Market Overview
According to the Market Research Future (MRFR) report, the global welding materials market 2020 is anticipated to expand at the prominent CAGR over the review period (2020-2027).
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Market Highlights
The welding process offers strength and durability to the structure of metals or thermoplastics. Therefore, it is extensively used in the construction and automotive industries. Requirements for high strength, lightweight, and stiff structures in the aerospace, automotive, and marine industries are growing with the Development of new designs and changing environmental emission standards.
The rapid increase in construction activities to accomplish infrastructural developments in different regions of the world is planning to propel the growth of the global market for welding materials. Increasing demand for the automotive industry triggers a high need for welding materials in the automotive industry, which in turn fuels the expansion of the global market for welding materials. The shortage of skilled labor in manufacturing industries, coupled with high labor costs, is expected to act as a barrier to the market size of global welding products and pose challenges to industry participants over the forecast period. Innovations and technological advances in welding technology are anticipated to develop techniques for a broader range of applications to create immense opportunities for industry participants over the forecast period.
During the forecast period, however, the high risk of on-site accidents and the need for skilled labor will likely hamper the growth of the global market for welding materials. On the other hand, growing research activities will introduce new and considerable prospects in the forthcoming years for the Development of the welding materials market.
Segmentation
The global welding materials market has been segmented based on type, technology, end-use industry, and region.
Based on the type, the market has been divided into electrode & filler material, fluxes & wires, gases, and others. The category of electrodes and filler materials is expected to gain a large share of the global demand for welding materials.
Based on technology, the market has been classified as arc welding, resistance welding, oxy-fuel welding, and others. Among these, the arc welding segment is projected to account for the largest share of the global demand for welding materials by the end of the forecast period.
Based on the end-use industry, the global welding materials market has been analyzed into building and construction, automotive and transportation, oil & gas, power, marine, and others.
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Regional Analysis
Geographically, the global market for welding materials is segmented into five major regions such as North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. Due to the high demand for welding materials in various end-use industries such as the automotive, construction, and marine industries, the welding materials market in the Asia Pacific region represents a significant share in the global welding materials market. Rapid infrastructural expansion and government initiative to expand the transport system are fueling growth in this region's welding materials market.
Rising construction practices and growing demand for welding materials in the maritime industry contribute to the substantial growth of the North America region's welding materials sector. The rapid expansion of the aerospace and automotive industries has a positive effect on the Development of the European area welding materials industry. During the prognosis period, rapid industrialization is expected to fuel growth in the demand for welding materials in Latin America and the Middle East and Africa regions.
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Competitive Dashboard
The eminent players in the global welding materials market are Air Liquide (France), Praxair Technology, Inc. (U.S.), The Linde Group (Germany), The Lincoln Electric Company (U.S.), Illinois Tool Works Inc. (U.S.), Air Products and Chemicals, Inc.(U.S.), Colfax Corporation (U.S.), Tianjin Bridge Welding Materials Group Co., Ltd. (China), Ador Welding Ltd. (India), and Gedik Welding (India).
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