Welding Equipment & Consumables Market by Regional Growth Factors, Trends & Analysis of Leading Players by 2024
Robust outlook for infrastructure sector featured by India, China, Japan and Indonesia will propel welding equipment and consumables market by 2024. Asia Pacific construction industry was more than USD 4 trillion in 2016, contributing to 45% share of construction expenditure worldwide. Rapid urbanization coupled with population rise have fueled the demand for enhanced infrastructure facilities in the region, which will have a positive influence on the welding industry over the forecast timeframe. Rising demand for welding automation technology in fabrication industry will also augment the global welding equipment & consumables market in the near future.
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Automation and industrialization have led to ascended energy needs in the recent years has been positively influencing the global welding equipment and consumables market. In addition, increasing oil & gas explorations will complement industry growth, as these equipment are used in uphill and downhill welding applications.
Welding equipment & consumables market was competitive in 2016 due to prevalence of various large and medium companies in the value chain.
Key industry participants include:
• Obara Corporation
• Miller Electric
• Fronius International
• DAIHEN Corporation
• Doncasters Group
• Panasonic Corporation
• Voestalpine AG
Welding Equipment & Consumables Market by Application:
• Automobile & transportation
• Building & construction
• Marine applications
• Aerospace & defense
• Metal working applications
Automobile and transportation segment is projected to exceed USD 5 billion over the forecast timeframe. The growth will be attributed to rising passenger car sales particularly in Asia Pacific. Total automotive sales in the region including: China, India, Japan, Australia, Indonesia, Thailand and Malaysia were over 40 million units in 2016. Surge in shipbuilding activities coupled with offshore oil extraction will boost the demand for welding equipment and consumables in marine applications by 2024.
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Welding Equipment & Consumables Market by Product:
• Welding equipment
• Arc welding equipment
• Resistant welding equipment
• Oxy-fuel welding equipment
• Laser-beam welding equipment
Arc welding equipment led the welding equipment market with revenue of USD 3 billion in 2016. In case of welding consumables, stick welding electrodes are likely to lose some share to fluxes, wires and other consumable electrodes by 2024. The trend will be on account of their features such as: stronger welds, higher deposition rates and better sustainability for outdoor work over stick electrodes.
Air contamination caused by the emission of hazardous gases including carbon monoxide, nitric oxide, nitrogen dioxide, etc. as well as the particulates such as nickel, iron oxide, fluorides, copper, zinc, cadmium and others from the welding process might pose as an industry restrain in the near future. Another factor affecting the welding equipment & consumables market growth is the average working conditions at small scale and medium scale welding firms.
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Welding Consumables Market:
Welding is typically a sculptural process of joining various metals and thermoplastics together by means of coalescence. It is an economical and effective process for creating strong joints between two or more parts. Filler metals melt during the course of welding and give a strong joint. Flux is commonly used to produce a shield of gas around the weld pool for preventing the oxidation of hot metals. Flux typically acts