REPORT HIGHLIGHT
Welding Products Market size was valued at USD 14,312 Million in 2022, expanding at a CAGR of 4.6% from 2023 to 2030.
The process of welding involves the use of welding products. Using intense heat to melt the components, welding is a manufacturing technique used to combine metals or thermoplastics. Professional welders utilize products for welding. Common welding processes include resistance welding, oxy-fuel welding, arc welding, and laser beam welding. Professional welders employ a variety of welding gear, including dust masks, extraction systems, helmets, aprons, and gloves.
Welding Products Market- Market Dynamics
Increasing demand from the construction sector drives market expansion
The construction industry is gradually using more welding equipment to weld large buildings and metal items like steel and iron. The construction business has experienced substantial growth in recent years. The sector is expanding as a result of technological developments, infrastructure project investments, and economic expansion. The U.S. Commerce Department's statistics indicate that in 2020, construction spending in the country would reach US$1.4 trillion, a rise of 0.9 percent. The U.S. Census Bureau released statistics that indicate in April 2021, almost 1,760,000 new dwelling permits will be issued throughout the country. According to an IBEF study, the Indian real estate market is predicted to reach USD 650 billion by 2025, with institutional investment totaling $5 billion in 2020. Thus, this is expected to propel the market growth over the projected period.
Welding Products Market- Key Insights
- As per the analysis shared by our research analyst, the global Welding Products market is estimated to grow annually at a CAGR of around 4.6% over the forecast period (2023-2030)
- The Welding Products industry is projected to grow at a significant rate due to the increasing demand from the construction sector
- Based on product segmentation, the Stick Electrodes segment is expected to dominate the market during the forecast period
- Based on technology segmentation, the Resistance Welding segment is expected to capture a substantial market share during the forecast period
- Based on region, the Asia Pacific is expected to dominate the market during the forecast period
Welding Products Market- Segmentation Analysis:
The Global Welding Products Market is segmented based on Product, Technology, and Region.
Based on the product, the market is bifurcated into Flux-Cored Wires, Solid Wires, Stick Electrodes, Saw Wires, Fluxes and Others. The Stick Electrodes segment is expected to dominate the market during the forecast period. Owing to their excellent tensile and corrosion resistance, as well as their capacity to enhance welding strength, stick electrodes are becoming more and more in demand across a broad spectrum of application areas. Besides, the Solid Wires segment is expected to grow at the fastest rate during the forecast period. Solid wires are more useful in applications where flexible wires are needed, including home electrical wiring and breadboards. These features include their flexibility and robustness.
Based on the technology, the industry is segmented into Resistance Welding, Oxy-Fuel Welding, Arc Welding, Laser Beam Welding and Others. The Resistance Welding segment is expected to capture a substantial market share during the forecast period due to the increasing usage of resistance welding technology in the automotive sector for a variety of operations, including seam, projection, and spot welding.
Welding Products Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. The demand for welding products is anticipated to rise as a result of the expansion of the residential, commercial, and industrial sectors brought on by the region's countries' steady economic growth. Due to the fastest-growing automotive sector and the greatest level of vehicle manufacturing, the welding products market in Asia Pacific is predicted to develop at the fastest rate. The presence of quickly expanding economies like the ones in China, India, Indonesia, and Japan is anticipated to be advantageous to the area.
Welding Products Market- Competitive Landscape:
The existence of several small- and large-scale vendors characterizes the worldwide market, leading to a moderate level of market concentration. The growing market is being driven by the increasing need for reliable and precise welding solutions. Leading producers of welding goods in the industry are concentrating on providing stiff, long-lasting, and appropriate welding products. Backward integration is the main emphasis of many producers of roofing products to maintain control over the product's quality. To meet the growing demand from consumers, industry players place a strong emphasis on diversifying their product offerings through the creation of creative solutions and more affordable goods with better qualities.
Recent Developments:
In March 2023, for MIG/MAG welding, Kemppi unveiled the Master M 205 and Master M 323 portable welding equipment. The newest equipment line is perfect for both enthusiastic hobby welders and industrial welding in shipyards and repair shops. The newest equipment range is perfect for both enthusiastic hobby welders and industrial welding in shipyards and repair shops.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL WELDING PRODUCTS MARKET KEY PLAYERS
- Sandvik AB
- Kiswel, Inc.
- The Lincoln Electric Company
- Obara Corporation
- Hyundai Welding Co., Ltd.
- Illinois Tool Works, Inc.
- Veostalpine AG
- Colfax Corporation
- Tianjin Bridge Welding Materials Co., Ltd.
- Senor Metals Pvt. Ltd.
- Mitco Weld Products Pvt. Ltd.
- Kemppi Oy
- Ador Welding Limited
- Metrode Products Ltd.
GLOBAL WELDING PRODUCTS MARKET, BY PRODUCT
- Flux-Cored Wires
- Solid Wires
- Stick Electrodes
- Saw Wires
- Fluxes
- Others
GLOBAL WELDING PRODUCTS MARKET, BY TECHNOLOGY
- Resistance Welding
- Oxy-Fuel Welding
- Arc Welding
- Laser Beam Welding
- Others
GLOBAL WELDING PRODUCTS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA