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Industrial Gases- Metals And Metal Fabrication Market Research 2024 - Outlook, Overview And Forecast To 2033
Industrial Gases- Metals And Metal Fabrication Market Research
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According to The Business Research Company's, The industrial gases- metals and metal fabrication market size has grown strongly in recent years. It will grow from $51.73 billion in 2023 to $55.11 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to growing demand for industrial gases in metal welding and cutting processes, adoption of industrial gases for heat treatment and surface modification, advances in metal recycling, increasing use of industrial gases in non-ferrous metal production, growing demand for metal fabrication in the automotive industry.
The industrial gases- metals and metal fabrication market size is expected to see strong growth in the next few years. It will grow to $70.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to rise in demand for specialty gases in additive manufacturing processes, growth in the automotive industry with applications in metal fabrication, increasing adoption of industrial gases in emerging economies, expansion of the electronics industry, adoption of industrial gases in metal 3d printing technologies. Major trends in the forecast period include integration of advanced monitoring and control systems, development of customized gas blends, emphasis on sustainable and eco-friendly gas production methods, collaboration between gas suppliers and metal fabrication companies, innovative packaging and delivery methods.
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Market Drivers and Trends:
The increase in automotive production is expected to propel the growth of the industrial gases-metals and metal fabrication markets going forward. The automotive industry refers to firms or organizations that are involved in designing, production, wholesaling, retailing, and maintenance of motor vehicles. Industrial gases play a vital role in automotive production by providing various applications in the manufacturing and processing of metals such as metal heating, welding, shielding, cutting, coating, and others. For instance, in February 2022, according to IBEF (Indian Brand Equity Foundation), an India-based government export promotion agency, the total production of passenger vehicles reached 1,860,809 units, including 3-wheelers and two-wheelers, in the year 2022, and automobile exports reached 4.13 million vehicles in the year 2021. Therefore, the increase in automotive production is driving the growth of the industrial gases-metals and metal fabrication markets.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Praxair Inc., Cryotec Anlagenbau GmbH, Air Products and Chemicals Inc., Iwatani Corporation, The Messer Group GmbH, Linde plc, Southern Industrial Gas Sdn Bhd, Nippon Sanso Holdings Corporation, Singhal Gas Products, Yingde Gases Group Company Limited, Vadilal Industries Ltd., Matheson Tri-Gas Inc., Gulf Cryo, Welsco Inc., Ellenbarrie Industrial Gases Ltd., Sicgil India Limited, Axcel Gases, AGP Gas, EuroWeld Group, National Welding Supply Co., Nexair LLC, Messer Canada Inc., Oxygen Service Company, HyCO, Universal Industrial Gases Inc., AGL Industrial Supply Inc., Praxair Canada Inc., WESCO Distribution Inc., Calgaz, Cryoplant LLC, CryoSource, Cryo-Flo Industries Ltd.
Industrial Gases- Metals And Metal Fabrication Market 2024 Key Insights:
• The industrial gases- metals and metal fabrication market size is expected to see strong growth in the next few years. It will grow to $70.98 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Rising Automotive Production Fuels Growth In Industrial Gases-Metals And Metal Fabrication Markets
• Partnerships And Collaborations Drive Growth In Industrial Gases-Metals And Metal Fabrication Markets
• Asia-Pacific was the largest region in the industrial gases-metals and metal fabrication market in 2023
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