Pune, India, Nov. 15, 2022 (GLOBE NEWSWIRE) — The world 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 is expected to reach USD 28.66 Billion by 2028, growing at a CAGR of 4.6% during the forecast period 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 advanced significantly over the past few years, with an expanded application opportunity navigated by advances in procedure-related gears. Likewise, the scarcity of welders in the world is a primary aspect that leads to increased implementation of robots and machines in key industries. For example, according to the American Welding Society (AWS), a welder unavailability of approximately 2,91,000 is expected by 2020.
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|Forecast Period 2021 to 2028 CAGR||4.6%|
|2028 value projection||$28.66 billion|
|Market size in 2020||$20.23 billion|
|Historical data for||2017-2019|
|Number of pages||140|
|Segments Covered||By product type, by welding type, by application and by region|
|Growth engines||Availability of rental equipment to help market growth|
|The development of advanced technologies is contributing to the growth of the market.|
Impacts of COVID-19:
The coronavirus outbreak has hampered growth in the manufacturing and construction sector
The latest COVID-19 outbreak has had a massive influence on finances and the labor market and has affected many manufacturing companies. Normally, China is measured as the dominant production core for several industries, primarily automotive, industrial production, heavy engineering, among others. For example, China is responsible for about 27% of India’s auto parts imports. Nevertheless, the slowdown in countless business processes is having adverse consequences on local and global revenue chains. In addition, the disparity in the network of supply and demand has terminated the procedures for manufacturing repairs and connection of these auto parts.
To learn more about the short and long term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/welding-market-101657
Drivers and Restrictions:
Equipment accessibility on rental basis to support market growth
The very simple rate has prompted dealers to offer leasing services or rental agreements through numerous distribution networks. This is a major aspect driving the welding equipment market.
In addition to this, as part of the installation agreement, equipment contractors and wholesalers-sellers can increase the importance of the customer by presenting trainings, factories and other types of beneficial DIY materials. , which facilitates an advertising decision and works to shed light on the added value of products for consumers. Implementing such agreements could produce significantly amplified value for consumers compared to average product acquisitions. This is expected to drive the growth of the welding market over the forecast period.
April 2019: Lincoln Electric reaches Baker Industries, Inc. Baker industries offers custom tools, fragments, and fittings primarily for the automotive and aerospace markets.
March 2020: – Voestalpine Böhler Welding acquired Selco srl to perform strategic development to better serve its customers and win profitable business.
List of key players mentioned in the report:
- Lincoln Electric (Ohio, USA)
- KOBE STEEL, LTD (Hyogo, Japan)
- ESAB (Maryland, USA)
- 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, People’s Republic of China)
- Miller Electric Mfg. LLC (Wisconsin, USA)
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On the basis of product type, the global market is divided into welding equipment and consumables. Based on application, the market is further categorized 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 Middle East & Africa.
By types of welding, the market is segregated into arc, resistance, oxy-acetylene, solid state, considered among others (Electron Beam). It is estimated that arc welding will show substantial growth in the coming years due to the increasing implementation of fusion processes, application of high strength low alloy (HSLA) in several industries, as it is It is a flexible and economical procedure.
Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, Middle East & Africa.
Key Benefits for Welding Market:
- The Welding Market analysis covers in-depth information about the major players in the industry.
- Porter’s five forces analysis helps in analyzing the potential of buyers and suppliers and the competitive scenario of the industry for making strategies.
- Major countries have been mapped based on their individual contribution to regional market revenue.
- The report provides an in-depth analysis of the welding market over the forecast period (2021-2028).
- The report outlines current market trends and future scenario of the Global Welding Market to understand existing opportunities and potential investment pockets.
- The main drivers, constraints and opportunities and their detailed impact analysis are explained in the study.
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Asia-Pacific holds the maximum welding market share and is expected to grow during the mentioned period owing to the existence of listed and unlisted regional manufacturers, growth in construction and heavy engineering industries mainly in countries such as China, Japan and India.
North America and Europe are expected to grow at a steady pace in the coming years due to the presence of major manufacturers operating in this region.
The Middle East and Africa and Latin America are expected to grow at a reasonable pace due to increased construction spending in these regions. For example, according to the International Trade Administration (ITA), the Brazilian Ministry of Infrastructure has planned 59 new construction projects with total financing of around USD 10 billion in 2019.
Major producers are focused on implementing several valuation tactics to counter changing commodity costs. For example, Lincoln Electric implemented a method of managing product mix and operational valuation to gain profitability despite determined increases in commodity prices. Likewise, dealers are proactively inventing their dominant product series in terms of price, quality, and procedures to meet fluctuating consumer demands and make the most of viability. For example, DENYO CO., LTD. focuses on machinery by revising sales plan and bringing out new products to strengthen market competition.
Global welding market Cut Segmentation:
By product type
- Welding machine
By type of welding
- Oxy-acetylene gas
- solid state
- Others (electron beam, etc.)
- Building construction
- heavy engineering
- Railway and shipbuilding
- petroleum gas
- Others (Aeronautics, etc.)
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Main emerging trends
- Main developments: mergers, acquisitions, partnerships, etc.
- Latest technological advancement
- Regulatory landscape
- Analysis of the five forces of carriers
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the welding market
- Measures taken by the government to overcome the impact
- Key Industry Developments in Response to COVID-19
- Potential Opportunities and Challenges Due to the COVID-19 Outbreak
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