Pune, India, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The global welding market size was USD 20.23 billion in 2020. The market is projected to grow from USD 20.99 billion in 2021 to USD 28.66 billion in 2028 at a CAGR of 4.6% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Welding Market Size, Share & COVID-19 Impact Analysis, By Product Type (Welding Equipment and Consumables), By Welding Type (Arc, Resistance, Oxy-Acetylene Gas, Solid State and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2021-2028.”
According to our researchers, this industry has progressed considerably over the last few years, along with a broadened application opportunity navigated by advancements in gears linked with the procedure. Similarly, the scarcity of welders across the world is a foremost aspect that leads to the augmented implementation of robots and machines across key industries. For example, as per the American Welding Society (AWS), welder unavailability of about 2,91,000 was predicted to be observed by the year 2020.
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Outbreak of Coronavirus Pandemic Hindered Growth in Fabrication and Construction Sector
The latest COVID-19 outbreak has had a massive financial and labor market influence and impacted numerous manufacturing businesses. Normally, China is measured as the dominant production core for several industries, primarily automobile, industrial production, hefty engineering, among others. For example, China is responsible for about 27% of automobile spare part imports in India. Nevertheless, decelerating of countless business processes are resulting in hostile consequences on the local and global income chains. Furthermore, the disparity in the supply-demand network terminated the fabrication procedures of repairs and connection of such automobile parts.
List of Key Players Covered in this Market 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, Upper Austria)
- capilla (Leopoldshöhe, Germany)
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (Tianjin, P. R. China)
- Miller Electric Mfg. LLC (Wisconsin, United States)
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 4.6 % |
| 2028 Value Projection | USD 28.66 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 20.23 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 140 |
| Segments covered | By Product Type, By Welding Type , and By Application, By Region |
| Growth Drivers | Availability of Equipment on Rental Basis to Contribute to Market Growth |
| Evolution of Advanced Technologies is Contributing to Market Growth. | |
| The surging trends towards joining dissimilar and non-metallic materials, customized metal shapes and designs, emergence of different techniques and others is bringing a new wave of advancement and reshaping the industry. | |
| Pitfalls & Challenges | Lack of Availability of Skilled Welders at Factory Floor to Hinder Market Growth |
Segmentation
On the basis of product type, the global market is bifurcated into welding equipment and consumables. Based on application, the market is further classified into automotive, building & construction, heavy engineering, railway & shipbuilding, oil & gas, others. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
We follow a wide-ranging research approach that concentrates primarily on offering precise information. Our researchers have used a data triangulation method which helps us to deliver reliable approximations and gauge the general market dynamics. Moreover, our analysts have attained admission to numerous global and local paid databases for providing the newest information for the benefit of the investors to make decisions based on our reports.
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By welding types, the market is segregated into arc, resistance, oxy-acetylene, solid-state, considered in the scope amongst others (Electron Beam). Arc welding is estimated to display substantial growth in the upcoming years owing to the increasing implementation of fusion processes, application of high strength low-alloy (HSLA) across several industries as it is a supple and cost-saving procedure.
Drivers and Restraints
Obtainability of Equipment on Leasing Base to Bolster Market Growth
The highly straight rate has motivated dealers to provide leasing services or rental arrangements through numerous distribution networks. This is a chief aspect fuelling this market. Besides that, as a fragment of the facility agreement, the equipment contractors and sales wholesalers can form supplementary customer importance by presenting training, factories, and other sorts of beneficial do-it-yourself material, which aids an advertising determination and operates to shed light on the augmented value of products to consumers. Implementation of such agreements could produce considerably amplified value for consumers than average product acquisitions. This is expected to spur the welding market growth during the forecast period.
Regional Insights
Increasing Number of Manufacturers to Help Asia Pacific Dominate
Asia Pacific holds the maximum welding market share and is projected to grow during the mentioned time period owing to the existence of regional listed as well as unregistered manufacturers, growing construction and heavy engineering industries mainly in nations such as China, Japan, and India. The region procured USD 7.27 billion in 2020 in terms of revenue.
North America and Europe are estimated to grow at a stable rate in the forthcoming years owing to the attendance of foremost manufacturers functioning in this region.
The Middle East & Africa (MEA) and Latin America are anticipated to grow at a reasonable rate owing to surging construction spending in these regions. For example, as per the International Trade Administration (ITA), the Brazilian Ministry of Infrastructure scheduled 59 fresh construction schemes with aggregate financing of about USD 10 billion in the year 2019.
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Competitive Landscape
Vital Players Focus on Cost Leadership Tactic to Sustain their Positions in This Market
Main welding companies are concentrating on implementing several valuing tactics to counter shifting raw material costs. For example, Lincoln Electric implemented a product mix and operative valuing administration method to gain lucrativeness in spite of determined raw material price rises. Likewise, dealers are proactively inventing its prevailing product series in terms of prices, quality, and procedures to fulfill the fluctuating requirements of the consumers and make the most of the viability. For example, DENYO CO., LTD. is concentrating on machines by revising the sales plan and emerging novel products to upsurge competition in this industry.
Industry Development
April 2019: Lincoln Electric attains Baker Industries, Inc. Baker industries offers tailored tooling, fragments, and fittings, principally helping automotive and aerospace markets.
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Table of Content:
- Introduction
- Definition, By Segment
- Research Approach
- 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
- Value Chain & Process Analysis
- Global Welding Market Share Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Profiles of Key Players (Would be provided for 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Primary Interview Responses
- Annexure / Appendix
Global Welding Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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- By Product Type (Value)
- Welding Equipment
- Welding Consumables
- By Welding Type (Value)
- Arc Welding
- Resistance Welding
- Oxy-Acetylene Gas Welding
- Solid State Welding
- Others (Electron Beam Welding, etc.)
- By Application (Value)
- Automotive
- 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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Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027
Welding Electrodes Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes and Coiled Wires), By Industry (Automotive, Building & Construction, Oil & Gas and Others), and Regional Forecast, 2020-2027
Welding Equipment Market Size, Share & Industry Analysis, By Technology (Arc Welding, Resistance Spot Welding, MIG/TIG Welding, Laser Beam Welding, and Others), By Automation Type (Automatic, Semi-Automatic, and Manual), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, and Others) and Regional Forecast, 2019-2026
Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026
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