Albany, NY -- (SBWIRE) -- 10/12/2018 -- Welding products have extensive applications in numerous industries including marine, manufacturing, automotive, building, and construction. From past few years, demand for welding products is increasing mainly from emerging oil and gas industries. Additionally, continuous technological advancements in welding techniques are driving growth of the global welding products market. A range of customized welding products and equipment are assisting the oil and gas companies in order to meet customer requirement. Moreover, demand for weld pipes for the construction of pipelines is positively influenced. Rapid infrastructural development and technological advancements primarily in the automotive industry are anticipated to boost demand over the forecast period.
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However, usage of welding products may lead to the health and safety issues due to these concerns, regulatory frames including American Welding Society (AWS), the European Union, ECHA, REACH, OSHA, and American National Standards (ANSI) have imposed numerous stringent regulations. These limitations are crimping growth of the global welding products market over the forecast period.
The welding products market was registered at US$19,080.3mn in 2015 and it is anticipated to attain value of US$23,777.5 mn by 2020. Growing demand for resistant welding technology from numerous applications mainly in the automotive industry for maintenance and repair are the key factors propelling the demand for welding products.
Automobile and transportation to Remain Key Application
On the basis of technology, the welding products market is segmented into arc welding, resistance welding, laser beam welding, oxy-fuel welding, and ultrasound welding. Stick electrodes, flux-cored wires, solid wires, saw wires, and fluxes, and gases are consumed more than others. Among these, the stick electrodes accounted from the larger share in the global welding products market in 2016. Presence of end-use industries in developing economies are anticipated to boost the growth of the segment. However, flux-cored wires and solid wires are expected to account for larger share by the end of year and witness faster growth in the global market owing to high performance and cost effectiveness.
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On the basis of application, the welding products market is segmented into building and construction, automobile and transportation, and marine. Among these, the automobile and transportation accounts for a major market share in 2016. The segment is projected to continue its dominance over the forecast period. This growth is attributable to growing demand for welding products and equipment in the field of aerospace, automotive, and railways for manufacture of large structural constituents.
Emerging Economies are Paving Way for Huge Growth
On the basis of region, the global welding products market is segmented into North America, Europe, Asia Pacific, and Rest of the World. Of these, Asia Pacific accounts for the leading share in the market. The market was registered at US$8,663.5 mn and is anticipated to expand with a CAGR of 4.7% over the forecast period from 2014 to 2020. Growth of the Asia Pacific is attributed to demand for arc welding in the numerous industries including building and construction, automobile, and manufacturing. Presence of numerous manufacturing firms across emerging countries including India and China is expected to fuel demand.