WeldingProducts Market: Introduction
Theglobal welding products market was valued at ~US$ 21.8 Bn in 2018 and isanticipated to expand at a CAGR of ~5% from 2019 to 2027. Rapiddevelopment in infrastructure and urbanization are key factors stimulating theexpansion of the global welding products market over the assessment tenure.Welding technology find increased use in the making of buildings, bridges,pipelines and various other engineered projects across the globe.
KeyDrivers of Welding Products Market
Rapidinfrastructural development and technological advancements primarily in theautomotive industry are anticipated to boost demand over the forecast period.Growing demand for resistant welding technology from numerous applicationsmainly in the automotive industry for maintenance and repair are the keyfactors propelling the demand for welding products.
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Automotiveand Building & Construction to Foster Welding Products Market Growth
Constructionindustry has been flourishing for quite some time now and has evolved at adrastic pace. Urbanization due to ever expanding population has mountedpressure for more residences to be built. Rising demand for buildings is likelyto trigger growth of the global welding products market over the assessmenttimeframe. Changes in automobile designs and rise in demand forautomobiles, especially in developing countries, are likely to drive the globalwelding products market. Additionally, repair and maintenance of automobiles isprojected to add to the global demand for welding products.
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ArcWelding Technology to Lead Welding Products Market
Keytechnology segments of welding products include arc welding, resistant welding,oxy-fuel welding and laser beam welding. The versatility of arc weldingtechnique plays a key role in its overall appeal to end-users, therebychallenging the market share of other welding technology segments. Arc weldingaccounted for more than 40% ofthe global welding products market in 2018.
Shieldedmetal arc welding (SMAW), gas metal arc welding (GMAW) also known as metalinert gas (MIG) or metal active gas (MAG) welding, and gas tungsten arc welding(GTAW welding) are the commonly used arc welding techniques.
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StickElectrodes to Dominate Welding Products Market
Weldingconsumables account for larger share of the global welding products market.Electrodes and filler metals are the key consumables used in different weldingprocesses. Molten melt tends to spill out during the process of out-of-positionwelding. Electrode helps avoid the spill through fast freezing deposit. Stickelectrodes are commonly used in the shielded metal arc welding (SMAW) process.Solid wires accounted for the second largest market share in the weldingconsumables market in 2018.The use of solid wires has been growing with increase in the use ofhigh-performance alloys in these wires.
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AsiaPacific Dominates Welding Products Market
Growthof the Asia Pacific is attributed to demand for arc welding in the numerousindustries including building and construction, automobile, and manufacturing.Presence of numerous manufacturing firms across emerging countries includingIndia and China is expected to fuel demand for welding products market. China,Japan, and India were key contributors to the welding products market in AsiaPacific in 2018.Small welding consumable suppliers are mushrooming in China, due to rise indemand for welding products in building & construction and automobileapplication segments.
TopPlayers Focus on New Product Offering with Advanced Technology
Someof the key players operating in the global Welding Products market are ESAB, Fronius International GmbH,Illinois Tool Works Inc., Lincoln Electric, Amada Miyachi America, Inc., ArconWelding Equipment, LLC, Obara Corporation, and DAIHEN Corporation. Theglobal welding products market is moderately concentrated, with the top three playersaccounting for more than 32% ofthe market in 2018. In 2019, LincolnElectric introduced POWER MIG 360MP welder, which has advanced features idealfor metal fabrication, maintenance and repair, and auto body and lightindustrial applications. The company offers an inverter-based arc welding powersource for AC/DC TIG and stick welding.
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