Welding Products Market Growth & Trends
The global welding products market size is expected to reach USD 19.94 billion by 2030, as per a new report by Grand View Research Inc. Rapid industrialization and growing investments in infrastructural developments in major economies such as the U.S., UK, China, India, and Brazil have propelled the market growth.
Welding Products Market Segmentation
Grand View Research has segmented the global welding products market based on technology, product, and region:
Based on the Technology Insights, the market is segmented into Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser Beam Welding, Others.
- The resistance welding technology segment led the market and accounted for more than 27.4% share of the global revenue in 2021. The growing use of resistance welding technology in the automotive industry for various processes such as spot welding, projection welding, and seam welding is likely to promote segmental growth over the forecast period.
- Continuous innovations in arc welding technology, such as robotic arc welding, by the key market players, are one of the key factors driving the arc welding market across the globe. The technology is used to weld metals in a wide range of thicknesses with good flexibility. The growing use of the technology across various applications is projected to drive market growth.
- Oxy-fuel welding technology is gaining significant growth on account of its growing use in industrial manufacturing applications. The welding equipment and products used in this technology are highly cost-efficient which promotes its implementation in welding fillet, butt, and lap joints with the object thickness up to 5mm.
- Other welding technologies include electron beam welding, induction welding, flow welding, electro-slag welding, and laser hybrid welding. These technologies are employed in various applications such as heavy plate fabrication, shipbuilding, switchgear devices, railway tracks, and storage tanks among others.
Based on the Product Insights, the market is segmented into Stick Electrodes, Solid Wires, Flux-Cored Wires, Saw Wires and Fluxes, Others.
- The stick electrodes product segment led the market and accounted for more than 37.0% share of the global revenue in 2021. The demand for stick electrodes for the welding of a wide range of components is witnessing growth in various application areas on account of their ability to increase the welding strength as well as their high corrosion resistance & tensile strength.
- The solid wire product segment is projected to register a CAGR of 4.0% in terms of revenue over the forecast period. The flexibility and ruggedness of solid wires are properties that increase their utility in application areas such as house electrical wiring and breadboards that require flexible wires.
- Saw wired fluxes react with the weld pool to provide high-quality metals with desired properties. This promotes its utilization in applications such as exploration platforms, pressure vessels, fabrication of offshore drilling platforms, and post-weld heat treatment. The growing use of saw wire fluxes in the construction of the aforementioned applications is likely to fuel the segment growth.
- Other welding products such as stainless-steel alloys, MIG wires, metal-cored wires, aluminum MIG, TIG, and thermal spray wires are contributing significantly to the growth of the market. These products are extensively utilized on account of their unique mechanical properties and cost-efficiency.
Welding Products Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Key Companies Profile & Market Share Insights
The global market is characterized by the presence of various small- and large-scale vendors, resulting in a moderate level of concentration in the market. The surging requirement for reliable and precise welding solutions is fueling the growth of the market.
Some of the prominent players operating in the global welding products market include,
- Colfax Corporation
- Veostalpine AG
- The Lincoln Electric Company
- Illinois Tool Works, Inc.
- Hyundai Welding Co., Ltd.
- Obara Corporation
- Kiswel, Inc.
- Sandvik AB
- Tianjin Bridge Welding Materials Co., Ltd.
- Kemppi Oy
- Mitco Weld Products Pvt. Ltd.
- Senor Metals Pvt. Ltd.
- Metrode Products Ltd.
- Ador Welding Limited
Order a free sample PDF of the Welding Products Market Intelligence Study, published by Grand View Research.
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