Announcements of domestic air separation unit (ASU) and liquefaction builds and expansions for startup through 2022 indicate that the US air gases business has steadily been improving. By the end of 2019, seven new or expanded ASUs with liquefaction will come on-line with an additional seven ASUs planned to come on-stream in 2020. Improvements to plant capacities from de-bottlenecking and reaming out of nameplate capacities continues as well.
The improving economic landscape has led to an increase in demand for oxygen, nitrogen, and argon across various sectors, especially in chemicals, fabricated metals, automotive, and food; and stainless steel and electronics for argon. Uncertainty remains in how the current US administration backs clean energy projects that require new large ASUs. Production of argon has always been dependent on large volume oxygen production at ASUs.
In this report, we look at the shifting player shares in the US air gases market following the merger of Praxair and Linde, forming Linde plc, and the entrance of Messer into the US gases business through their acquisition of the 32 divested Linde ASUs required by the US Federal Trade Commission (FTC).
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