Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The global TIG welding market size is expected to grow substantially due to the rising demand for the product in industrial sectors. Its increasing application in the aerospace and defense and oil & gas industries can enhance the market growth. Fortune Business Insights™ provides this information in its report, titled, "TIG Welding Market, 2021-2028."
TIG welding stands for Tungsten Inert Gas welding is used for welding processes in electric cars and industrial applications. It maintains the electrode as compared to the normal welding process wherein the electrode is consumed completely. It enhances the operational efficiency of the industrial process and improves product quality. It is an extremely versatile welding process that improves the quality of welding. It reduces time consumption and enhances productivity in industries. TIG welding is used extensively in the aerospace industry to develop high-quality aircraft parts, which, in turn, enhances its demand. Therefore, these factors can influence the market growth during the upcoming years.
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Highlights of the Report
This report analyzes the leading segments and the recent trends of the market. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. Additionally, it examines the regional developments and the strategies devised by the market's prominent players.
Segments
By material, the market is segregated into nickel alloys, nickel, aluminum, stainless steel. Based on application, it is divided into industrial machinery, nuclear, chemical, automotive, petrochemical, heat & power plants, offshore sites, and others. Regionally, it is clubbed into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Industry Development
May 2020: Universal Robots launched America’s greatest virtual collaborative robot session, where the implementation of supple automation solutions through cobots would be emphasised for producers and other visitors.
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List of Key Players Profiled in the TIG Welding Market Report
• Lincoln Electric
• Kemppi Oy
• Panasonic Corporation
• Miller Electric
• ESAB
• SanRex Corporation
• Rilon Welding Industries
• Fronius International GmbH
• EWM AG
• Migatronic
• OTC DAIHEN, Inc.
Drivers and Restraints
Rapidly Growing Construction Industry to Fuel Market Growth
The TIG welding process is used extensively in the construction industry to create great quality metal parts. The demand for excellent quality parts and precision welding systems facilitate demand for TIG welding systems. It is also used to create rocket engines, heating elements, light bulbs, and others. The demand for advanced high-quality tools and equipment is increasing rapidly due to their efficiency. TIG welding is an extremely cost-effective process, reduce time consumption, and enhance precision in industries and manufacturing plants. It is used in the oil & gas sector to weld thin pipes, tubes, and other pipes and metal components. It can be used to weld several metals, such as nickel alloys, bronze, copper, magnesium, brass, and other materials. Therefore, the rising demand for the welding process in several applications can drive the TIG welding market growth.
However, the lack of skilled individuals in the welding industry can hamper market growth.
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Regional Insights
Presence of Unorganized and Organized Players to Boost Market Growth in Asia Pacific
Asia Pacific is expected to dominate in terms of the TIG welding market share due to the presence of several unorganized and organized players. Further, the demand for TIG welding in the commercial and industrial sectors can bolster market growth.
In North America and Europe, increasing industrialization can fuel the demand for the TIG welding process. In addition, the rapidly growing medium and small-sized fabrication centers can propel market growth.
Competitive Landscape
Prominent Companies Incorporate Advanced Production Techniques to Enhance Productivity
Prominent companies operating in the market are deploying advanced production technologies to enhance productivity, improve operational efficiency, reduce resource and time consumption, and satisfy the goals of companies. Further, heavy investments in research and development facilities can enable them to tackle restrictions and overcome their problems. It can help them to improve their product's quality, which, in turn, can boost their brand image. The adoption of expansion strategies can enable them to expand their market reach globally.
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