Welding Products Market - Global Industry Analysis & share | 2024
The global welding products market is moderately concentrated in nature with a few players holding a key share of the market, states a research report by Transparency Market Research (TMR). In 2013, the leading players in the global welding products market, namely Lincoln Electric, ITW, and ESAB accounted for a share of approximately 33% of the global market. In order to enhance the market presence, the key players in the global market are focusing on strategic collaborations, innovations, and significant rise in production capacities. In addition, the increasing research and development activities and the rising number of players entering the market are some of the vital factors anticipated to augment global welding products market in the next few years.
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According to the research study by Transparency Market Research, in 2015, the global market for welding products was worth US$19,080.3 mn and is expected to reach a value of US$23,777.5 mn by the end of 2020.
Asia Pacific to Remain Dominant in Global Welding Products Market
Among the key geographical segments, in 2015, Asia Pacific led the global welding products market and is estimated to remain in the leading position throughout the forecast period. As per the research study, this region is expected to account for a share of 43.8% of the global market by the end of 2020. The rising investments in several end-use industries, including building and construction, automobile, and other manufacturing units are expected to encourage the growth of this region in the next few years. In addition, the high contribution from India and China is another factors expected to accelerate the growth of the Asia Pacific market in the next few years.
On the basis of application, the global market for welding products has been categorized into Marine, automobile and transportation, building and construction, and others. Among these, the automation and transportation segment is likely to lead the global market and account for a share of 17.8% by the end of 2020. The rising demand for welding products as they help in structural performance in vehicles is one of the key factors anticipated to fuel the growth of this segment in the next few years.
Increasing Demand for Repair and Maintenance of Automobiles to Encourage Growth
The growing demand for welding products from the automotive and the robust development of the construction industry are the vital factors anticipated to encourage the growth of the global welding products market throughout the forecast period. The growing demand for efficient, enhanced, and safe vehicles with permanent welding is expected to supplement the growth of the market in the near future.
Furthermore, the increasing number of repair and maintenance jobs of automobiles is estimated to generate promising opportunities for the key players in the global welding products market. The rising number of projects of construction of new pipelines and rehabilitation of existing oil infrastructure and gas production facilities are projected to indirectly fuel the growth of the global welding products throughout the forecast period.
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Absence of Skilled Labor to Curtail Market Growth
The global market for welding products is expected to face several challenges that are likely to restrict the growth of the overall market in the next few years. The shortage of skilled and trained labor in the manufacturing industries is one of the key factors estimated to hamper the growth of the global welding products market in the next few years. In addition, the high cost of labor in developed countries is anticipated to curb the market’s growth in the near future. Nevertheless, the rising demand from the wind industry, especially in developing nations is anticipated to generate promising opportunities for the market players throughout the forecast period.
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