Welding Products Market Growth On The Basis Of Type, Application, Region & Forecast To 2030: Grand View Research Inc.

 

The global welding products market size is expected to reach USD 19.94 billion by 2030, as per a new report by Grand View Research Inc. Rapid industrialization and growing investments in infrastructural developments in major economies such as the U.S., UK, China, India, and Brazil have propelled the market growth.

Oxy-fuel welding technology is gaining significant growth on account of its growing use in industrial manufacturing applications. The welding equipment and products used in this technology are highly cost-efficient which promotes its implementation in welding fillet, butt, and lap joints with the object thickness of up to 5mm. The market is fragmented in nature with the presence of a number of global and regional players. Several manufacturers in the market have integrated themselves across the value chain on account of increasing opportunities and moderate growth rates. This helps the market players grab a higher market share.

Welding products are consumables such as flux and fillers used in the welding process. The filler material is melted to join metal strongly and flux is widely used to generate gas protection around the weld pool to prevent hot metals from oxidation. These products join materials, such as metals or thermoplastics by fusion, unlike joining techniques such as brazing and soldering.

Welding products are widely used in various applications such as building and construction, transportation and automotive, oil and gas, marine, and others. Building and construction industry utilize the products in the construction of buildings, pipelines, bridges, and other construction areas. The welding product consumption is expected to increase in light of various government initiatives for infrastructural development, especially in emerging countries.

In the automotive sector, they are mainly used in joining metallic automotive components. Various challenges in the processes, such as arc welding, have a significant impact in achieving production goals. However, restrictions on its usage are imposed in instances where humans are exposed to different hazards caused at a workplace. All welding products are required to be optimally and safely designed in order to comply with regulations imposed by different regulatory bodies.

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Factors such as design flexibility, reduction in the overall weight of the buildings and structures, and the ease in modification are projected to promote the use of welding products in construction and industrial application segments. The global construction sector is undergoing limited growth as a consequence of the economic recession caused by the Covid-19 crisis, which has resulted in low investor confidence and a decline in construction activities, as a result, the market has also experienced a catastrophic setback.

Welding Products Market Report Highlights

• ARC welding technology segment accounted for USD 4.96 billion in 2021 and is projected to witness strong growth over the forecast period owing to its characteristics such as flexibility and the ability to perform under any conditions
• The stick electrodes segment is projected to grow at a CAGR of 4.5% from 2022 to 2030, on account of its rising demand for stick electrodes for the welding of a wide range of components in various application areas on account of their ability to increase the welding strength as well as their high corrosion resistance & tensile strength
• The market in the Asia Pacific is expected to exhibit the highest growth for the welding products market, expected to account for USD 9.57 billion by 2030 owing to the robust growth of the construction and automotive industry in the region
• Governments of various economies are investing in infrastructure projects as it is the backbone of a healthy economy. The rising investments in infrastructure development are also expected to ramp up the economic recovery from the effects of COVID-19.
• The market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. Major manufacturers are focusing on their capacity expansions for developing various types of welding products

The spread of the COVID-19 in China affected the growth of the engineering and construction industries. The increasing costs of construction materials and equipment, along with supply chain disruptions, are the major factors limiting the growth of this industry. However, the use of aerial measurement and 3D modeling technologies increased during the pandemic, which supported the market growth. The construction sector in China is expected to witness high growth over the forecast period, which, in turn, is predicted to drive the market in the economy. With a wide range of welding applications in construction coupled with technological advancements, the development of innovative manufacturing methods is likely to benefit the market growth.

According to the China Association of Automobile Manufacturers (CAAM), in 2020, the automotive sector contributed 9.6% of the total retail sales of consumer goods. The government and several major automobile companies are increasingly investing in the country owing to the growing demand for vehicles.

The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. The surging requirement for reliable and precise welding solutions is fueling the growth of the market. Key manufacturers of welding products in the market are focusing on offering suitable and innovative welding products that are rigid and durable. A large number of roofing product manufacturers are focused on backward integration in order to keep the product quality under control. The industry participants emphasize expanding their product portfolio by developing innovative solutions and cheaper products with superior properties to cater to the increasing consumer demand. Some prominent players in the global welding products market include:

• Colfax Corporation
• Veostalpine AG
• The Lincoln Electric Company
• Illinois Tool Works, Inc.
• Hyundai Welding Co., Ltd.
• Obara Corporation
• Kiswel, Inc.
• Sandvik AB
• Tianjin Bridge Welding Materials Co., Ltd.
• Kemppi Oy
• Mitco Weld Products Pvt. Ltd.