As per the Fortune Business Insights report, titled “Welding Market Size, Share and Industry Analysis, By Product Type (Welding Equipment, Welding Consumables), By Welding Type (Arc Welding, Spot Welding, MIG/TIG Welding, Laser Welding, Others), By Application (Automotive, Building and Construction, Heavy Engineering, Railway and Shipbuilding, Oil and Gas, Others) and Regional Forecast, 2019-2026” to reach USD 48.16 billion by 2026, exhibiting a CAGR of 5.7% during the forecast period.
One of the primary growth drivers of this market is increasing manufacturing activities worldwide. The International Yearbook of Industrial Statistics 2019 released by the United Nations Industrial Development Organization (UNIDO) reports that in 2018, global manufacturing went up by 3.6% in terms of value. The growth rate from the viewpoint of manufacturing value addition in developed nations was at 2.3% in 2018 and 3.8% for developing economies. This expansion of the manufacturing sector across the globe has substantively raised the demand for welding equipment and is now leading the welding market trends.
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Wide-Ranging Benefits of Arc Welding to Enhance Market Potential
Arc welding is a specialized type of welding that uses electricity to join two metal components and includes sub-types such as gas metal arc welding and plasma arc welding. The reason for its growing popularity is the rising awareness regarding its inherent advantages. For example, due to high heat concentration, arc welding speeds up the welding process, saving both time and energy. This also leads to fewer distortions in the finished product. Furthermore, this type of welding does not entail any extra costs and does not swell the cost of production. Lastly, arc welding has a higher safety quotient as it produces less smoke, which is usually hazardous to human health. Thus, these advantages of this welding process will augur well for the market and its development during the forecast period.
- Kobe Steel
- Voestalpine BOHLER delstahl GmBH
- Ador Welding Ltd.
- Gedik Welding
- The Lincoln Electric Company
- Air Liquide
- KISWELCO., LTD.
- Illinois Tool Works
Market Segmentation of Welding Market –
By Product Type
- Welding Equipment
- Welding Consumables
By Welding Type
- Arc Welding
- Spot Welding
- MIG/TIG Welding
- Laser Welding
- Others (Gas Welding, etc.)
- Building and Construction
- Heavy Engineering
- Railway and Shipbuilding
- Oil and Gas
- Others (Aerospace, etc.)
- Others (Aerospace, etc.)
- North America (U.S. and Canada)
- Europe (Germany, France, U.K. and Rest of Europe)
- Asia Pacific (China, Japan, India, Southeast Asia, and Rest of Asia Pacific)
- Middle East and Africa (GCC, South Africa and Rest of Middle East and Africa)
- Latin America (Brazil, Mexico and Rest of Latin America)
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