Welding Products Market Size, Share & Trends Report

Welding Products Market Size, Share & Trends Analysis Report By Technology, By Product (Stick Electrodes, Solid Wires, Flux-cored Wires), By End-use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-2-68038-856-5
  • Number of Report Pages: 198
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2022 - 2030 
  • Industry: Advanced Materials

Research Methodology

A three-pronged approach was followed for deducing the welding products market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for welding products market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of welding products market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Welding Products Market Categorization:

The welding products market was categorized into four segments, namely technology (Arc Welding, Resistance Welding, Oxy-fuel Welding, Laser Beam Welding), product (Stick Electrodes, Solid Wires, Flux-cored Wires, Saw Wires And Fluxes), end-use (Automotive & Transportation, Building & Construction, Marine, Repair & Maintenance), and region (North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa).

Segment Market Methodology:

The welding products market was segmented into technology, product, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The welding products market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into seventeen countries, namely, the U.S.; Canada; Mexico; the UK; Germany; France; Italy, Netherlands, China; Japan; India; Australia; Indonesia, Brazil; Argentina, Saudi Arabia; South Africa.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Welding products market companies & financials:

The welding products market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Colfax Corporation - Colfax Corporation was established in 1995 and is headquartered in Maryland, the U.S. The company is engaged in providing services such as fuel handling, welding equipment & fillers, precision air & gas handling equipment, and medical devices for various application segments. It operates through business units and subsidiaries such as DJO, ESAB, and Howden. It operates in Mexico with its subsidiary CenterLine México S. de R.L. de C.V.

  • Veostalpine AG - Voestalpine AG was established in 1993 and is headquartered in Linz, Austria. The company is engaged in the production and sales of steel and related products. It operates its business through four divisions including steel, high-performance metals, metal engineering, and metal forming. The company provides its products & services to automotive, oil & gas, railway, building & construction, energy, and aviation applications across the globe.

  • The Lincoln Electric Company - The Lincoln Electric Company was founded in 1895 and is headquartered in Ohio, the U.S. The company is engaged in manufacturing various welding products including robotic welding packages, wire feeding systems, arc welding power sources, engine driven welders, automated welding systems, consumable electrodes & fluxes, fume extraction equipment, and others. The company offers its products to both domestic and international markets through distributors, and retailers, to end-users.

  •  Illinois Tool Works, Inc. - Illinois Tool Works, Inc. was founded in 1912 and is headquartered in Illinois, U.S. The company is engaged in the manufacturing and supply of various end-use products, including electronics, test & measurement, construction products, food equipment, welding, and polymers & fluids. It operates its business through seven segments: automotive OEM, test & measurement and electronics, polymers & fluids, welding, construction products, specialty products, and food equipment. Under the welding segment, the company manufactures welding equipment, consumables, and accessories for a wide range of industrial and commercial applications. This segment primarily serves the general industrial market, shipbuilding, construction, automotive OEM, and fabrication.

  • Hyundai Welding Co., Ltd. - Hyundai Welding Co., Ltd. was founded in 1975 and is headquartered in Seoul, South Korea. The company is engaged in the manufacturing, wholesaling, and retailing of welding products and consumables. It has operations worldwide, including Africa, the Middle East, Europe, Asia Pacific, South America, and North America with manufacturing facilities located in 18 major countries that served the customers in more than 80 countries across the globe.

  • Obara Corporation - Obara Corporation was established in 1955 and is headquartered in Yamanashi, Japan. The company is engaged in the production and distribution of welding and cutting materials and related products. The company offers products such as resistance welder, arc welder, and laser. With global resources for welding equipment, R&D, and manufacturing, the company caters to various application segments such as engineering, training, repair, and machining.

  • Sandvik AB - Sandvik AB was founded in 1862 and is headquartered in Stockholm, Sweden. The company has segregated its operations into machine solutions, mining, material technology, construction, and venture & corporate. The company emphasizes on the R&D, production, and sales of welding products such as rods and wires, strip electrodes, and fluxes. It caters to a number of application areas such as aerospace, automotive, consumer goods, mining, oil & gas, nuclear power generation, renewable energy, and construction. In 2016, the company allocated USD 0.37 billion for investment and R&D and registered approximately 7,900 active patents.

  • Kiswel, Inc. - Kiswel Inc. was founded in 1969 and is headquartered in Kentucky, U.S. The company has a large product offering of advanced welding materials including flux cored wires, stick electrodes, arc welding wires, stainless & high alloy steel, metal cord wires, induction & heating spring wires and various other products.

  • Kemppi Oy - Kemppi Oy was established in 1949 and is headquartered in Lahti, Finland. The company is engaged in the manufacturing of industrial applications and ready-to-weld needs including welding equipment, software, and expert services pertaining to welding technology. It offers its services to various end-use industries such as shipyard and offshore industry, construction, pipeline, automotive & transportation, and machine manufacturing.

  • Tianjin Bridge Welding Materials Co., Ltd. -Tianjin Bridge Welding Materials Co., Ltd. was established in 1957 and is headquartered in Tianjin, China. The company is engaged in the manufacturing and distribution of welding products for various welding processes. It included products such as welding electrode, solid wire of different materials (carbon steel, stainless steel, nickel, copper, and other alloys), flux-cored wire, and flux. 

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Welding Products Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2023, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Welding Products Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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