Welding Products Market Overview
Welding Products market size is
forecast to reach US$22.2 billion by 2026, after
growing at a CAGR of 6.3% during 2021-2026. Welding
is a process used to join the materials, such as thermoplastics or metals, by
using high temperatures. Resistance
welding is widely preferred in automotive, aerospace and industrial
applications for joining of metals. Oxy fuel
welding is the welding process that uses fuel gases and oxygen to weld or
cut metals. The rapid urbanization along with growing manufacturing sectors in emerging
economies are driving the market growth for welding products during the
forecast period. The growing demand from end-use industries such as automotive,
construction, heavy industries, and manufacturing are driving the market growth
for wielding products. Growing renovation activities in the construction
industry are also supporting the market growth during the forecast period. The growing infrastructure activities in developing
nations such as China, India, Japan, and Australia are also propelling the
market growth during the forecast period. However, the lack of skilled workers
and the environmental impact of welding gases are likely to hamper the market
growth during the forecast period.
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.
Report Coverage
The report: “Welding Products Market – Forecast (2021-2026)”, by IndustryARC,
covers an in-depth analysis of the following segments of the Welding Products
industry.
Key Takeaways
- The Asia Pacific is expected to register the highest CAGR of 7.4% during the forecast period (2021-2026). Rapid urbanization and emerging economies are the major factors driving market growth.
- Constant technological evolution to weld complex and large structures are supporting the market growth during the forecast period.
- The manufacturers are involved in developing advanced welding products for various end-use industries. Investments in research and developments to enhance the capabilities of welding products are supporting the market growth.
Figure: Asia Pacific Welding Products Market Revenue, 2020-2026 (US$ Billion)
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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.
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.
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 worker’s 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
Welding Materials Market – Forecast (2021 - 2026)
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CMR 0684
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LIST OF TABLES
1.Global Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)1.1 Arc Welding Market 2019-2024 ($M) - Global Industry Research
1.2 Resistance Welding Market 2019-2024 ($M) - Global Industry Research
1.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Global Industry Research
1.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
1.4 Laser Beam Welding Market 2019-2024 ($M) - Global Industry Research
2.Global Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
2.1 Stick Electrode Market 2019-2024 ($M) - Global Industry Research
2.2 Solid Wire Market 2019-2024 ($M) - Global Industry Research
2.3 Flux-Cored Wire Market 2019-2024 ($M) - Global Industry Research
2.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
2.4 Saw Wire And Flux Market 2019-2024 ($M) - Global Industry Research
3.Global Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
3.1 Transportation Automobile Market 2019-2024 ($M) - Global Industry Research
3.2 Building Construction Market 2019-2024 ($M) - Global Industry Research
3.3 Marine Market 2019-2024 ($M) - Global Industry Research
4.Global Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 (Volume/Units)
4.1 Arc Welding Market 2019-2024 (Volume/Units) - Global Industry Research
4.2 Resistance Welding Market 2019-2024 (Volume/Units) - Global Industry Research
4.3 Oxy-Fuel Welding Market 2019-2024 (Volume/Units) - Global Industry Research
4.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 (Volume/Units)
4.4 Laser Beam Welding Market 2019-2024 (Volume/Units) - Global Industry Research
5.Global Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 (Volume/Units)
5.1 Stick Electrode Market 2019-2024 (Volume/Units) - Global Industry Research
5.2 Solid Wire Market 2019-2024 (Volume/Units) - Global Industry Research
5.3 Flux-Cored Wire Market 2019-2024 (Volume/Units) - Global Industry Research
5.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 (Volume/Units)
5.4 Saw Wire And Flux Market 2019-2024 (Volume/Units) - Global Industry Research
6.Global Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 (Volume/Units)
6.1 Transportation Automobile Market 2019-2024 (Volume/Units) - Global Industry Research
6.2 Building Construction Market 2019-2024 (Volume/Units) - Global Industry Research
6.3 Marine Market 2019-2024 (Volume/Units) - Global Industry Research
7.North America Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)
7.1 Arc Welding Market 2019-2024 ($M) - Regional Industry Research
7.2 Resistance Welding Market 2019-2024 ($M) - Regional Industry Research
7.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Regional Industry Research
7.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
7.4 Laser Beam Welding Market 2019-2024 ($M) - Regional Industry Research
8.North America Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
8.1 Stick Electrode Market 2019-2024 ($M) - Regional Industry Research
8.2 Solid Wire Market 2019-2024 ($M) - Regional Industry Research
8.3 Flux-Cored Wire Market 2019-2024 ($M) - Regional Industry Research
8.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
8.4 Saw Wire And Flux Market 2019-2024 ($M) - Regional Industry Research
9.North America Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
9.1 Transportation Automobile Market 2019-2024 ($M) - Regional Industry Research
9.2 Building Construction Market 2019-2024 ($M) - Regional Industry Research
9.3 Marine Market 2019-2024 ($M) - Regional Industry Research
10.South America Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)
10.1 Arc Welding Market 2019-2024 ($M) - Regional Industry Research
10.2 Resistance Welding Market 2019-2024 ($M) - Regional Industry Research
10.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Regional Industry Research
10.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
10.4 Laser Beam Welding Market 2019-2024 ($M) - Regional Industry Research
11.South America Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
11.1 Stick Electrode Market 2019-2024 ($M) - Regional Industry Research
11.2 Solid Wire Market 2019-2024 ($M) - Regional Industry Research
11.3 Flux-Cored Wire Market 2019-2024 ($M) - Regional Industry Research
11.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
11.4 Saw Wire And Flux Market 2019-2024 ($M) - Regional Industry Research
12.South America Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
12.1 Transportation Automobile Market 2019-2024 ($M) - Regional Industry Research
12.2 Building Construction Market 2019-2024 ($M) - Regional Industry Research
12.3 Marine Market 2019-2024 ($M) - Regional Industry Research
13.Europe Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)
13.1 Arc Welding Market 2019-2024 ($M) - Regional Industry Research
13.2 Resistance Welding Market 2019-2024 ($M) - Regional Industry Research
13.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Regional Industry Research
13.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
13.4 Laser Beam Welding Market 2019-2024 ($M) - Regional Industry Research
14.Europe Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
14.1 Stick Electrode Market 2019-2024 ($M) - Regional Industry Research
14.2 Solid Wire Market 2019-2024 ($M) - Regional Industry Research
14.3 Flux-Cored Wire Market 2019-2024 ($M) - Regional Industry Research
14.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
14.4 Saw Wire And Flux Market 2019-2024 ($M) - Regional Industry Research
15.Europe Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
15.1 Transportation Automobile Market 2019-2024 ($M) - Regional Industry Research
15.2 Building Construction Market 2019-2024 ($M) - Regional Industry Research
15.3 Marine Market 2019-2024 ($M) - Regional Industry Research
16.APAC Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)
16.1 Arc Welding Market 2019-2024 ($M) - Regional Industry Research
16.2 Resistance Welding Market 2019-2024 ($M) - Regional Industry Research
16.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Regional Industry Research
16.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
16.4 Laser Beam Welding Market 2019-2024 ($M) - Regional Industry Research
17.APAC Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
17.1 Stick Electrode Market 2019-2024 ($M) - Regional Industry Research
17.2 Solid Wire Market 2019-2024 ($M) - Regional Industry Research
17.3 Flux-Cored Wire Market 2019-2024 ($M) - Regional Industry Research
17.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
17.4 Saw Wire And Flux Market 2019-2024 ($M) - Regional Industry Research
18.APAC Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
18.1 Transportation Automobile Market 2019-2024 ($M) - Regional Industry Research
18.2 Building Construction Market 2019-2024 ($M) - Regional Industry Research
18.3 Marine Market 2019-2024 ($M) - Regional Industry Research
19.MENA Welding Product Market:Technology Estimate Trend Analysis Market 2019-2024 ($M)
19.1 Arc Welding Market 2019-2024 ($M) - Regional Industry Research
19.2 Resistance Welding Market 2019-2024 ($M) - Regional Industry Research
19.3 Oxy-Fuel Welding Market 2019-2024 ($M) - Regional Industry Research
19.3.1 Estimate And Forecast In Oxy-Fuel Welding Market 2019-2024 ($M)
19.4 Laser Beam Welding Market 2019-2024 ($M) - Regional Industry Research
20.MENA Welding Product Market:Product Estimate Trend Analysis Market 2019-2024 ($M)
20.1 Stick Electrode Market 2019-2024 ($M) - Regional Industry Research
20.2 Solid Wire Market 2019-2024 ($M) - Regional Industry Research
20.3 Flux-Cored Wire Market 2019-2024 ($M) - Regional Industry Research
20.3.1 Estimate And Forecast In Flux-Cored Wire Market 2019-2024 ($M)
20.4 Saw Wire And Flux Market 2019-2024 ($M) - Regional Industry Research
21.MENA Welding Product Market:Application Estimate Trend Analysis Market 2019-2024 ($M)
21.1 Transportation Automobile Market 2019-2024 ($M) - Regional Industry Research
21.2 Building Construction Market 2019-2024 ($M) - Regional Industry Research
21.3 Marine Market 2019-2024 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Welding Products Market Revenue, 2019-2024 ($M)2.Canada Welding Products Market Revenue, 2019-2024 ($M)
3.Mexico Welding Products Market Revenue, 2019-2024 ($M)
4.Brazil Welding Products Market Revenue, 2019-2024 ($M)
5.Argentina Welding Products Market Revenue, 2019-2024 ($M)
6.Peru Welding Products Market Revenue, 2019-2024 ($M)
7.Colombia Welding Products Market Revenue, 2019-2024 ($M)
8.Chile Welding Products Market Revenue, 2019-2024 ($M)
9.Rest of South America Welding Products Market Revenue, 2019-2024 ($M)
10.UK Welding Products Market Revenue, 2019-2024 ($M)
11.Germany Welding Products Market Revenue, 2019-2024 ($M)
12.France Welding Products Market Revenue, 2019-2024 ($M)
13.Italy Welding Products Market Revenue, 2019-2024 ($M)
14.Spain Welding Products Market Revenue, 2019-2024 ($M)
15.Rest of Europe Welding Products Market Revenue, 2019-2024 ($M)
16.China Welding Products Market Revenue, 2019-2024 ($M)
17.India Welding Products Market Revenue, 2019-2024 ($M)
18.Japan Welding Products Market Revenue, 2019-2024 ($M)
19.South Korea Welding Products Market Revenue, 2019-2024 ($M)
20.South Africa Welding Products Market Revenue, 2019-2024 ($M)
21.North America Welding Products By Application
22.South America Welding Products By Application
23.Europe Welding Products By Application
24.APAC Welding Products By Application
25.MENA Welding Products By Application
26.Colfax Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Voestalpine Ag, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.Air Liquide, Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.The Lincoln Electric Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Illinois Tool Work Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Hyundai Welding Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.Sandvik Ab, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.Obara Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Kiswel Inc, Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Panasonic Welding System Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Denyo Co , Ltd, Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Kemppi Oy, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Arcon Welding Equipment, Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Fronius International Gmbh, Sales /Revenue, 2015-2018 ($Mn/$Bn)