Welding Products Market Size, Company Revenue Share, Key Drivers, and Trend Analysis, 2020–2027
The global Welding Products market is forecasted to grow at a rate of 6.3% during the period 2020-27. The market under study is forecasted to reach USD 23.20 billion in 2027. Demand for design flexibility, reduction of weight of building structures in construction and industrial sectors are likely to drive the market growth.
The process of joining metals or plastics are widely used in
automobile, construction, marine and manufacturing sectors. There is a rapid
growth in urbanization, industrialization, and construction of improvised
buildings across the world, which is majorly contributing to the market. Apart
from that, the introduction of technically advanced automobiles and marine
equipment is creating a huge demand for technologically superior welding
products. Major players in the market are thus focusing on developing automated
welding solutions in order to cater to the needs of its end-user industries.
The arc welding segment seems to have very good prospects in
the market apart from the stick electrodes segment. North America and Europe
are already established markets for welding products wherein Asia Pacific
region is witnessing significant growth rate in terms of consumption and is
expected to register the fastest growth during the forecast period.
Major players and manufacturers in the market are trying to
come up with innovative products, and they have launched a number of new
products having the ability to achieve efficiency in terms of precision,
quality and effort required. But manufacturers around the world are facing a
big challenge due to the rise in labour costs, especially in emerging economic
regions coupled with lack of skilled labours which is limiting the
manufacturing of technically advanced products to a certain extent.
The COVID-19 impact:
As the COVID-19 crisis grows, the welding products market is
expected to suffer a major hit. The market demand is majorly dependent on the
automobile, construction, and marine sectors, which are suffering huge losses,
which in turn is badly affecting the market under study. Import of automobile
parts from China has completely stopped, which is disrupting the manufacturing
process, and welding being a part of that process is becoming irrelevant amidst
this crisis. Vehicle production across the world has been almost reduced to
null, which would largely affect the studied market’s figures in 2020. Both the
residential and non-residential real estate segments of the construction sector
would suffer major blows due to a shortage of labour as well as financial
problems and there will be a huge dip in the demand of the sector.
Consequently, the welding products market is likely to face tough times ahead.
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Key participants include
Amada Holdings, Colfax, Fronius, Illinois Tool Works, Lincoln Electric,
Grainger, Kemppi, Polysoude, Swagelok, and ARCO Welding Supply.
Further key findings from the report suggest
- Welding
products like stainless steel alloys, MIG wires, aluminum MIG and TIG,
thermal spray wire is utilized due to their low cost and are predicted to
have a significant contribution to the market’s growth during the forecast
period. Solid wires and stick electrodes will have considerable growth in
spite of losing a little market share while utility of saw wired fluxes in
exploration platforms, offshore drilling platforms and pressure vessels
will drive the segment by a significant percentage.
- The
friction stir welding technology is proving to be extremely useful and it
helps in prevention of mechanical distortion making the products
defect-free. The technology can also adapt to variations in the
manufacturing process and has low operating costs. These advantages are
making technology quite popular in the automobile sector, although the
technology segment still has very little market share.
- The
construction segment and the automobiles segment had very close market
share in 2019 and this trend is likely to continue in the forecast period.
In the year 2019, the construction segment held a market share of more
than 35.0%. The marine segment is expected to have a significant growth
due to increasing demands of better equipped marine products which require
better quality welding process and products.
- Asia
Pacific region is forecasted to witness the fastest growth rate of 6.7%
during the forecast period due to an increase in automobile manufacturing
in China, India, Indonesia and Japan and it is believed that 47% of the
market’s 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 packages.
- Deals
Landscape
- Important
acquisitions taking place in the market include acquisition of Marvel
Manufacturing Inc. by Amada Holdings in 2018, Lincoln Electric acquiring
49.6% stakes of Askaynak in 2019, Kemppi acquiring Italian welding torch
manufacturer Trafimet Group S.P.A in 2019.
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For the purpose of this report, Reports and Data have
segmented into the Welding Products market on the basis of product, technology,
application, and region:
Product Outlook (Volume, Thousand Units; Revenue, USD
Billion; 2020-2027)
- Stick
Electrodes
- Solid
Wires
- Flux-Cored
Wires
- Saw
Wires and Fluxes
- Others
Technology Outlook (Volume, Thousand Units; Revenue, USD
Billion; 2020-2027)
- Resistance
Welding
- Arc
Welding
- Oxy-Fuel
Welding
- Laser
Beam Welding
- Others
Application Outlook (Volume, Thousand Units; Revenue, USD
Billion; 2020-2027)
- Building
& Construction
- Automobile
& Transportation
- Marine
- Others
Along with the basic information, the
report also offers insights into marketing strategies readily adopted by the
key 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 clients, brand promotions, and pricing analysis.
The report also sheds light on the supply chains and the changes in the trends
of the upstream raw materials and downstream distributors.
The report explains the market share
and sales volume of each company, along with the 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 standings. The report also covers
the strategic alliances observed within these key companies such as mergers and
acquisitions, joint ventures, corporate and government deals, partnerships and
agreements, and brand promotions and product launches.
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Furthermore, the research study gives
additional insights into the companies’ regional presence through extensive
regional analysis. The regional analysis covers the key geographical regions
such as North America, Latin America,
Europe, Asia-Pacific, and the Middle East & Africa. The regional
analysis segment covers detail about the market share held by each region along
with the prospective growth opportunities and revenue generation. The report
also offers a projection of the growth rate for each region in the entirety of
the forecast timeline. It also offers a country-wise analysis to impart a
better understanding of the industry.
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