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Welding Materials Market Size Forecast to Reach $18.5 Billion by 2025

welding materials market size forecast to reach 18 5 billion by 2025

Welding Materials Ma

iCrowdNewswire   Feb 2, 2021  2:00 AM ET

Welding Materials Market size is forecast to reach $18.5 billion by 2025, after growing at a CAGR of 4.9% during 2020-2025. Welding is one of the important fabrication processes in which different parts of metal or thermoplastic are joined together. The welding process causes the high-temperature fusion of metal parts without melding the base metal. Welding is different from brazing and soldering, which involve low-temperature metal joining. Generally, this process includes the filler material, which is added at the point of joining in order to pool the metal parts. The addition of welding material in the form of joint pool or weld pool provides immense strength to the structure. The driving force of this market is increased need of joining two or more metals for construction of vehicle, building, railway and aircraft. Due to increased demand huge amount is invested in R&D to develop innovative process and welding materials.

By Type – Segment Analysis

Electrode & Filler Materials segment held a significant share in welding materials market in 2019. Electrodes & fluxes are widely used materials in arc welding and resistance welding. Increase in automobile production, development of shipbuilding and marine transportation facilities, and rise in government expenditure towards energy, power, and infrastructure projects are likely to boost the demand for electrode & filler materials. Stick electrodes are designed for usage in mild and low alloy steel welding applications. They are preferred to the other consumables due to their low cost and extensive applications in end-use industries. Solid wires are mostly employed for metal inert gas welding (MIG) applications in various end-user industries.

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By Technology – Segment Analysis

Arc Welding segment held a significant share in welding materials market in 2019. Arc welding offers several advantages such as high heat concentration, uniformity in metal deposition, good corrosion resistance, and high impact resistance. Owing to these advantages, arc welding is considered as the most prominent welding process among other welding technologies. This process is mainly utilized in varied end-use industries, such as automotive, heavy industries, and building & construction. Oxy-fuel welding and oxy-fuel cutting are processes that use fuel gases and oxygen to weld or cut metals. In oxy-fuel welding, a welding torch is used to weld metals. Welding metal results when two pieces are heated to a temperature that produces a shared pool of molten metal. The molten pool is generally supplied with additional metal called filler. Filler material selection depends upon the metals to be welded.

By End-User Industry – Segment Analysis

Automotive & Transportation segment held a significant share in welding materials market in 2019 growing at a CAGR of XX% during the forecast period. In the transportation industry, welding materials are used in the welding of vehicle body parts, and at various others stages of automobile manufacturing. Therefore, increase in automobile production, along with repair & maintenance activities, is likely to propel the demand for welding materials in the transportation industry. Welding processes are widely used for building bridges, railway tracks, railway coaches, building structure and fabrication of pressure vessel in building & construction sector.
The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold.

Geography- Segment Analysis

Asia Pacific dominated the welding materials market with a share of more than XX%, followed by North America and Europe. China and India have witnessed economic growth, owing to increased construction activities and investments made in the expansion or upgrade of manufacturing facilities. Moreover, initiatives undertaken by various governments worldwide to support growth in the manufacturing sector will propel the demand for welding materials in the Asia-Pacific region. The major coastal military powers, namely, the U.S., Russia, China, and India, are investing major shares of their GDP in the defense and marine sectors and rapidly adopting modern technologies in the development of highly engineered structures. This is expected to fuel the demand for welding materials used in the manufacturing of these structures.

Drivers – Welding Materials Market

Technological developments in welding materials & introduction of advanced welding techniques

Increasing adoption of welding techniques such as laser welding and ultrasonic welding has induced an increment in welding materials market. Efficiency and advantages of these welding methods have made them suitable for numerous applications. These methods are being preferred in various end use sectors where precision and accuracy in joints have eminent importance such as robotic appliances, electric appliances, and moving automotive parts. The demand for welding materials is expected to continue to grow as welding is the only joining technique that can be used for applications such as space and underwater. For instance, welding is essential for repairing ships, pipelines, and offshore oil platforms. In marine applications, underwater welding is an emerging application. Additionally, it is used by end-user industries in repair and maintenance operations. Welding joints provide fatigue and corrosion resistance, and strength, boosting the welding materials market. The transportation and automobile industry is one of the biggest consumers of welding materials, thus driving the market.

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Challenges – Welding Materials Market

Unavailability of skilled labor

The unavailability of the skilled labor force is expected to hamper the welding materials market growth. In addition, the lack of investments in rigorous training and development of local labors is leading towards the shortage of skilled workforce. This factor is expected to inhibit the growth of the global welding materials market. Moreover, the capital-intensive nature of the metal industry, need for skilled labor, and high risk of accidents is likely to diminish the growth of this market in the coming years.

Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the welding materials market. Major players in the welding materials market are Ador Welding Ltd., Air Liquide, Air Products and Chemicals, Inc., Colfax Corporation, Illinois Tool Works Inc., The Linde Grou, Praxair Technology, Inc., The Lincoln Electric Company, Tianjin Bridge Welding Materials Group Co., Ltd., and Gedik Welding among others.

Product Launch/ Expansion

In November 2018, Gedik Holding opened new plant in Azerbaijan. They would produce 6,000 tons of welding electrodes in their production facility.

Key Takeaways

New product developments and increasing investments in research and development of welding materials are expected to drive the growth of this market.

Among end-user industry, automotive & transportation segment is projected to lead the welding materials market during the forecast period.

Asia Pacific dominated the welding materials market.

Related Reports :

A. Welding Consumables Market

https://www.industryarc.com/Report/16413/welding-consumables-market.html

B. Welding Products Market

https://www.industryarc.com/Research/Welding-Products-Market-Research-503501

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