Welding Products Market Size, Share & Trends Analysis Report By Technology (Arc, Resistance, Oxy-Fuel, Laser Beam), By Product (Stick Electrode, Solid Wire), By End Use, By Region, And Segment Forecasts, 2019 - 2025

Industry Insights

The global welding products market size was estimated at USD 13.27 billion in 2017, projected to expand at a CAGR of 5.6% from 2017 to 2025. These products find widespread application in industries such as aviation and marine, oil and gas, metals and materials, automotive, and construction and development. Robust growth in the building and construction industry all over the world is likely to propel growth in the upcoming years.In addition, increasing demand for advanced welding technology from automotive industry is anticipated to further drive the market over the forecast period.

U.S. being the largest contributor in North America, is also expected to positively influence growth owing to increasing demand from building and construction sector. Rapid industrialization and infrastructure development in major economies such as U.S., China, India, Australia, and Singapore have driven growth in the past few years.

Strong domestic demand and economic expansions are projected to boost the production of vehicles in the coming years, which, in turn, is anticipated to fuel the demand for welding products. North America market is projected to move ahead at a CAGR of 5.4% from 2017 to 2025. Furthermore, major in lined infrastructure projects in this region are expected to augment the product demand over the forecast period.

There has been a recent shift in consumer inclination from manual welding to automated procedures and this can act as a major restraint to demand. Preference for advanced mechanized processes can be attributed to the host of benefits they offer, including speedier work, reduced labor cost, and greater efficiency. Introduction of welding robots is one such trend that has made its presence felt in various production industries. Nevertheless, surge in industrial activities across emerging and developing economies will continue to offer players consistent opportunities to grow.

Technology Insights

Arc welding held the largest market in 2017 and is projected to continue leading the technology segment over the forecast period.Arc welding helps join two metals by using electricity as the energy source to create an electric arc between the electrode and the base material. It can weld a large number of metals in a wide range of thicknesses with good flexibility. With regard to its application in building and construction industry, arc welding can be employed in almost all places and various operating conditions.

Resistance welding mainly finds application in automotive industry for various processes, namely, spot, projection, and seam welding. These three types of processes are employed on account of their beneficial characteristics, such as stability, low environmental impact, and cost efficiency among others.Resistance welding technology is projected to witness a CAGR of 5.7% from 2017 to 2025.

Product Insights

Stick electrode is anticipated to continue providing substantial growth opportunities over the forecast period. Stick electrodes are widely employed in arc welding owing to their high corrosion resistance, high tensile strength, and ductility. The product is extensively consumed for welding of components in large application areas, such as pipelines, shipyards, and pressure vessels among others.

The flexibility and ruggedness of solid wires are the properties that increase their utility in application areas, such as house electrical wiring and breadboards that require flexible wires. The global solid wires market is projected to ascend at a CAGR of 5.1% from 2017 to 2025 in terms of revenue.

End-use Insights

Welding products are extensively utilized in the construction of various structures such as bridges and buildings. They are also used for steel fabrication and other procedures. Continuous innovation in welding technologies to weld complex and large structures in construction industry is anticipated to fuel the market growth. Different technologies are used for different applications depending on the choice of material and welding environment. Rapid urbanization is the crucial factor boosting the growth of the welding products market.

Rising demand from automotive and transportation for welding of automotive components and vehicle bodies is projected to boost the global market. This application segment is expected to progress at a CAGR of 6.2% from 2017 to 2025.

Regional Insights

Asia Pacific is expected to witness rapid growth on account of high demand from various end-use industries in major economies, such as China, India, and Japan. This is expected to be a major growth driver over the forecast period. The region accounted for the market share of 41.21% in 2017.

Asia Pacific is expected to emerge as the fastest-growing region over the forecast period owing to rising demand from automobile industry for welding automotive components and vehicle bodies. Furthermore, growing product demand from construction industry for use in the welding process of building, residential, and commercial fabrication, is also expected to boost the regional growth in the forthcoming years. Presence of major automotive manufacturers in Asia Pacific is expected to be the key growth driver in near future.

Welding Products Market Share Insights

The market is fragmented in nature and is marked by the presence of a large number of global and regional players. Colfax Corporation; Hyundai Welding Co., Ltd.; The Lincoln Electric Company; Voestalpine AG; Denyo Co., Ltd.; Illinois Tool Works, Inc.; Air Liquide; Obara Corporation; and Sandvik AB are some of the key players engaged in R & D and manufacturing high-quality and cost effective products.

Key players are integrated across the value chain, as a result, market entry for new participants is slightly difficult as the market grows. The companies are focusing on R & D activities for new product development and innovations, which would earn them a competitive edge over the forecast period. Furthermore, customized product offerings based on client specifications is an evolving trend observed in the market.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global welding products market report on the basis of technology, product, end use, and region:

• Technology Outlook (Revenue, USD Million, 2014 - 2025)

  • Arc

  • Resistance

  • Oxy-Fuel

  • Laser Beam

  • Others

• Product Outlook (Revenue, USD Million, 2014 - 2025)

  • Stick Electrodes

  • Solid Wires

  • Flux-Cored Wires

  • Saw Wires and Fluxes

  • Others

• End-use Outlook (Revenue, USD Million, 2014 - 2025)

  • Transportation & Automobiles

  • Building & Construction

  • Marine

  • Others

• Regional Outlook (Revenue, USD Million, 2014 - 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • Singapore

    • Thailand

    • Malaysia

    • Philippines

    • Australia

    • Vietnam

  • Central & South America

    • Brazil

  • Middle East & Africa