Surge in population coupled with rapid urbanization has surged the growth of the construction sector, where metal-cutting gases are popularly used for cutting
WILMINGTON, DELAWARE, UNITED STATES, March 20, 2024 /EINPresswire.com/ — Allied Market Research recently released a report titled “Metal Cutting Gas Market By Gas Type (Acetylene, Propylene, Natural Gas, Propane, Others), By End Use (Automotive, Aerospace, Building and Construction, Metal and Metal Fabrication, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global metal cutting gas industry achieved $2.7 billion in revenue in 2021 and is projected to reach $4.0 billion by 2031, with a compound annual growth rate (CAGR) of 4.2% from 2022 to 2031.
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Key Growth Drivers:
The expansion of the construction sector due to population growth and rapid urbanization, especially in both developed and developing economies, has propelled the demand for metal-cutting gases. These gases find extensive use in cutting, welding, and designing various steel materials in construction projects, thereby stimulating market growth.
However, factors such as a lack of technical expertise and the adoption of high-range advanced metal cutting machinery hinder market growth.
Nevertheless, the increasing demand for processing carbon and low alloy from sectors like aerospace, automotive, metal fabrication, and industrial segments presents new growth opportunities in the coming years.
Impact of COVID-19:
– The COVID-19 pandemic adversely affected the global metal cutting gas market due to fluctuating prices of metal cutting gas products during lockdown periods.
– Reduced potential sales in the automotive and metal cutting industries further dampened market growth. For example, India’s crude steel output fell by 10.6% to 99.6 million tons in 2020, according to an article published by the Economics Times in January 2021.
– However, the market showed signs of recovery in 2021, driven by increased demand in construction, automotive, manufacturing units, and a focus on economic recovery worldwide.
– For instance, Canada’s automotive sector witnessed a growth of around 6.5% in 2021 compared to 2020, attributed to increased import and export activities.
Segment Analysis:
– The acetylene segment dominated the market in 2021, holding nearly two-fifths of the global market share. It is expected to maintain its leadership position throughout the forecast period, with a projected highest CAGR of 4.5% from 2022 to 2031. Acetylene is favored for its ability to produce the hottest flame, making it widely used in various industrial applications.
– In terms of end use, the metal and metal fabrication segment held the highest market share in 2021, accounting for nearly one-third of the global market. It is anticipated to maintain its leadership status throughout the forecast period, driven by ongoing infrastructure activities and increased usage of prefabricated structures in construction.
– The aerospace segment is projected to exhibit the highest CAGR of 4.6% from 2022 to 2031.
Regional Analysis:
Asia-Pacific emerged as the leading region in terms of revenue in 2021, capturing nearly half of the global metal cutting gas market share. It is expected to maintain its dominance through 2031, with the fastest CAGR of 4.6% during the forecast period. The region has witnessed increased production capacities for metal cutting gases, with companies like Indian Oil Corporation Ltd. introducing innovative products such as Indane NANOCUT, which enhances the efficiency of LPG as cutting gas.
Leading Market Players:
Key players in the global metal cutting gas market include Total Energies SE, Hornet Cutting Systems, Ador Welding Limited, Bharat Petroleum Corporation Limited, LEVSTAL, NISSAN TANAKA CORPORATION, Indian Oil Corporation Ltd, Haco, and Brothers Gas.
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