Press release
Welding Equipment & Consumables Market Regional Outlook & Driving Factors by 2024 | Lincoln Electric, ESAB, Fronius International GmbH, Ador Welding Ltd., Voestalpine
Welding Equipment & Consumables Market
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 & consumables in marine applications by 2024.
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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.
Automation and industrialization have led to ascended energy needs in the recent years has been positively influencing the global welding equipment & 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 by Application
o Automobile & transportation
o Building & construction
o Marine applications
o Aerospace & defense
o Metal working applications
o Others
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Asia Pacific led the global welding equipment & consumables market and accounted over 40% industry share in 2016. Various thriving industries in the region such as: construction, automobile, shipbuilding, etc. will create growth avenues for the regional industry in the coming years.
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 and consumables market growth is the average working conditions at small scale and medium scale welding firms.
Market Growth Drivers: --
o Growth in the construction industry in emerging economies
o High automotive industry growth in Asia Pacific and the U.S.
o Energy needs have risen significantly
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Welding equipment and 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, Arcon, Miller Electric, Welding, Fronius International, DAIHEN Corporation, Doncasters Group, Panasonic Corporation, Voestalpine AG, etc.
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