Welding Materials Market - Global Industry Developments And Future Strategies Report 2024

Welding is the process of joining similar metals by application of heat, addition of filler material with or without application of pressure The addition of welding material results in continuity of homogeneous materials and characteristics of two parts which are being joined together. Thus, welding is used for making permanent joints. Proper welding and brazing materials are essential to produce proper joints using different welding and brazing processes. The ASME B&PV Code provides welding material specifications acceptable for code fabrication.

Based on technology, the welding materials market can be classified into resistance welding, arc welding, oxy-fuel welding, and others. Based on type, the welding materials market can be segmented into electrodes, fluxes, and gas. Welding materials are widely used in end-user industries such as building & construction and transportation. Welding materials are used in different stages of manufacturing of body parts in the transportation industry, especially in automobiles. Rise in construction activities and growth in the automobile industry, especially in Asia Pacific, are expected to propel the demand for welding materials in the near future.

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Of all the technologies available, arc welding is considered a prominent technology. The segment is anticipated to expand at a significant pace during the forecast period. The arc welding technology is widely utilized in various end-use industries such as building & construction and automotive owing to its advantages such as uniformity in metal deposition, excellent corrosion resistance, high heat concentration, and high impact resistance.

In terms of type, the electrode materials segment accounted for key share of the welding materials market in 2015. The segment is estimated to dominate the market during the forecast period. Electrodes are preferred welding materials in arc and resistance welding. Increase in automobile production, rise in the number of infrastructure projects, and development of marine and shipbuilding activities are likely to fuel the demand for electrode materials in the next few years.

In terms of end-use, transportation was the prominent segment of the welding materials market in 2015. It is projected to be a rapidly growing segment during the forecast period. Increase in automobile production and rise in repair & maintenance activities are expected to propel the demand for welding materials in the transportation industry.

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Asia Pacific is anticipated to be a rapidly growing market for welding materials during the forecast period, followed by Europe and North America. The market for automobiles is at a mature stage in North America and Europe. It is estimated to expand steadily during the forecasted period. Increase in building and construction activities in residential and non-residential segments and large investments in manufacturing activities in transportation industries, especially in emerging economies such as India and China, are projected to drive the demand for welding materials during the forecast period.

Additionally, initiatives undertaken by various governments across the globe to support growth in the manufacturing sector are estimated to augment the demand for welding materials in Asia Pacific. China is one of the major consumers of welding materials in Asia Pacific, region by India. However, the welding materials market in India is expected to expand at a rapid pace during forecast period. Rise in infrastructure and manufacturing activities, government initiatives for ‘Make in India ‘campaign, and growth of the automotive industry are the major factors driving the demand for welding materials in India.

Key players operating in the global welding materials market includes The Linde Group, Ador Welding Limited, Lincoln Electric Holdings, Inc. Colfax Corporation, Praxair Incorporated, Illinois Tools Works Inc., ESAB, Air Products and Chemicals, Inc., and Air Liquide S.A.

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