LONDON--(BUSINESS WIRE)--The global industrial gases market for the metals and metal fabrication industry is expected to grow at a CAGR of more than 6% during the forecast period, according to Technavio’s latest market research.
In this market research report, Technavio covers the market outlook and growth prospects of the global industrial gases market for the metals and metal fabrication industry for 2017-2021. The market is further categorized into four end-user segments, including metal manufacturing, automobile, rail and shipping, heavy industries, and aerospace and defense, of which the metal manufacturing segment dominated the market with more than 35% of the overall market share in 2016.
“The industrial gases market is growing due to economic growth, rise in energy demand, climate control initiatives, and growing demand for healthcare equipment. The rapid expansion of infrastructure in APAC has increased the demand for steel,” says Mahitha Mallishetty, a lead industrial gases research expert from Technavio.
Technavio’s research analysts segment the global industrial gases market for the metals and metal fabrication industry into the following regions:
- North America
Industrial gases market for metals and metal fabrication industry in APAC
The growing demand for steel, fostered by the rapid growth in infrastructure development, is driving the market growth in APAC. In addition, the increasing need for alternative sources of energy is fueling the expansion of gasification plants and gas to liquid, coal to liquid, and coal to chemical plants that consume substantial amounts of oxygen is driving the consumption of industrial gases.
With significant economic growth, the major end-user industries of industrial gases such as the automotive, construction, aerospace and defense, electrical equipment, and industrial machinery have been flourishing, leading to the increased demand for welding gases required in the manufacturing processes.
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Industrial gases market for metals and metal fabrication industry in Europe
Germany, the UK, and Italy are the primary consumers of metal fabrication services in the region due to the growing investments in the automobile and aerospace industries. The growth of the global commercial aviation sector has increased orders for aircraft from European aircraft manufacturers such as Airbus, France. This will lead to an increase in the production capacity of these manufacturing facilities, which will foster the metal and metal fabrication market, thereby fostering the market growth during the forecast period.
Industrial gases market for metals and metal fabrication industry in North America
The US is the major contributor to the market in the region. This is attributable to the presence of many manufacturing facilities. Recently, the manufacturers in the US are shifting their facilities to developing economies due to the economic downturn in North America. However, the country is witnessing a significant resurgence in its construction and automotive sectors.
“The US is a global leader in the field of automobile technology. The country boasts of a huge consumer base with high disposable incomes, which drives the sales of automobiles, thereby forcing OEMs to expand their manufacturing capabilities,” says Mahitha.
Industrial gases market for metals and metal fabrication industry in ROW
The growth in the construction activities in the Middle-East and manufacturing industries in ROW are the major factors fostering the market growth in the region. Increased expenditure on mega infrastructure and expansion projects are increasing the demand for industrial gases in the medical, industrial, residential, and commercial applications.
The top vendors in the market as highlighted in this market research analysis are:
- Air Liquide
- Air Products and Chemicals
- Linde Group
- Messer Group
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