August 26, 2021 05:48 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, August 26, 2021 (GLOBE NEWSWIRE) - The global welding market in 2020 will be USD 20.23 billion. The market is expected to grow from US$20.99 billion in 2021 to US$28.66 billion in 2028, with a compound annual growth rate of 4.6 percent during the period 2021-2028. This information was developed by Fortune Business Insights™ in its title "Welding Market Size, Share and COVID-19 Impact Analysis, by product type (welding equipment and consumables), by welding type (arc, resistance, oxygen-acetylene gas, solid and other ), forecast by application (automotive, building and construction, heavy engineering, railway and shipbuilding, oil and gas, etc.) and region, 2021-2028."
According to our researchers, the industry has made great strides in the past few years, and at the same time, the advancement of gears related to this procedure has brought about a wider range of application opportunities. Similarly, the scarcity of welders worldwide is one of the most important aspects leading to the enhanced implementation of robots and machines in key industries. For example, according to the American Welding Society (AWS), approximately 2,91,000 welders are expected to be unavailable by 2020.
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The outbreak of the coronavirus pandemic hinders the growth of manufacturing and construction industries
The latest COVID-19 outbreak has had a huge impact on the financial and labor markets, and has affected many manufacturing companies. Generally, China is considered to be the main production core of several industries, mainly automobiles, industrial production, heavy engineering, etc. For example, China accounts for approximately 27% of India's auto parts imports. However, the deceleration of countless business processes is having adverse consequences for local and global revenue chains. In addition, the difference in the supply and demand network terminates the repair and connection manufacturing process of such auto parts.
List of major participants covered in this market report
According to the product type, the global market is divided into welding equipment and consumables. According to the application, the market is further divided into automobiles, construction and construction, heavy engineering, railway and shipbuilding, oil and gas, etc. In terms of geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
We follow a wide range of research methods, mainly focusing on providing accurate information. Our researchers use a data triangulation method that helps us provide reliable approximations and measure overall market dynamics. In addition, our analysts have been granted access to numerous global and local paid databases to provide investors with the latest information to make decisions based on our reports.
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According to the welding type, the market is divided into arc, resistance, oxyacetylene, solid state, in the range (electron beam). Due to the increasing popularity of the fusion process and the application of high-strength low-alloy (HSLA) in multiple industries, arc welding is expected to show substantial growth in the next few years because it is a flexible and cost-saving procedure.
Acquire equipment at the rental base to support market growth
Highly direct rates have prompted dealers to provide leasing services or leasing arrangements through numerous distribution networks. This is the main aspect that drives this market. In addition, as a fragment of the facility agreement, equipment contractors and sales wholesalers can form the importance of supplementing customers by providing training, factories, and various other useful self-help materials, which will help advertising identification and operation. Regarding the value-added of products to consumers. Compared with general product procurement, the implementation of such agreements can bring greater value to consumers. This is expected to stimulate the growth of the welding market during the forecast period.
More and more manufacturers help the Asia-Pacific region dominate
The Asia-Pacific region has the largest welding market share, and due to the presence of regional listed and unregistered manufacturers, as well as the development of the construction and heavy engineering industries mainly in countries such as China, Japan and India, it is expected to grow in the above time period. The region's revenue in 2020 is 7.27 billion U.S. dollars.
Due to the participation of major manufacturers operating in the region, North America and Europe are expected to grow at a steady rate in the next few years.
Due to the surge in construction spending in these regions, the Middle East and Africa (MEA) and Latin America are expected to grow at a reasonable rate. For example, according to data from the International Trade Administration (ITA), the Brazilian Ministry of Infrastructure has arranged 59 new construction projects in 2019, with a total financing of approximately US$10 billion.
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Key players focus on cost leadership strategies to maintain their position in the market
Major welding companies are focusing on implementing multiple valuation strategies to cope with changing raw material costs. For example, Lincoln Electric has implemented a product portfolio and operating value management method to make profits in the event of rising raw material prices. Similarly, distributors actively innovate their mainstream product lines in terms of price, quality, and procedures to meet the changing needs of consumers and take full advantage of feasibility. For example, DENYO CO., LTD. focuses on machines and improves the competition in the industry by revising sales plans and emerging new products.
April 2019: Lincoln Electric acquires Baker Industries, Inc. Baker Industries to provide tailor-made tools, fragments and accessories, mainly to help the automotive and aerospace markets.
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Global welding market size estimation and forecast (quantitative data), by market segment, 2017-2028
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Take a look at the relevant research insights:
US welding consumables market size, share, and COVID-19 impact analysis, by type (rod electrode, solid wire, flux-cored wire, SAW wire and flux), by application (heavy engineering, automotive and transportation, railway, construction, shipbuilding, and Other) and forecasts, 2021-2028
Welding consumables market size, share and COVID-19 impact analysis, forecast by type (rod electrode, solid wire, flux-cored wire and SAW wire and flux), by application (heavy engineering, automobile, railway, construction, shipbuilding, etc.) and region , 2020-2027
Welding electrode market size, share and COVID-19 impact analysis, by type (rod electrode and coiled wire), by industry (automotive, building and construction, oil and gas, etc.) and regional forecast, 2020-2027
Welding equipment market size, share and industry analysis, by technology (arc welding, resistance spot welding, MIG/TIG welding, laser beam welding, etc.), by automation type (automatic, semi-automatic and manual), by application (automotive, construction and construction) , Heavy engineering, railway and shipbuilding, etc.) and regional forecasts, 2019-2026
Welding wire market size, share and industry analysis, forecast by type (metal inert gas (MIG) welding wire, tungsten inert gas (TIG) welding wire, etc.), by industry (automotive, construction and construction, oil and gas, etc.) and region, 2019 -2026
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