Welding Products Market Size Analysis Report By Technology (Arc, Resistance), By Product (Stick Electrodes, Solid Wires), By Application (Construction, Automotive & Transportation), And Segment Forecasts, 2019 - 2025

Industry Insights

The global welding products market size was estimated at USD 13.27 billion in 2018, projected to expand at a CAGR of 5.7% from 2019 to 2025. Robust growth in the building and construction industry is likely to propel the growth.In addition, increasing demand for advanced welding technology from automotive industry is anticipated to drive the product demand.

U.S.; being the largest contributor in North America, is also expected to drive the market 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 the market over the past few years.

Strong domestic demand and economic expansion are projected to boost the production of vehicles in the forthcoming 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 are expected to augment the regional product demand over the forecast period.

Over the next few years, China is projected to lead the construction industry in Asia Pacific on account of growing infrastructural development. Although the market size of the Indian construction industry is smaller, it is expected to grow at a faster pace as compared to China owing to the presence of various government initiatives such as Make in India coupled with rising spending on infrastructural development.

Technology Insights

Arc welding accounted for the largest market share in 2017 and is projected to continue the dominance 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 such as spot, projection, and seam welding. These three processes are employed on account of their beneficial characteristics including stability, low environmental impact, and cost efficiency among others.Resistance welding technology was valued at USD 3.62 billion in 2017 and is projected to propel at a CAGR of 5.7% from 2017 to 2025.

Product Insights

Stick electrode product will continue to provide substantial market opportunities over the forecast period. Stick electrodes are widely employed in arc welding owing to their beneficial properties such as corrosion resistance, high tensile strength, and ductility. Stick electrodes are extensively consumed for the 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.

Application Insights

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

Rising demand from automotive and transportation sector for the welding of automotive components and vehicle bodies is projected to boost the market growth. 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 increasing demand from various end use industries in major economies such as China, India, and Japan. This is expected to be a major factor for growth over the forecast period. This market accounted for the market share of 41.21% in 2017.

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

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 of high-quality and cost effective products.

The key market players are integrated across the value chain owing to which, market entry for new participants is slightly difficult as the market grows. The players focusing on R&D activities for new product development and innovations, which would earn them a competitive edge over the competitors. Furthermore, customized product offerings based on client specifications is an evolving trend 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, application, and region:

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

  • Arc Welding

  • Resistance Welding

  • Oxy-Fuel Welding

  • Laser Beam Welding

  • Others

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

  • Stick Electrodes

  • Solid Wires

  • Flux-Cored Wires

  • Saw Wires and Fluxes

  • Others

• Application 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