Chicago, Feb. 04, 2024 (GLOBE NEWSWIRE) -- The Welding Materials Market is projected to grow from USD 13.6 billion in 2020 to USD 17.3 billion by 2025, at a CAGR of 4.8% during the forecast period, as per the recent study by MarketsandMarkets™. Welding is the process in which two metal parts are bonded together by melting various types of materials at their surfaces. It is an important process in metal fabrication industries. The welding process is widely used in many industries, such as transportation, shipbuilding, building & construction, and manufacturing. It is also used in the repair & maintenance industry to fasten different metal surfaces. Any material used in the process of welding is known as welding material. Welding materials mainly include electrodes, fluxes, wires, and shielding gases.
The welding materials market has grown considerably in recent times due to the development of the transportation industry and growth in the building and construction activities in emerging economies such as China and India.
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Browse in-depth TOC on " Welding Materials Market”
73 - Market Data Tables
41 - Figures
148 - Pages
List of Key Players in Welding Materials Market:
- Colfax Corporation (US)
- Air Liquide S.A. (France)
- Air Products & Chemicals (US)
- Illinois Tool Works (US)
- Linde PLC (UK)
- Lincoln Electric Holdings (US)
- Tianjin Bridge Welding Materials Group (China)
- Kobe Steel (Japan)
Drivers, Opportunities and Challenges in Welding Materials Market:
- Drivers: Increasing demand from end-use industries.
- Restraint: Environmental impact of welding materials
- Opportunity: New and advanced applications
- Challenge: Shortage of skilled labor and high labor cost.
Key Findings of the Study:
- The arc welding segment is projected to lead the global welding materials market through 2025
- The fluxes & wires segment is projected to grow at the highest CAGR in the welding materials market during the forecast period.
- Asia Pacific is projected to hold the largest share in the welding materials market during the forecast period.
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The arc welding segment, by technology, is projected to grow at the highest CAGR during the forecast period. Arc welding is one of the most preferred technologies for the welding process. The use of arc welding technology is gaining popularity owing to its high performance as compared to other technologies. Arc welding has the advantage of high heat concentration during the welding process, which eases the welding process compared to that of other welding technologies. In addition, uniformity in the metal deposition, good corrosion resistance, and high impact resistance make it one of the prominent welding technologies.
The electrodes & filler materials segment, by type, accounted for the largest share in the welding materials market, in terms of value. Welding electrodes are materials that are used to conduct electricity from the electrode holder to the metal surface to be welded. They provide the filler material required during the welding process. They are generally metal components coated with chemical ingredients. The coating, which is provided on the welding electrode, protects the electrode from external damage and stabilization during the welding process. Filler materials are consumables that are used to fill gaps during the welding process. Gaps generally occur when two metal components are welded, and these gaps are to be filled to provide more durability and performance to the welded components.
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In terms of geographic coverage, the welding materials market has been segmented into five regions, namely, North America, the Asia Pacific, Europe, the Middle East and Africa, and South America. The Asia Pacific region accounted for the largest share in 2019 and is also projected to record the highest growth rate during the forecast period. APAC is the largest producer and consumer of welding materials across the globe, with almost all major manufacturers and end-use companies present in the region. APAC has witnessed tremendous growth in the past few years, driven by the growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region. Cheap labor costs, coupled with favorable import-export policies, have made APAC an ideal market for automotive OEMs as well as electronics manufacturers, which, in turn, are expected to drive the regional welding materials demand.
Colfax Corporation is into the gas & fluid handling technology & fabrication technology business. The company supplies its products to government and commercial consumers around the world. Its business operations are divided into three segments under the brand names, Howden, Colfax fluid handling, and ESAB. The main subsidiary of Colfax Corporation is ESAB, based in the UK. ESAB has 26 manufacturing plants in 4 continents and sales/support representatives in 80 countries. ESAB’s cutting and welding products include electrodes, cored and solid wires, and fluxes. The company provides fabrication technology equipment that ranges from portable welding machines to large, customized cutting and automated welding systems.
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