Welding products market
Welding is used to joining two or more metals or thermoplastics permanently with help of coalescence. Many energy sources are used for weldings such as molten metal baths, electric arcs, gas flames, electric resistance, friction, lasers, and ultrasound. There are solid state welding processes like friction welding or shielded active gas welding which is widely applied because in these processes the metal does not melt. Welding products are used in various end-user industries such as; marine, building and contractions, automobile, offshore and others.
The global welding products market was valued at USD 20.67 billion in 2016 and is expected to reach USD 32.63 billion in 2022, growing at a CAGR of 7.5%.
The global rise in demand from end-user industries like infrastructure, automobile and transportation, especially in the emerging regions of the Asia Pacific is likely to be a key driving factor for welding product market growth. Increasing demand due to a rise in welded steel use in building and construction may boost up the market in the coming years. Also, new transportation development projects in the Asia Pacific are expected to drive growth. However, skills shortages in manufacturing industries along with high labour cost is expected to hamper growth.
Technological advancements and innovations in welding technology are expected to create new opportunities over the forecast period.
The welding product market is segmented into the following products; flux cored wires, SAW wires, fluxes, stick electrode, solid wires and others. By technology, it is divided into; oxyfuel welding, laser beam welding, arc welding, resistance welding and others. In welding technologies, the arc welding technology accounted for over 48% of the market.
By application, the market is segmented into; marine, building and construction, automobile and transportation and others, amongst which automobile and transportation dominating and is likely to expand at a CAGR of 8% in the forecast period. The building and construction segment is expected to record a CAGR of 6.9% in terms of value over the forecast period.
On the basis of region, the market is segmented into Asia-Pacific Region, Western Europe, Eastern Europe, North America, Japan and Middle East Africa. The Asia Pacific is leading the global welding product market.
Key vendors in welding product market are; Fronius International GmbH, Sonics & Materials Inc., Arcon Welding, ROFIN-SINAR Technologies Inc, DAIHEN Corporation, Basiloid Products Corp., Miyachi America Corporation, Obara Corporation Vinyl Technology, Inc. and Blue Grass Manufacturing Co., Inc. among others.
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