The global welding products market is projected to reach a market size of USD 19.7 billion by 2025, according to a new report by Grand View Research, Inc. The market is projected to experience significant growth over the forecast period owing to rising demand from the Asia Pacific region.
Welding products are consumed in various applications such as construction and building, transportation and automotive, marine, oil and gas, and others. Increasing investments in infrastructure development, especially in emerging economies, such as China and India, are fueling the demand for advanced technology, which in turn is leading to the growth of the market. Asia Pacific is expected to witness higher growth rates owing to rising demand from the automotive sector in these countries coupled with increased awareness pertaining to high- quality automotive components.
Building & construction industry dominated the market globally. The other key applications include transportation & automotive, marine, and others.
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Further key findings from the report suggest:
Globally, automotive application segment is projected to experience significant revenue growth between 2016 and 2025, growing at a CAGR of over 4% from 2016-2025. The demand can be attributed to rapid growth from end-use industries such as building & construction, marine, and others.
Asia Pacific dominated the global market in 2015 with an estimated revenue of USD 3.88 billion and is expected to grow significantly in the upcoming years owing to large investments from end-use industries. China is projected to experience rise in demand and projected to continue market domination on account of rapid urbanization and industrialization coupled with favorable government policies for infrastructure development. Key industry players like ABB Corporation and Fronius International GmbH have collaborated to develop advanced welding technology and products.
Key participants in the market include Colfax Corporation, The Lincoln Electric Company, Illinois Tool Works Inc., Hyundai Welding Co., Ltd., Denyo Co., Ltd., Panasonic Welding Systems Co., Ltd., Sandvik AB, Obara Corporation, and Air Liquide among others. In the recent years, new product developments and product advancements have been the major growth strategy acquired by key industry players for enhancing their market positions.
Grand View Research has segmented the global welding products market on the basis of technology, product, application and region:
Technology Outlook (Revenue, USD Million; 2013 - 2025)
Laser Beam Welding
Product Outlook (Revenue, USD Million;2013 - 2025)
Saw Wires and Fluxes
Application Outlook (Revenue, USD Million; 2013 - 2025)
Transportation & Automobiles
Building & Construction
Regional Outlook (Revenue, USD Million; 2013 - 2025)
Central & South America
Middle East & Africa
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