Major players in the welding products market are The Lincoln Electric Company, Colfax Corporation, Illinois Tool Works Inc, Kemppi Oy, Kiswel Inc., Obara Corporation, Senor Metals Pvt. Ltd., Tianjin Bridge Welding Materials Co. Ltd., ESAB, and Ador Welding Ltd.
The global welding products market is expected to grow from $12.10 billion in 2020 to $13.31 billion in 2021 at a compound annual growth rate (CAGR) of 10%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $18.08 billion in 2025 at a CAGR of 8%.
The welding products market consists of sales of welding products by entities (organizations, sole traders, and partnerships) that manufacture welding products that use a filler material in the welding process for joining metals such as stainless steel, aluminum, nickel, and copper alloys, cobalt, and titanium. Welding products are the materials or consumables that are used to carry out the welding process to create parts and finished products for a wide range of industries.
The main product types in welding products are stick electrodes, solid wires, flux-cored wires, saw wires and fluxes, and others.Stick electrodes are consumable used for repairing work and they are self-shielded and cut down on the amount of equipment needed.
The different types of technologies include arc welding, resistance welding, oxy-fuel welding, laser beam welding, others and is implemented in various verticals such as the automobile and transportation sector, building and construction, marine, and others.
Asia Pacific was the largest region in the welding products market in 2020. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Technological advancement in welding products is a key trend gaining popularity in the welding products market.The key players in the welding products market are developing technologically advanced products with improved impact wear resistance and combined abrasion to meet industrial requirements.
For instance, In May 2019, Castolin Eutectic, a Switzerland-based manufacturer of welding brazing and coating solutions launched new formulations for welding wire EnDOtec DO*327 and new electrode 6327 XHD using XHD technology. The welding wire EnDOtec DO*327 and new electrode 6327 XHD has high impact wear resistance and advanced combined abrasion properties that provide improved weldability, performance, and deposition rate.
In May 2019, Lincoln Electric Holdings, Inc., a US-based manufacturer of welding products and equipment acquired 49.6% interest in Kaynak Tekni?i Sanayi ve Ticaret A.?. (Askaynak) for an undisclosed amount. Through this acquisition Lincoln Electric Holdings, Inc advances its regional growth strategy. Kaynak Tekni?i Sanayi ve Ticaret A.?. (Askaynak) is a Turkey-based manufacturer of welding consumables, arc welding equipment.
The rapid expansion of the construction sector is expected to propel the growth of the welding products market in the forecast period.The construction sector is a very diverse industry that includes various activities such as infrastructure, buildings, and maintenance.
Welding is mostly used in the production of structural frameworks from metal components.Welding is used for joining trusses, footers, steel I-beams and columns that maintain a building’s walls, roof, and floors.
For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is expected to grow to $8 trillion by 2030. Therefore, the rapid expansion in the construction sector drives the growth of the welding products market.
The countries covered in the welding products market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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By The Business Research Company
• Sep 2021
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