COVID-19 Impact
The COVID-19 pandemic is impacting different industries; one of the few industries that were largely hit to some extent was the welding products industry. The demand for welding products also reduced as the majority of the welding products are linked to the end-use industries, which are also faced difficulties during the pandemic. The downfall in the construction and manufacturing industries and lack of workforce impacted the market negatively during the covid-19 crises.
Welding Products Market Segment Analysis – By Product
The wires segment accounted for approximately 10% of the market share in 2020 and is estimated to grow at a significant CAGR during the forecast period. The flux wires type is expected to grow at a high CAGR during the forecast period 2021-2026. Flux is a chemical agent, used as a purifying agent and helps to clean a surface. The flux materials are used to dissolve the oxides by releasing gases that are trapped on the surface. Flux materials are extensively used for removing the impurities from the base metal surface and also provides good blending between the base metals. The electrodes & fillers segment is expected to hold a significant share in the global welding products market. Electrodes and fillers are widely used for joining metals to protect the metal from damage and improve the welding strength.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503501
Report Price: $ 4500 (Single User License)
Welding Products Market Segment Analysis By Technology
The Arc welding segment accounted for more than 25% of the market share in 2020 and is estimated to grow significantly during the forecast period. Arc welding is used to weld metals in a wide range of thicknesses with good flexibility. The technology has the advantage of high heat concentration during the welding process. Arc welding is the widely preferred welding technology among end-user industries due to its low cost and the technology is used for a wide range of metal surfaces. Resistance welding technology is expected to grow at a high CAGR in the global welding products market during the forecast period 2021-2026. The technology is used for various welding processes such as spot welding, projection welding, and seam welding in the automotive sector. The rapid growth in the automotive sector is one of the major factors driving the market for resistance welding technology during the forecast period.
Welding Products Market Segment Analysis By End-Use Industry
The building & construction segment accounted for more than 28% of the market share in 2020 and is estimated to grow significantly during the forecast period. The growing construction activities in both developed and developing nations are supporting the market growth for the construction industry. Rapid industrialization in the Asia Pacific region is also driving the market growth during the forecast period. Welding products are used to weld complex and large structures in the construction industry. The automotive and marine segments are also expected to hold a significant share in the end-user segment. The increasing importance of manufacturing high-quality automotive components and growing marine applications are positively driving the demand for welding products during the forecast period.
Welding Products Market Segment Analysis – By Geography
Asia Pacific region held the largest share in the Welding Products market in 2020 up to 35%, owing to the presence of multiple end-use industries. The presence of developing nations such as China and India is driving the market growth in the region. The rapid expansion of the automotive industry along with the growing production of vehicles are driving the market growth. According to the data published by OICA, India produced more than 3.3 million vehicles in 2020. The rapid growth in population, growing number of working individuals, and growth in income levels are some of the major factors driving the regional market. The European region is also expected to hold a significant share in the global market. The presence of global automobile manufacturers such as BMW, Mercedes, Volkswagen, DAF Trucks, Daimler, and Fiat Chrysler Automobiles among others supporting the market growth during the forecast period.
Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503501
Welding Products Market Drivers:
Growing demand from the construction industry
The usage of welding products in the construction sector is increasing gradually to weld huge structures and metal products such as iron and steel. Over the past few years construction industry is growing significantly. The economic growth, investments in infrastructure projects, and technology advancements are boosting the industry. According to the data published by the U.S. Commerce Department, the U.S. construction spending is increased by 0.9 percent to US$1.4 trillion in 2020. According to the data published by the U.S. Census Bureau, approximately 1,760,000 new house permits are given in the United States in April 2021. According to IBEF analysis, the Indian real-estate sector is expected to reach USD650 billion by 2025 and Indian real-estate attracted US$5 billion institution investment in 2020. According to the Asian Times, the China government has allocated 33.83 trillion yuan (US$4.8 trillion) in the 2020 investment plan and major infrastructure projects development.
Growing Automotive Industry
Welding products are used for welding different parts in the automotive sector. Welding is an important process used for bodywork and auto repair in the automobile industry. The commonly used welding techniques in the automobile industry include resistance spot welding, resistance seam welding, and metal inert gas (GMAW) among others. According to the data published by ACEA, approximately 18.5 million motor vehicles were produced in the European Union in 2019. They also mentioned about 10.8 million passenger cars are produced in the European Union in 2020. According to the data published by OICA, China produced 2.21 million heavy trucks in 2019 and 2.98 million heavy trucks in 2020.
Welding Products Market Challenges:
Shortage of skilled labor and high labor cost
The welding industry is highly dependent on skilled labor. According to welding industry experts, there is a shortage of skilled welders across the world. The high labor cost in the developed region such as North America and Europe is the major challenge facing by the welding industry. The majority of infra-project contractors are using welding and cutting tools and they are facing a shortage of skilled welding workforce in their operations. Infrastructure projects such as roads, railways, bridges, power, and shipping are highly dependent on metal joining technologies. According to the Indian Institute of Welding (IIW), there is a short supply of 1.2 million welding professionals including welders, cutters, fitters, and equipment operators, among others. They also mentioned the workers shortage in India may increase to 1.35 million in the next three years.
Welding Products Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Welding Products market. Major players in the Welding Products market are Voestalpine AG, Colfax Corporation, Air Liquide, Illinois Tool Works Inc., The Lincoln Electric Company, HYUNDAI WELDING CO., LTD., Sandvik, OBARA CORP, Kiswel Incorporated, Mitco Weld Products Pvt. Ltd., Kemppi Oy., Senor Metals Pvt. Ltd., Rofin-Sinar, Arcon Welding Equipment, DAIHEN Corporation., Amada Miyachi, Inc., Basiloid Products Corporation, and others.
Acquisitions/Technology Launches
In November 2020, ESAB Welding & Cutting Products has introduced Shield-Bright NiCrMo-3, a 625-type electrode for manual and automatic flux-cored wide-weave welding of 9% nickel steel in the vertical-up (3G) position and using 75% argon/25% CO2 shielding gas.
Relevant Reports
A. Welding Materials Market
https://www.industryarc.com/Report/16491/welding-materials-market.html
B. Welding Consumables Market
https://www.industryarc.com/Report/16413/welding-consumables-market.html
For more Chemicals and Materials related reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.
