ALBANY, N.Y., Oct. 14, 2020 /PRNewswire/ -- Welding products have evolved greatly over the years and are expected to evolve at a rapid rate in the near future too. Hence, based on this factor, the welding products market may gain good growth across the forecast period of 2019-2027.
The researchers at Transparency Market Research (TMR), after a thorough analysis of all the factors, have predicted the global welding products market to expand at a CAGR of ~5 percent between 2019 and 2027. The global welding products market was valued at ~US$ 21.8 bn in 2018.
Novel advancements in welding technologies such as resistance welding, arc welding, oxy-fuel welding, ultrasound welding, and laser beam welding are assisting the welding products market to garner considerable growth. Furthermore, rapid construction and infrastructure developments across the Middle East and Africa and Asia Pacific may act as growth generators.
The oil industry is in constant demand for constructing new pipelines and upgrading the current infrastructure. Therefore, this prospect may serve as a great growth accelerator for the welding products market through the forecast period of 2019-2027.
The ubiquitous applications of welding products across the massive automobile industry may serve as a vital growth prospect for the growth of the welding products market
The rising sales of electric and hybrid vehicles may further attract humungous growth for the welding products market during the assessment period
The shipbuilding industry may also garner good growth opportunities for the welding products market across the forecast period of 2019-2027
Large-scale investments in research and development activities are serving as a head start to create innovative technologies that offer seamless convenience to the end-user
The strengthening network of railways across numerous countries is also generating exponential growth for the welding products market as they are used in the construction of railway tracks
The global welding products market may incur losses in growth due to expensive labor. This aspect is eventually leading to a rise in the production cost and is hampering the growth of the welding products market largely. However, technological advancements are providing ideal solutions for overcoming such problems. The development of robotic or automatic welding machines may help in reviving the growth of the welding products market.
In addition, the COVID-19 outbreak has affected the welding products market negatively. Nevertheless, the lockdown restrictions imposed due to the COVID-19 pandemic are being relaxed to revive the economy.
Welding Consumables Market - The U.S. Welding Consumables market was valued at US$ 2.8 Bn in 2018 and is anticipated to expand at a CAGR of 4.8% during the forecast period. The welding consumables market is driven by the increase in demand for building & construction across the U.S. Among the different product types, flux-cored wires is anticipated to be a key segment in the U.S. welding consumables market.
Welding Equipment Market - In terms of technology, the welding equipment market can be classified into arc welding, resistance welding, oxy-fuel welding, laser beam welding, and others. The arc welding segment dominated the market for welding equipment in 2017 and is expected to gain maximum traction during the forecast period. Arc welding is the most preferred technology in the manufacture of pipelines, offshore structures, and other process equipment. Arc welding technology is widely applied for chassis parts, owing to ease of continuous joining and high strength and rigidity of joints that the technology provides. Advanced arc welding technologies are also being introduced to improve productivity and efficiency. The increasing trend of reduction in the weight of car bodies is driving the demand for advanced arc welding technologies.
Aluminum Wire Welding Market - Use of robots in welding procedures and automation of welding processes is further estimated to propel the expansion of the market. There are several benefits of automating a factory with welding robots to make the process of welding faster, consistent, and with no break in production. Moreover, the usage of welding robots is anticipated to cut down the cost of labor and reduce the incidence of accidents, thereby increasing production. Therefore, these factor are likely to create conducive opportunities for the aluminum wire welding market.
Welding Materials Market - The global welding materials market is growing on account of the thriving growth of application segments such as transportation, building and construction, marine, and automobiles. The growing urbanization in developing nations will drive the growth of this market. The increasing infrastructure development in Asia Pacific will also fuel the growth of the welding materials market. The technological advancements in the automobile industry will also aid the growth of this market. The automotive industry makes use of welding materials in various processes, including the manufacturing of the high quality, light-weight, and fuel efficient components.
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