The Welding Products by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Welding Products, The welding products market size has grown strongly in recent years. It will grow from $15.76 billion in 2023 to $16.78 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to rise in industrialization, growth of manufacturing sector, expansion of infrastructure projects, adoption of welding technology in the automotive industry, increasing construction activities.
The welding products market size is expected to see strong growth in the next few years. It will grow to $21.71 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to rise in demand for welding products in the renewable energy sector, growing demand for lightweight materials in various industries, expansion of the oil and gas industry, increasing focus on repair and maintenance activities in aging infrastructure, increasing demand for welding products in the defense industry . Major trends in the forecast period include adoption of automation and artificial intelligence, eco-friendly welding technologies and materials, customization of welding products for specific industrial applications, integration of data analytics for quality control, shift towards more portable and compact welding equipment for flexibility.
The rapid expansion of the construction sector is expected to propel the growth of the welding products market in the forecast period. The construction sector is a very diverse industry that includes various activities such as infrastructure, buildings, and maintenance. Welding is mostly used in the production of structural frameworks from metal components. Welding is used for joining trusses, footers, steel I-beams and columns that maintain a building’s walls, roof, and floors. For instance, according to the Intercontinental Exchange (ICE), a US-based technology company the global construction sector is expected to grow to $8 trillion by 2030. Therefore, the rapid expansion in the construction sector drives the growth of the welding products market.
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The welding products market covered in this report is segmented –
1) Welding Products Market By Product: Stick Electrodes, Solid Wires, Flux Cored Wires, Saw Wires and fluxes, Other Products
2) Welding Products Market By Technology: Arc Welding, Resistance Welding, Oxy Fuel Welding, Laser Beam Welding, Other Technologies
3) Welding Products Market By Application: Automotive And Transportation, Building And Construction, Marine, Other Applications
Top Major Players
Technological advancement in welding products is a key trend gaining popularity in the welding products market. The key players in the welding products market are developing technologically advanced products with improved impact wear resistance and combined abrasion to meet industrial requirements. For instance, in July 2022, Vitesco Technologies, a Germany-based automotive supplier for drivetrain and powertrain technologies, launched new green laser equipment, a new laser welding technology for sustainable manufacturing. Depending on the application, the use of green lasers can cut energy consumption by up to 20% and the CO2 footprint per laser-welded joint when compared to infrared laser systems, which have been the industry standard in copper welding up until now.
The welding products market report table of contents includes:
1. Executive Summary
2. Welding Products Market Characteristics
3. Welding Products Market Trends And Strategies
4. Welding Products Market – Macro Economic Scenario
5. Global Welding Products Market Size and Growth
…..
31. Global Welding Products Market Competitive Benchmarking
32. Global Welding Products Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Welding Products Market
34. Welding Products Market Future Outlook and Potential Analysis
35. Appendix
Read Related Reports:
https://www.thebusinessresearchcompany.com/report/metalworking-machinery-global-market-report
https://www.thebusinessresearchcompany.com/report/welding-gas-or-shielding-gas-global-market-report
https://www.thebusinessresearchcompany.com/report/welding-consumables-global-market-report
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