Welding Equipment & Consumables Market to achieve 1.4% growth over 2018-2024

Geographically, Asia Pacific accounts for a notable share in the Welding Equipment & Consumables Market and will grow at a significant rate to hold over 40% of the entire market by 2024. Asia Pacific will showcase strong growth opportunities owing to the rapidly growing automobile, shipbuilding, construction, and aerospace industries in the region.

Welding Equipment & Consumables Market size will surpass USD 25 billion by 2024; according to a new research report by Global Market Insights, Inc. Rising income levels of the middle-class population in the developing countries like India, China, Mexico, Indonesia, and Brazil is fueling the automobile demand. This has also led to improvements in roads and other transit facilities. The total sales of vehicles in India and China accounted for over 30 billion in 2016, whereas that in Japan was recorded close to 5 billion in the same year. Extensive product use in the automotive industry will propel the welding equipment & consumables market demand in the next seven years.

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Growing construction industry in the Asia Pacific region due to rapid growth in the fast-developing economies of China, India, and Japan will further enhance the welding equipment & consumables market. Asia Pacific contributed around 45% of the global construction spending in 2016 and accounted for over USD 4 trillion. Moreover, infrastructural and transportation development shall further fuel the welding equipment & consumables market demand in the forecast span.

Welding process leads to considerable environmental and health hazards due to the release of toxic gases such as nitric oxide, carbon monoxide, ozone and nitrogen dioxide. These gases when released in the air cause contamination and may also result in pulmonary infection or respiratory illness to workers dealing with such welding activities. Poor working conditions in small and medium enterprises may lead to severe health hazards among workers. These factors might hinder the welding equipment & consumables market in coming years.

Considering type, the welding equipment & consumables market is bifurcated into two broad categories, mainly, consumables and equipment. The consumables segment includes stick electrodes, solid wires, flux cord wires, SAW (submerged arc wires) & fluxes, and other segments such as rods, etc. Stick electrodes are rods used for sustaining the arc and providing filler metals for the welded joints.

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The equipment segment finds application in various industrial activities and include arc, resistant, oxy-fuel and laser-beam equipment. Arc welding equipment market will hold around 40% of the entire share by 2024 growing at an exponential rate due to the its rising popularity over its peers. Welding equipment & consumables market is set to witness significant gains in the next seven years.

Considering applications, the welding equipment & consumables market is segmented into marine applications, construction & building, automobile & transportation, metal working, defense & aerospace, and others which consists of overhaul, repair & maintenance works, etc. The automobile and transportation segment will surpass USD 5 billion by the end of the forecast period owing to rising personal car demand in Asia Pacific. The marine applications segment will raise with a healthy CAGR of around 4.5% in the estimated timeframe owing to increasing offshore oil extraction activities and increasing shipbuilding.

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Prominent players operating in the entire welding equipment & consumables market are Obara Corporation, Miller Electric, Miyachi America Corporation, Lincoln Electric Company, Fronius International, ESAB Group, Doncasters Group, DAIHEN Corporation, Arcon Welding, Kiswel, Voestalpine AG, Senor Metals, Panasonic Corporation, Sonics & Materials, and ROFIN-SINAR Technologies to name some.

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This release was published on openPR.