Welding Products Market Outlook 2031
The global welding products market was valued at US$ 19.3 Bn in 2021
It is estimated to grow at a CAGR of 5.1% from 2022 to 2031
The global welding products market is expected to reach US$ 30.2 Bn by the end of 2031
Welding Products Market Introduction
Welding is a fabrication process that is primarily used for joining metals or thermoplastics. High-temperature heat is employed to melt and fuse parts. Welding rods are used to join base metals in Shielded Metal Arc Welding (SMAW). Welding is utilized to manufacture several industrial products. Filler metals used in welding include copper, nickel, and steel. Safety equipment such as welding gloves, welding helmets, and blankets are required to withstand hazardous heat, sparks, and glare generated during the welding process. Welding tables and accessories are also used to improve the efficiency and accuracy of the process.
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Rise in Production of Electric Vehicles Augmenting Market Demand for Welding Products
Macroeconomic development, rise in adoption of efficient vehicle manufacturing techniques, and increase in disposable income are key factors boosting vehicle sales worldwide. Electric vehicles are gaining traction, with increase in concerns regarding global warming and depletion of fossil fuels. Resistance welding is a widely used welding technique in the automotive industry, as it is flexible, low-cost, fast, and can be applied to aluminum-aluminum and steel-steel joints. High-quality joints can be obtained with a suitable choice of parameters using resistance welding. This can be achieved without being dependent on the welder’s ability. Several automobile manufacturers are implementing robotic welding into their day-to-day operations to minimize human errors and reduce occupational risks related to chemicals, extreme heat, and noise. Thus, rise in usage of resistance welding and autonomous welding in automobile manufacturing is likely to propel the global welding products market during the forecast period.
Increase in Adoption of Welding Products in Various Sectors
Fabrication work is required in industries such as construction, wind energy, shipbuilding, aerospace, and railways. High-pressure-resistant turbine blade tips are repaired or refurbished with welding. Significant investment in infrastructure development in economies such as the U.S., the U.K., and India is anticipated to fuel the demand for welding products in the next few years. Paradigm shift in consumer preferences from manual to automated machines; R&D of novel designs in energy, construction, and automotive sectors; and rise in need for maintenance activities in existing infrastructure are also expected to contribute to the growth of the global market.
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Surge in Usage of Stick Electrodes for Joining Metals
In terms of consumables, the global welding products market has been segmented into stick electrodes, solid wires, flux-cored wires, SAW wires & fluxes, and gases. According to recent trends in the welding products market, the stick electrodes segment is expected to dominate the market during the forecast period, owing to the extensive usage of stick electrodes as filler materials for joining metals.
The solid wires segment is anticipated to grow significantly in the next few years. Expansion of the segment can be ascribed to the favorable mechanical properties of solid wires such as ruggedness and lesser surface area that prevent corrosion of base metal.
Regional Outlook of Global Welding Products Market
Asia Pacific accounted for the largest share of the global welding products market in 2021. Large presence of local registered and unregistered manufacturers, and expansion in construction and heavy engineering industries in China, Japan, and India are driving the market in the region. In March 2020, the Government of China announced investment plans and major infrastructure projects, wherein around US$ 4.8 Trn would be invested to overcome the pressure of COVID-19 outbreak and boost the dipping real estate business.
The market in North America and Europe is anticipated to grow at a steady pace during the forecast period, owing to the rise in investment in R&D activities, increase in focus on aftermarket services, and presence of key manufacturers in these regions. Future of the welding products market in Europe appears promising owing to the expansion of the construction sector in the region. Welding equipment is used in the construction sector to weld beams, trusses, columns, and footers. It is employed to build skyscrapers that require thousands of reliable and long-lasting metallic joints.
The market in Middle East & Africa and Latin America is expected to grow at a moderate pace during the forecast period, due to the increase in investment in oil & gas and construction sectors in these regions. In 2019, the Brazilian Ministry of Infrastructure announced plans to invest around US$ 10 Bn in 59 new construction projects. Firms in China invested around US$ 24.9 Bn in infrastructure development projects in Middle East & Africa throughout 2018.
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Analysis of Key Players in Global Welding Products Market
The global welding products market is highly fragmented, with a small number of large-scale vendors controlling majority of the share. Most of the companies are investing significantly in comprehensive R&D activities to expand their product portfolio. Collaborations, partnerships, and mergers & acquisitions are key strategies adopted by market players. Lincoln Electric Holdings, Inc., ESAB, Illinois Tool Works Inc., Panasonic Life Solutions India Pvt. Ltd., Rofin-Sinar Technologies Inc., Sonics & Materials, Inc., Fronius International GmbH, Daihen Corporation, Voestalpine AG, Arcon Welding, and Obara Corporation are key vendors in the welding products market.
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