Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The global Welding Market was USD 20.23 billion in 2020. The global market size is expected to grow from USD 20.99 billion in 2021 and projected to reach USD 28.66 billion by 2028, exhibiting a CAGR of 4.6% during the forecast period from 2021-2028. This information is provided by Fortune Business Insights, in its report, titled, “Welding Market, 2021-2028.”
According to our analysts, the welding 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, scarcity of welders across the world is a foremost aspect that leads to augmented implementation of robots and machines across key industries. For example, as per the American Welding Society (AWS), a welder unavailability of about 2,91,000 was predicted to be observed by the year 2020.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| 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 | 2017-2019 |
| No. of Pages | 140 |
| Segments covered | By Product Type, By Welding Type, By Application and By Region |
| Growth Drivers | Availability of Equipment on Rental Basis to Contribute to Market Growth |
| Evolution of Advanced Technologies is Contributing to Market Growth. |
COVID-19 Impacts:
Outbreak of Coronavirus Pandemic Hindered Growth in Fabrication and Construction Sector
The latest COVID-19 outbreak has had a massive financial and labour 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, disparity in the supply demand network terminated the fabrication procedures of repairs and connection of such automobile parts.
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Drivers and Restraints:
Obtainability of Equipment on Leasing Base to Bolster Market Growth
Highly straight rate has motivated dealers to provide leasing services or rental arrangements through numerous distribution networks. This is a chief aspect fueling the welding equipment market.
Besides that, as a fragment of 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.
Industry Developments:
April 2019: Lincoln Electric attains Baker Industries, Inc. Baker industries offers tailored tooling, fragments, and fittings, principally helping automotive and aerospace markets.
March, 2020: - Voestalpine Böhler Welding acquired Selco s.r.l. to make a strategic development to better serve to its customers and gain profitable business.
List of Key Players Mentioned 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, 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)
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Segments:
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.
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.
Geographically, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Benefits for Welding Market:
- The Welding market analysis covers in-depth information of major industry participants.
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries have been mapped according to their individual revenue contribution to the regional market.
- The report provides an in-depth analysis of the Welding market during the forecast period (2021–2028).
- The report outlines the current market trends and future scenario of the global Welding market to understand the prevailing opportunities and potential investment pockets.
- The key drivers, restraints, and opportunities and their detailed impact analysis is elucidated in the study.
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Regional Insights:
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.
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 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 an aggregate financing of about USD 10 billion in the year 2019.
Competitive Landscape:
Main producers 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 fulfil 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 the market.
Global Welding Market Size Segmentation:
By Product Type
- Welding Equipment
- Consumables
By Welding Type
- Arc
- Resistance
- Oxy-Acetylene Gas
- Solid State
- Others (Electron Beam, etc.)
By Application
- Automotive
- Building & Construction
- Heavy Engineering
- Railway & Shipbuilding
- Oil & Gas
- Others (Aerospace, etc.)
Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on Welding Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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