Welding Products Market To Accrue Revenue Worth US$ 32.63 billion By 2022

With the presence of a large pool of participants, the global welding products market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). DAIHEN Corporation, Blue Grass Manufacturing Co. Inc., Miyachi America Corporation, and Fronius International GmbH are some of the key vendors of welding products across the world. These players across welding products market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the welding products market study.

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Citing an instance, in July 2018, NATM (National Association of Trailer Manufacturers) and Airgas, an associate member of NATM, decided to work together for offering more than three day on-site welder training at discounted rate through the project of, ‘Unlocking the Hidden Costs of Welding.’

In a key breakthrough witnessed across welding products market, in July 2018, Doncasters Group Ltd, a leading automotive part manufacturer, retained Nelson Automotive, its automotive segment, for providing stud welding systems and services to the automotive sector.

As estimated in this report, the global welding products market stood at US$ 20.67 billion in 2016. Witnessing a tremendous rise during the period from 2016 to 2021, the revenue in this welding products market is expected to reach US$ 32.63 billion by the end of the forecast period. The main products available in this market are SAW wires & fluxes, stick electrodes, solid wires, and flux-cored wires.

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Massive Product Application In Automotive & Construction To Impel Growth

“Burgeoning product demand in automotive, transport, infrastructure, and construction sectors is anticipated to boost the growth of welding products industry in the years ahead,” says the author of this study. Apart from this, the launching of new transportation projects in Asia Pacific region will further accelerate the welding products market revenue within the next few years.

Lack of availability of skilled workforce in manufacturing sector along with rising labor costs, however, is predicted to inhibit the welding products market growth over the forthcoming years. Nevertheless, technological innovations in welding technology along with growing demand for welding equipment is predicted enlarge the scope of the business in the ensuing years, thereby normalizing the impact of hindrances on the welding products market, reports the study.

Swift Infrastructural Development to Assist Asia Pacific Maintain Dominance

Regionally, Asia Pacific has been leading the worldwide welding products market and is anticipated to continue on the dominant position in the years to come, states the welding products market study. Rapid infrastructural growth and favorable government legislations is the main factor behind the dominance of the Asia Pacific welding products market. In addition to this, huge presence of manufacturing firms in countries such as China and India are anticipated to contribute substantially towards the growth of this regional welding products market.

The global welding products market is segmented as follows:

By Product

SAW wires & fluxes
Solid wires
Flux-cored wires
Stick electrodes

By Technology

Oxy-fuel welding
Arc welding
Resistant welding
Laser beam welding
Others (ultrasound welding, etc.)

By Application

Building & Construction
Automobiles & Transportation
Marine
Offshore
Others

By Region

North America
The U.S.
Europe
UK
France
Germany
Asia Pacific
China
Japan
India
Latin America
Brazil
The Middle East and Africa

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This release was published on openPR.