Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The welding market size is projected to reach USD 27.22 billion by the end of 2027. The presence of several large scale companies offering rental services will provide impetus to the growth of the overall market. According to a report published by Fortune Business Insights, titled “Welding Market Size, Share & COVID-19 Impact Analysis, By Product Type (Welding Equipment and Consumables), By Process Type (Arc, Spot, MIG/TIG, Laser and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2020-2027,” the market was worth USD 19.53 billion in 2019 and will exhibit a CAGR of 4.3 % during the forecast period 2020-2027.
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The concept of welding has significantly evolved over the years. Initially, the process was used only in smaller metals and components. Technological advancements and discoveries in the material associated with the process have enabled a wider application scope. The massive investments in the research and development of welding by large scale companies across the world will have a huge impact on the growth of the overall market in the coming years. The concept of automated welding is taking over manufacturing activities is taking over manufacturing activities and the increasing applications give the platform for these manufacturers. The demand-supply gap between welding companies to the adoption of robotic components will create several growth opportunities for the companies in this sector.
Covid-19 Pandemic Proving Damaging for Welding Companies due to Stagnancy in Fabrication and Construction Industry
The recent coronavirus outbreak has affected several industries across the world, with most businesses facing significant losses. The economic losses during and as a result of the pandemic have proven damaging to an extent that several businesses have been forced to shut down completely. The efforts taken to curb the spread of the disease have had a negative impact on manufacturers across all sectors. With several manufacturing sectors coming to a halt, welding businesses have been affected significantly in the past few months.
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Increasing Number of Company Mergers will have a Positive Impact on Market Growth
The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factor, the increasing number of company mergers and acquisitions has made the highest impact on market growth. Due to healthy market competition, companies are looking to adopt newer strategies with the aim of expanding their consumer base as well as establishing a strong brand presence. In April 2019, Lincoln Electric announced that it has completed the acquisition of Baker Industries Inc. The latter is involved in distribution of custom tooling. The company is involved in the development of custom tooling parts and fixtures. It serves automotive and aerospace markets. Lincoln’s acquisition of Baker Industries indicates the potential held by welding service offerings across the world.
Asia Pacific to Emerge Dominant in the Global Market; Increasing Construction and Engineering Activities will Emerge in Favor of Market Growth
The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The increasing construction and engineering activities in countries such as India and China will create several growth opportunities for the companies operating in the regional market. As of 2019, the market in Asia Pacific was worth USD 7.04 billion and this value is projected to rise at a considerable pace in the coming years.
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List of companies profiled in the report:
• Lincoln Electric (Ohio, United States)
• KOBE STEEL, LTD (Hyogo, Japan)
• ESAB (Maryland, United States)
• ZULFI (Al Zulfi, Saudi Arabia)
• KISWEL CO., LTD. (Seoul, Korea)
• CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, Korea)
• RME MIDDLE EAST (Dubai, UAE)
• voestalpine BÖHLER Edelstahl GmbH (Linz, Upperaustria)
• capilla (Leopoldshöhe, Germany)
• Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (Tianjin, P. R. China)
• Miller Electric Mfg. LLC (Wisconsin, United States)
Industry Developments:
September, 2019: - Lincoln Electric announced the launch of new GTAW (TIG) cut lengths with high silicon formulations using stainless steel alloys for the clean and high-quality welding process.
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Force Analysis
- Global Market Share Analysis and Matrix, 2019
- Key Market Insights and Analysis, By Segments
- Global Welding Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
- By Product Type (Value)
- Welding Equipment
- Consumables
- By Process Type (Value)
- Arc Welding
- Spot Welding
- MIG/TIG Welding
- Laser Welding
- Others (Gas Welding, etc.)
- By Application (Value)
- Automobile
- Building & Construction
- Heavy Engineering
- Railway & Shipbuilding
- Oil & Gas
- Others (Aerospace, etc.)
- By Region (Value)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
- By Product Type (Value)
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