Welding Materials Market | Trends and Opportunities with Forecast up to 2024
The global welding materials market is growing on account of the thriving growth of application segments such as transportation, building and construction, marine, and automobiles. The growing urbanization in developing nations will drive the growth of this market. The increasing infrastructure development in Asia Pacific will also fuel the growth of the welding materials market. The technological advancements in the automobile industry will also aid the growth of this market. The automotive industry makes use of welding materials in various processes, including the manufacturing of the high quality, light-weight, and fuel efficient components.
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One of the latest trends in the global welding materials market is the use of new materials, which results in reduced weight of the overall finished products. This will drive the welding materials market. The manufacturing of new welding equipment and materials will push the growth of this market. On the other hand, the use of welding products can pose safety and health issues among operators and this will restrict the growth of the market as regulatory bodies impose restriction on their use. The American National Standards (ANSI) has stated that welding can be a potential threat for operators as it may cause injury and illness.
The market is characterized by the supremacy of large players. As this market is capital intensive, new entrants and local vendors face a tough challenge surviving in the market. Large players offer quality, functionality, and good services and give competition to local players.
Welding Materials Market: Overview
Welding materials market may be mature owing to their use ever since industrial revolution, however, the market is still experiencing technological advancements, which is ensuring a continued growth of this industry. Welding processes are used extensively across various end-use industries such as automobiles, manufacturing, marine, offshore, and building and construction. This is leading to a growth in the global welding materials market. The process of welding makes use of coalescence to join metals or thermoplastics. The welding materials market primarily comprises welding equipment, accessories, and welding consumables. Some of the materials used for welding process, include solid wires, stick electrodes, SAW wires and fluxes, flux-cored wired, and gases.
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The report is a comprehensive analysis of key driving factors and obstacles faced by players in the global welding materials market. It is collated by expert analysts who make predictions based on the historical and present state and size of the market. The report segments the market on the basis of key criteria and gives information such as leading, declining, and fastest growing segments. Information regarding the degree of competition, threat of new entrants, bargaining power of buyers, threat of substitutes, and bargaining power of suppliers has been included in the report. Thus, the report is enriched with key information which proves to be very fruitful for companies wishing to invest in the welding materials market.
Welding Materials Market: Trends and Opportunities
While the arc welding segment has been leading in the market, other technologies such as laser beam and resistant welding are also gaining popularity for specific applications for their ability to perform deep weld penetration and owing to their minimal size. The demand for welding materials is expected to continue to grow as welding is the only joining technique that can be used for applications such as space and underwater. For instance, welding is essential for repairing ships, pipelines, and offshore oil platforms. In marine applications, underwater welding is an emerging application. Additionally, it is used by end-user industries in repair and maintenance operations. Welding joints provide fatigue and corrosion resistance, and strength, boosting the welding materials market. The transportation and automobile industry is one of the biggest consumers of welding materials, thus driving the market.
Market: Geographical Analysis
By geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific is expected to continue to lead in the welding materials market with countries such as China and India as leading markets in the region. A surge in construction activities, including residential and non residential projects is one of the reasons behind the growth of the Asia Pacific welding materials market. The growing transportation sector and support from government to promote the manufacturing sector are some of the other factors boosting the Chinese and Indian welding materials market. The European and North American markets have a lack of skilled labor in the welding industry and thus experiencing sluggish growth.
Companies Mentioned in the Report
Some of the key manufacturers of welding materials are: The Linde Group, Lincoln Electric Holdings, Inc., Ador Welding Limited, Colfax Corporation, Illinois Tools Works Inc., Praxair Incorporated, ESAB, Air Liquide S.A., and Air Products and Chemicals, Inc. The report gives a detailed analysis of each of the company’s recent developments and strategic business moves for business expansion. The business and financial overview of companies and the challenges faced by them are a part of the competitive landscape section of the report.