its volume decreased by -32.6% to 2.4M units. Overall, production, however, posted notable growth. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. As a result, production reached the peak volume of 3.6M units, and then fell notably in the following year.

In value terms, air or gas liquefier production totaled $73.4B in 2022 estimated in export price. In general, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 14% against the previous year. Global production peaked at $75.8B in 2020; however, from 2021 to 2022, production failed to regain momentum.

Production By Country

China (733K units) remains the largest air or gas liquefier producing country worldwide, accounting for 30% of total volume. Moreover, air or gas liquefier production in China exceeded the figures recorded by the second-largest producer, the United States (268K units), threefold. The third position in this ranking was held by India (178K units), with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China stood at +10.1%. The remaining producing countries recorded the following average annual rates of production growth: the United States (+15.5% per year) and India (+3.6% per year).

Imports

World Imports of Machinery for Liquefying Air or Gases

In 2022, the amount of machinery for liquefying air or gases imported worldwide shrank significantly to 203K units, waning by -48.9% on the previous year's figure. Over the period under review, imports, however, continue to indicate a pronounced increase. The pace of growth appeared the most rapid in 2019 with an increase of 171%. Global imports peaked at 397K units in 2021, and then declined markedly in the following year.

In value terms, air or gas liquefier imports skyrocketed to $2.5B in 2022. In general, imports, however, showed strong growth. The pace of growth was the most pronounced in 2021 when imports increased by 81% against the previous year. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

South Africa (28K units), South Korea (23K units), the United States (23K units) and Kuwait (22K units) represented roughly 47% of total imports in 2022. It was distantly followed by Peru (11K units) and Bolivia (9.9K units), together achieving a 10% share of total imports. Algeria (8.4K units), India (6.1K units), Canada (5.3K units), Indonesia (4.6K units), Egypt (4.4K units), China (3.8K units) and Norway (3.5K units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Egypt (with a CAGR of +69.9%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Canada ($1.3B) constitutes the largest market for imported machinery for liquefying air or gases worldwide, comprising 53% of global imports. The second position in the ranking was taken by South Korea ($129M), with a 5.2% share of global imports. It was followed by the United States, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Canada amounted to +53.8%. In the other countries, the average annual rates were as follows: South Korea (+24.7% per year) and the United States (+3.6% per year).

Import Prices By Country

The average air or gas liquefier import price stood at $12,342 per unit in 2022, jumping by 235% against the previous year. Overall, the import price posted prominent growth. Global import price peaked at $17,391 per unit in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($247,695 per unit), while Bolivia ($35 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+31.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Machinery for Liquefying Air or Gases

In 2022, shipments abroad of machinery for liquefying air or gases decreased by -78.9% to 307K units for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 368% against the previous year. Over the period under review, the global exports reached the maximum at 1.5M units in 2021, and then fell significantly in the following year.

In value terms, air or gas liquefier exports shrank markedly to $1.2B in 2022. Over the period under review, total exports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +68.7% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 68% against the previous year. As a result, the exports attained the peak of $1.7B, and then shrank remarkably in the following year.

Exports By Country

In 2022, China (143K units) and the United States (98K units) were the key exporters of machinery for liquefying air or gasesacross the globe, together committing 78% of total exports. It was distantly followed by India (47K units), mixing up a 15% share of total exports. Israel (12K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Israel (with a CAGR of +100.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest air or gas liquefier supplying countries worldwide were China ($365M), India ($183M) and the United States ($98M), together accounting for 53% of global exports. These countries were followed by Israel, which accounted for a further 0.5%.

Israel, with a CAGR of +37.6%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average air or gas liquefier export price amounted to $4,002 per unit, growing by 243% against the previous year. In general, the export price, however, continues to indicate a deep contraction. Over the period under review, the average export prices attained the peak figure at $29,280 per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was India ($3,905 per unit), while Israel ($472 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+8.1%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform