According to the report, global welding products market was valued at USD 20.67 billion in 2016 and is expected to reach USD 32.63 billion in 2022, growing at a CAGR of 7.5% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 06/19/2017 -- Zion Market Research has published a new report titled "Welding Products Market (SAW Wires and Fluxes, Solid Wires, Flux-cored Wires, Stick Electrodes,) Market for Building & Construction, Automobile & Transportation, Marine, Offshore and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 – 2022." According to the report, global welding products market was valued at USD 20.67 billion in 2016 and is expected to reach USD 32.63 billion in 2022, growing at a CAGR of 7.5% between 2017 and 2022.
Welding is used to joining two or more metals or thermoplastics permanently with help of coalescence. Many energy sources are used for weldings such as molten metal baths, electric arcs, gas flames, electric resistance, friction, lasers, and ultrasound. There are solid states welding processes like friction welding or shielded active gas welding which is widely applied because in these processes metal does not melt. Welding products are used in various end-user industries like marine, building & contractions, automobile, offshore and others.
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The global rise in demand from rising end-use industries like infrastructure, automobile & transportation especially in emerging regions of Asia Pacific is likely to remain a key driving factor for welding product market growth. Increasing welding equipment and requirement of consumers due to rise in welded steel demand in building & construction industry may boost up the market in the upcoming period. Also, new transportation development projects in Asia Pacific are estimated to complement market growth. However, skilled labor shortage in manufacturing industries along with high labor cost is expected to hamper the global welding product market. Technological advancements and innovations in welding technology so as to develop techniques for major application area is expected to create better opportunities for the industry over the forecast period.
Welding product market on the basis of the product is segmented into; flux cored wires, SAW wires, and fluxes, stick electrode, solid wires and others. By technology, it is divided into processes like oxyfuel welding, laser beam welding, arc welding, resistance welding and others. In welding technologies, the arc welding technology accounted for over 48%of total shares of the market. By application, the market is segmented into marine, building & construction, automobile and transportation and others, amongst which automobile & transportation segment dominating and is likely to expand at a CAGR of 8% in upcoming period while the building & construction segment is expected to record the fastest CAGR of 6.9% in terms of value over the forecast period.
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On the basis of region, the market is segmented into Asia-Pacific Region, Western Europe, Eastern Europe, North America, Japan and Middle East Africa. Asia Pacific is leading the global welding product market owing to the presence of large end-user industries.
Key vendors in welding product market are Fronius International GmbH, Sonics & Materials Inc., Arcon Welding, ROFIN-SINAR Technologies Inc, DAIHEN Corporation, Basiloid Products Corp., Miyachi America Corporation, Obara Corporation Vinyl Technology, Inc. and Blue Grass Manufacturing Co., Inc. among others.
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