Global welding products market is expected to reach USD 32.63 billion in 2022, growing at a CAGR of 7.5% between 2017 and 2022
Sarasota, FL -- (SBWIRE) -- 02/13/2017 -- Global Welding Products Market Set for Rapid Growth, to Reach around USD 32.63 Billion by 2022: Zion Market Research
Zion Market Research (www.zionmarketresearch.com) has published a new report titled "Welding Products Market (SAW Wires & 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 demand for welding products 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 6.2% between 2017 and 2022.
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Welding is a fabrication process which joins materials especially metals or thermoplastics, by causing fusion which is different from low temperature metal joining techniques like brazing and soldering which does not melt the base metal. Different energy sources used for welding include electric resistance, lasers, friction, electric arcs, molten metal baths, and ultrasound.
Asia Pacific dominated the global welding products market in 2016 due to the presence of large end-use industries in the region. Growing oil and gas exploration activities are likely to drive market growth in Asia Pacific. Increase in number of vehicles due to expanding population is expected to drive welding process demand in upcoming period.
Europe was the second largest market for welding products in the year 2016. The region is been losing its market share to emerging regions like Asia Pacific, especially to countries like India and China. One of the reasons for sluggish market of welding products market in Europe is shortage of skilled labors in the welding industry.
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North America is projected to witness moderate growth owing to high cost of labor. Nevertheless, advancing technologies are likely to decrease the impact of this restraint. Latin America is expected to witness growth for welding products market owing to high demand for building & construction as well as automobile & transportation industry.
Latin America and Middle East & Africa are likely to experience substantial growth in welding products market over the forecast period. Furthermore, Middle East & Africa is growing due to rising automotive industry demand which in turn expands the market for welding products. Easy availability of raw material required in transportation industry may serve as a factor which may boost up the automobile & transportation segment. Moreover, it is anticipated that building & construction sector will trigger the welding products market owing to growing urbanization. Thus, it is expected that construction and automotive industry will experience prominent growth in the forecast period which is likely to boost the growth of the welding products market in the coming years.
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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The report segments the market as follows:
Welding Products Market: Product Analysis
- SAW wires & fluxes
- Solid wires
- Flux-cored wires
- Stick electrodes
Welding Products Market: Technology Analysis
- Oxy-fuel welding
- Arc welding
- Resistant welding
- Laser beam welding
- Others (ultrasound welding, etc.)
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Welding Products Market: Application Analysis
- Building & Construction
- Automobiles & Transportation
Welding Products Market: Region Analysis
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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