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Growing demand in the automotive and construction sector is driving the market demand.
NEW YORK, NY, USA, November 23, 2022 /EINPresswire.com/ — The Global welding products market is expected to grow at a rate of 6.3% over the period 2020-27. The market under study is expected to reach USD 23.20 billion in 2027. The demand for design flexibility, weight reduction of building structures in construction and industrial sectors are expected to drive the growth of the market.
The process of joining metals or plastics is widely used in the automotive, construction, marine, and manufacturing industries. There is a rapid growth in urbanization, industrialization and construction of improvised buildings across the world which is mainly contributing to the market. Apart from this, the introduction of technically advanced automobiles and marine equipment creates a huge demand for technologically superior welding products. The major market players are therefore focusing on the development of automated welding solutions to meet the needs of its end-user industries.
The arc welding segment seems to have very good market prospects apart from the coated electrode segment. North America and Europe are already established markets for welding products in which the Asia-Pacific region is experiencing a significant growth rate in terms of consumption and is expected to register the fastest growth during the period of forecast.
The major players and manufacturers in the market are trying to come up with innovative products and have launched a number of new products that can achieve efficiency in terms of precision, quality and effort required. But manufacturers around the world are facing a daunting challenge due to rising labor costs, especially in emerging economic regions, coupled with the lack of skilled labor that limits to some measures the manufacture of technically advanced products.
The impact of COVID-19:
As the COVID-19 crisis worsens, the welding products market is set to take a hit. The market demand is mainly dependent on the automotive, construction and marine sectors which suffer huge losses which in turn severely affects the market under consideration. The import of auto parts from China has stopped completely, which disrupts the manufacturing process, and the welding that is part of this process becomes unnecessary in the midst of this crisis. The production of vehicles across the world has been reduced to almost zero which would largely affect the figures of the market studied in 2020. The residential and non-residential real estate segments of the construction sector would suffer major blows due to a shortage of labor as well as financial problems and there will be a sharp drop in demand from the sector. Therefore, the welding products market is expected to face tough times.
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The main participants are Amada Holdings, Colfax, Fronius, Illinois Tool Works, Lincoln Electric, Grainger, Kemppi, Polysoude, Swagelok and ARCO Welding Supply.
Other key findings from the report suggest
• Welding products such as stainless steel alloys, MIG wires, aluminum MIG and TIG, thermal spray wire are used due to their low cost and are expected to contribute significantly to the growth of the market in during the forecast period. Solid wires and coated electrodes will witness considerable growth despite losing a small market share, while the utility of saw wired fluxes in exploration rigs, offshore drilling rigs and pressure vessels will drive the segment by a significant percentage.
• Friction Stir Welding technology is extremely useful and helps prevent mechanical deformation making products flawless. The technology can also adapt to variations in the manufacturing process and has low operating costs. These advantages make the technology quite popular in the automotive sector, although the technology segment still has very little market share.
• Construction segment and automotive segment had very close market shares in 2019 and this trend is expected to continue during the forecast period. In 2019, the construction segment held a market share of over 35.0%. The marine segment is expected to witness significant growth owing to the growing demand for better equipped marine products that require higher quality welding process and products.
• The Asia-Pacific region is expected to witness the fastest growth rate of 6.7% over the forecast period due to an increase in automobile manufacturing in China, India, Indonesia and Japan and estimates that 47% of market growth will come from this region.
• There have been a number of product launches in the market like A7 MIG Welder, KempArc Pulse, KempArc Synergic, robotic welding gun sets.
• Transaction Landscape
• Significant acquisitions underway in the market include the acquisition of Marvel Manufacturing Inc. by Amada Holdings in 2018, the acquisition by Lincoln Electric of 49.6% of the shares of Askaynak in 2019, the acquisition by Kemppi of the manufacturer manufacturer of Trafimet Group SPA welding torches in 2019.
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For the purposes of this report, the reports and data have segmented the Welding Products market based on product, technology, application and region:
Product Outlook (Volume, Thousand Units; Revenue, USD Billion; 2020-2027)
• Stick electrodes
• Strong wires
• Cored wires
• Saw wires and flux
Technology Outlook (Volume, ‘000 Units; Revenue, USD Billion; 2020-2027)
• Resistance welding
• Arc welding
• Oxy-fuel welding
• Laser beam welding
Application Outlook (Volume, ‘000 Units; Revenue, USD Billion; 2020-2027)
• Building construction
• Automotive and transportation
Apart from the basic information, the report also offers an insight into the marketing strategies easily adopted by leading manufacturers for the endorsement of their products. The report offers significant data pertaining to development trends and market position to offer deeper insights into targeted customers, brand promotions, and pricing analysis. The report also sheds light on supply chains and changes in trends for upstream raw materials and downstream distributors.
The report explains the market share and sales volume of each company, along with key details of the operations of these companies. The report further offers extensive coverage of their product portfolio, business expansion plans, gross profit margins, revenue contribution, investment plans, and financial situation. The report also covers strategic alliances seen within these key companies such as mergers and acquisitions, joint ventures, corporate and government agreements, partnerships and agreements, as well as brand promotions and product launches.
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Additionally, the research study gives additional insights into the regional presence of the companies through in-depth regional analysis. The regional analysis covers key geographies such as North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The regional analysis segment covers the details of the market share held by each region along with the potential growth opportunities and revenue generation. The report also offers a growth rate projection for each region in the entire forecast timeline. It also offers country-by-country analysis to give a better understanding of the industry.
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