Albany, NY -- (SBWIRE) -- 05/10/2017 -- The global welding products industry has been witnessing robust growth over the past few years, mainly driven by continuous technological advancements in welding techniques. Welding products find extensive demand from a range of industries such as manufacturing, marine, automotive, building and construction, and offshore. In recent years, welding products have been experiencing surging demand across the oil and gas industry for revamping of pipelines. A slew of customized welding products and equipment are in the market to help oil and gas companies meet various customer requirements and global standards. In addition, the demand for weld pipes for the construction of new pipelines will positively affect the market. Furthermore, the only joining method used in various underwater application is welding, which also significantly stimulated the demand for welding equipment and consumable in these applications.

The market for welding products was valued at US$19,080.3mn in 2015 and is projected to attain a size of US$23,777.5mn by 2020. The growing prominence of resistant welding technology and the many applications in the automotive industry for maintenance and repair are the key factors propelling the demand for welding products.

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Asia Pacific Market to Provide Ample Opportunities for Companies to Capitalize on

Based on geography, the global welding products market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, Asia Pacific leads the market. In terms of revenue, the estimated valuation of this regional market was US$8,663.5mn and is expected to expand at a CAGR of 4.7% from 2014 to 2020. The growth of the Asia Pacific market is attributed to the substantial demand for arc welding in industries such as automobile, building and construction, and manufacturing. A large presence of manufacturing firms in emerging nations such as India and China is further expected to fuel the demand. The Asia Pacific market is trailed by the Europe and North America markets. However, in the coming years, these regional markets are expected to grow at a slow pace, mainly due to the lack of skilled labor.

Automobile and Transportation Industry to Offer Lucrative Market Avenues

Based on technology, the welding products market is segmented into resistance welding, arc welding, oxy-fuel welding, laser beam welding, and ultrasound welding. The major consumables used in welding equipment are stick electrodes, solid wires, flux-cored wires, saw wires and fluxes, and gases. Among these, the stick electrodes segment held a significant market share in 2016. The large presence of end-use industries in emerging markets accounts for a substantial uptake of this segment. However, over the forecast period the segment is expected to lose its market share to flux-cored wires and solid wires welding consumable segments, attributed to the high performance and cost-effectiveness of the latter.

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The market for flux-cored wires will rise at a CAGR of 4.9% from 2014 to 2020. Growing awareness about the advantages of flux-cored such as self-shielding property in various end-use industries will boost the market.

Based on application, the welding products market is segmented mainly into automobile and transportation, building and construction, and marine. Of these, the automobile and transportation segment held a major market share in 2016 with the estimated revenue valuation of US$3,474.0mn. The segment is anticipated to maintain its lead throughout the forecast period. The impressive growth of the segment is due to the substantial demand for welding products and equipment in areas such as automotive, aerospace, and railways to manufacture various large structural components.

Some of the major players operating in the welding products market are ESAB, Fronius International GmbH, Illinois Tool Works Inc., Lincoln Electric, Amada Miyachi America, Inc., Arcon Welding Equipment, LLC, Obara Corporation, and DAIHEN Corporation.