The global welding products market size is expected to reach USD 23.51 billion by 2027, expanding at a revenue-based CAGR of 6.2% during the forecast period, according to a new report by Grand View Research, Inc. Rapid industrialization and growing investments in infrastructural developments in major economies such as U.S., U.K., China, India, and Brazil are the factors anticipated to propel the market growth.
Welding products offer design flexibility, ease of construction modification, and aid in reducing the overall weight of building structures. This promotes the use of welding products in the construction of buildings, pipelines, bridges, and other engineering work for infrastructure development.
Rapid urbanization and increasing disposable income of the population is anticipated to promote the expansion of construction industry across the globe. Welding provides strong joining of heavy products crucial to the structural integrity of buildings in the construction industry. This is anticipated to propel the market growth over the forecast period.
The welding products market is fragmented in nature with the presence of a number of global and regional players. Several manufacturers have integrated themselves across the value chain on account of increasing opportunities and moderate growth. This helps them grab a higher market share.
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Further key findings from the report suggest:
The arc welding technology segment accounted for USD 5.37 billion in 2019 and is projected to witness strong growth over the forecast period, owing to the characteristics of this technology, such as flexibility and the ability to perform under any conditions
The flux-cored wires segment is projected to expand at a CAGR of 7.4% from 2020 to 2027, on account of rising demand from construction and shipbuilding applications
The automotive and transportation application segment is anticipated to reach USD 9.02 billion as the complete manufacturing of automotive components, such as exhaust systems and car bodies requires the use of welding process
Asia Pacific is expected to exhibit the highest growth over the forecast period and is expected to account for USD 10.52 billion by 2027 owing to the robust growth of construction and automotive industries in the region
The China welding products market accounted for USD 2.06 billion and is projected to expand at a CAGR of 7.5% from 2020 to 2027 due to the increasing government support to promote investments in manufacturing sectors
Grand View Research has segmented the global welding products market on the basis of technology, product, application, and region:
Welding Products Technology Outlook (Revenue, USD Million, 2016 - 2027)
Laser Beam Welding
Welding Product Outlook (Revenue, USD Million, 2016 - 2027)
Saw Wires and Fluxes
Welding Products Application Outlook (Revenue, USD Million, 2016 - 2027)
Automotive & Transportation
Building & Construction
Welding Products Regional Outlook (Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
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