August 26, 2021 05:48 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 26, 2021 (GLOBE NEWSWIRE) -- The global welding market size was USD 20.23 billion in 2020. The market is projected to grow from USD 20.99 billion in 2021 to USD 28.66 billion in 2028 at a CAGR of 4.6% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Welding Market Size, Share & COVID-19 Impact Analysis, By Product Type (Welding Equipment and Consumables), By Welding Type (Arc, Resistance, Oxy-Acetylene Gas, Solid State and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2021-2028.”
According to our researchers, this industry has progressed considerably over the last few years, along with a broadened application opportunity navigated by advancements in gears linked with the procedure. Similarly, the scarcity of welders across the world is a foremost aspect that leads to the augmented implementation of robots and machines across key industries. For example, as per the American Welding Society (AWS), welder unavailability of about 2,91,000 was predicted to be observed by the year 2020.
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Outbreak of Coronavirus Pandemic Hindered Growth in Fabrication and Construction Sector
The latest COVID-19 outbreak has had a massive financial and labor market influence and impacted numerous manufacturing businesses. Normally, China is measured as the dominant production core for several industries, primarily automobile, industrial production, hefty engineering, among others. For example, China is responsible for about 27% of automobile spare part imports in India. Nevertheless, decelerating of countless business processes are resulting in hostile consequences on the local and global income chains. Furthermore, the disparity in the supply-demand network terminated the fabrication procedures of repairs and connection of such automobile parts.
List of Key Players Covered in this Market Report
On the basis of product type, the global market is bifurcated into welding equipment and consumables. Based on application, the market is further classified 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 the Middle East & Africa.
We follow a wide-ranging research approach that concentrates primarily on offering precise information. Our researchers have used a data triangulation method which helps us to deliver reliable approximations and gauge the general market dynamics. Moreover, our analysts have attained admission to numerous global and local paid databases for providing the newest information for the benefit of the investors to make decisions based on our reports.
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By welding types, the market is segregated into arc, resistance, oxy-acetylene, solid-state, considered in the scope amongst others (Electron Beam). Arc welding is estimated to display substantial growth in the upcoming years owing to the increasing implementation of fusion processes, application of high strength low-alloy (HSLA) across several industries as it is a supple and cost-saving procedure.
Obtainability of Equipment on Leasing Base to Bolster Market Growth
The highly straight rate has motivated dealers to provide leasing services or rental arrangements through numerous distribution networks. This is a chief aspect fuelling this market. Besides that, as a fragment of the facility agreement, the equipment contractors and sales wholesalers can form supplementary customer importance by presenting training, factories, and other sorts of beneficial do-it-yourself material, which aids an advertising determination and operates to shed light on the augmented value of products to consumers. Implementation of such agreements could produce considerably amplified value for consumers than average product acquisitions. This is expected to spur the welding market growth during the forecast period.
Increasing Number of Manufacturers to Help Asia Pacific Dominate
Asia Pacific holds the maximum welding market share and is projected to grow during the mentioned time period owing to the existence of regional listed as well as unregistered manufacturers, growing construction and heavy engineering industries mainly in nations such as China, Japan, and India. The region procured USD 7.27 billion in 2020 in terms of revenue.
North America and Europe are estimated to grow at a stable rate in the forthcoming years owing to the attendance of foremost manufacturers functioning in this region.
The Middle East & Africa (MEA) and Latin America are anticipated to grow at a reasonable rate owing to surging construction spending in these regions. For example, as per the International Trade Administration (ITA), the Brazilian Ministry of Infrastructure scheduled 59 fresh construction schemes with aggregate financing of about USD 10 billion in the year 2019.
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Vital Players Focus on Cost Leadership Tactic to Sustain their Positions in This Market
Main welding companies are concentrating on implementing several valuing tactics to counter shifting raw material costs. For example, Lincoln Electric implemented a product mix and operative valuing administration method to gain lucrativeness in spite of determined raw material price rises. Likewise, dealers are proactively inventing its prevailing product series in terms of prices, quality, and procedures to fulfill the fluctuating requirements of the consumers and make the most of the viability. For example, DENYO CO., LTD. is concentrating on machines by revising the sales plan and emerging novel products to upsurge competition in this industry.
April 2019: Lincoln Electric attains Baker Industries, Inc. Baker industries offers tailored tooling, fragments, and fittings, principally helping automotive and aerospace markets.
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Global Welding Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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U.S. Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires, SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, and Others), and Forecast, 2021-2028
Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027
Welding Electrodes Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes and Coiled Wires), By Industry (Automotive, Building & Construction, Oil & Gas and Others), and Regional Forecast, 2020-2027
Welding Equipment Market Size, Share & Industry Analysis, By Technology (Arc Welding, Resistance Spot Welding, MIG/TIG Welding, Laser Beam Welding, and Others), By Automation Type (Automatic, Semi-Automatic, and Manual), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, and Others) and Regional Forecast, 2019-2026
Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026
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