Press release
Welding Products Market expanding at a CAGR of 4.5% between 2014 - 2020
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According to the report, the global market opportunity in welding productsis expected to rise from US$19,080.3 mn in 2015 to US$23,777.5 mn by 2020. On the basis of technology, the resistant welding segment is expected to lead and account for 26.8% of the market by 2020. By product, the stick electrodes segment is expected to retain its leading position in the market and account for 40.9% of the market by 2020. On the basis of application, the automobile and transportation segment is anticipated to lead in the years to come and account for 17.8% of the market by 2020. The building and construction segment will be the second most lucrative application segment by 2020. Asia Pacific is expected to hold a dominant share in the market and is estimated to account for 43.8% of the market by 2020.
Oil and Gas Sector to Drive Growth Prospects of Welding Products Market
According to the lead author of this report, the demand from the automotive sector will boost the global welding products market. In addition to this, the repair and maintenance of automobiles will also boost the demand for welding products. Further, the high demand from the construction sector will help in driving the growth prospects of the welding products market in the coming years. The growth in the construction and infrastructural activities across developing economies is aiding the growth of the market.
Moreover, the oil and gas sector is also creating a heightened demand for welding products. The construction of new manufacturing facilities and revamping the old oil infrastructures will drive the demand for welding products. The growing concerns relating to safety in the oil and gas industries will drive the need to replace old and worn out pipelines and install new ones, in turn boosting the demand for welding products. “Furthermore, the increase in the drilling activities in the oil and gas sector will drive the demand for offshore rigs, which in turn will create growth opportunities for the global welding products market,” states a TMR analyst.
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High Cost of Labor in Developed Nations Posing a Challenge for Market
One of the key restraints in the global welding products market is the lack of skilled and trained labor. Labor cost in developed countries is too high, which in turn escalates the production prices, reducing the profit margins of manufacturers. Lack of skilled labor also hampers the process of welding, restraining the growth of this market. Despite the availability of new technologies, the dearth of skilled labor will make it difficult to implement and provide quality services to customers. On a positive note, the growth of the wind energy power sector will create fresh opportunities for the growth of the global welding products market
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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