Pune, India -- (SBWIRE) -- 07/19/2017 -- Market Highlights
Market Research Future published a Half Cooked Research Report on Global Welding Materials Market. The Global Welding Materials Market is expected to grow over the CAGR of around 5% during the period 2016 to 2022.
Welding is a process of joining metals by causing fusion. It is a very cost effective process, which finds its application in industries such as transportation, construction, oil & gas and power. The growth of the welding industry is highly dependent on the consumption of steel in various end-use industries. The welding technology comprises of welding materials and welding services. The welding materials accounts for a significant share in the welding industry.
The Global Welding Materials Market is driven by the growth in transportation, manufacturing, and building & construction industries. The transportation industry is the largest consumer of such material due to its usage in automobile industry. The automobile industry has a matured market in North America and Europe which is expected to grow steadily over the forecasted period. The market is driven by the demand from APAC region. The transportation & automobile industries have lot of scope for growth in the region due to rapid urbanization and increasing disposable income. This augments the demand for welding materials across all the processes of automobile and parts manufacturing.
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Furthermore, the cost effectiveness of the welding materials is driving the growth of the market. Many players are now expanding their portfolio by adding different welding material types such as flux & wires and gases in order to serve the various industries better. Flux & wires show properties such as high deposition rate and strong welds which is highly suitable for outdoor work.
The region of APAC has witnessed a remarkable growth in the Welding Materials market due to high demands from the lands of China and India. The increased investments in India in both automobile and construction industry have widened the scope for welding materials. Also, APAC is currently valued as the largest and fastest growing market for this material and is expected to keep up the pace by 2022. The global welding materials market is expected to cross USD 16 Billion mark at the end of the forecasted period and is expected to show a staggering growth at CAGR of approximately 5% from 2016 to 2022.
The key players of global welding materials market report include- Air Products and Chemicals Inc., Illinois Tools Works Inc., Sandvik AB, Praxair Incorporated, Air Liquide S.A., Colfax Corporation, The Linde Group, Lincoln Electric Holdings, Inc., and Tianjin Bridge Welding Materials Group Co., Ltd.
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Scope of the Report:
This study provides an overview of the global Welding Materials industry, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global welding materials market as type and application. On the basis of type it is segmented as electrode, flux & wires, gases, and others. On the basis of application it is segmented as construction, transportation, oil & gas, power, and others.
Market Research Analysis:
The market is highly application based. Its dependency on the end-use industry has widened over a period of time. The material is used extensively in all the processes which consume steel. It is expected that the global Welding Materials market will advance with higher growth rate as compared to previous years. However the current challenge for the market is unavailability of raw materials and emerging competition from APAC. Based on type, Electrode leads the market due to its cost effectiveness. These are designed to be used in mild alloy steel applications. This is the reason why they dominate the market share both by value and volume.
On the basis of application, Transportation drives the maximum share. The share is attributed to the automobile sector. Welding technology is used across almost all the stages of an automobile and parts manufacturing such as engines, transmission components and fuel injectors.
On the basis of region, APAC takes the lead as the largest as well as fastest growing market, followed by North America. APAC's share comes from the rapid growth of both automobile and construction industries which are highly invested and technology driven sectors in the region.
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