Welding Products Market Size, Share, Trends, Growth and Forecast 2032

Welding Products Market Insights

According to a report from Zion Market Research, the global Welding Products Market was valued at USD 14.33 Billion in 2023 and is projected to hit USD 21.51 Billion by 2032, with a compound annual growth rate (CAGR) of 4.62% during the forecast period 2024-2032.

This report explores market strengths, weakness, opportunities, and threats. It also provides valuable insights into the market's growth drivers, challenges, and the future prospects that may emerge in the Welding Products Market industry over the next decade.

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Welding is a sculptural process that joins materials, mainly thermoplastics or metals by resulting into fusion which does not melt the base metal. Welding processes have been applied since the initiation of the industrial revolution. Different energy sources are used for welding process including gas flames, electric arcs, lasers, electric resistance, molten metal baths, friction, electron beams and ultrasound. These welding products are applied in various industries like marine, automobile, construction, manufacturing and offshore. Welding is the only technique used to join materials permanently in space and underwater applications.

Welding Products Market Size:

Welding is a process that join the materials, such as thermoplastics or metals, by using high temperature to melt the parts and then to cool it, which will result in fusion. The rapid evolution of construction industry across the globe owing to the increasing demand for residential and commercial construction across economies is projected to propel the market growth.

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Welding Products Market Growth Factors

Increasing pervasiveness of welding materials in building, automotive, and construction industry, increasing demand for robotic laser welding among various industries, rising new transportation projects across the globe, increasing industrialization and urbanization, technological development and advancement for welding materials are some of the reasons for the market growth.

Technological advancements, continuous improvements and manufacturing methods, application of standard and specific welding techniques are also driving the growth.

The incredible growth in the construction and automobile industry in emerging economies like India and China is likely to be the driving factor for welding products globally. Rapid urbanization and industrialization in developing countries are the rising factors in the growth of construction and automobile industries which in turn is expected to result in high demand for welding products. However, slow acceptance of new welding technologies in developing countries like India is a restraint for the growth of the welding products. Shortage of skilled labor for the welding process also can hamper the market.A rise in the demand for wind energy systems is likely to create requirements for efficiency in wind tower fabrication resulting into the need for welding products. So, high potential for welding products in wind energy industry can turn as an opportunity to welding products market.

Welding Products Market: Report Scope

The global market for welding products is segmented on the basis of technology, product, application and region.By technology, the market is divided into resistance welding, arc welding, oxy-fuel welding, beam welding and others.

the technology of arc welding accounted for over 48% share of the overall welding technology segment for the year 2016 followed by resistance welding segment with over 20% share. On the basis of product, the welding product market is segmented into flux cored wires, SAW wires, and fluxes, stick electrode, solid wires, and others. Stick electrodes have exhibited high demand statistics due to the presence of large end-user industries, especially in Asia Pacific. By application, the market is segmented into building & construction, automobile and transportation, marine and others amongst which automobile & transportation is leading the market. automobile and transportation, marine and others amongst which automobile & transportation is leading the market.

Technology Segment Analysis Preview

Arc Welding segment held a share of around 20% in 2020. Arc welding requires electric current and needs inexpensive equipment. Whereas, resistance welding requires the use of additional sheets of metals and costly equipment to encase the material. The major benefit of Arc welding over other technology is the consolidation of heat enforced to a big surface that enables better welding quality by giving a depth of infiltration, which decreases the time of welding. Arc welding is the most chosen welding technology since, it’s cost effective and can also be applied to a number of metal surfaces.

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Application Segment Analysis Preview

Building & Construction segment is projected to grow at a CAGR of around 6% from 2024 to 2032. Rapid infrastructure development and industrialization in the developing economies has accounted for the growing demand for the welding materials and is expected to support the market growth. Constant technological evolution to weld complex and large structures in construction industry is driving the growth. Moreover, rapid urbanization is the key factor in enhancing the demand. Increase in infrastructural development activities worldwide is anticipated to further fuel the market.

Welding Products Market Regional Analysis

Europe accounted for a share of over 20% in 2020. Existence of big automobile manufacturers such as BMW, Volkswagen, Mercedes and others, exhibits large production volume, thereby maintaining increased demand for the products.

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European countries are commencing efforts to balance economic trade. It is anticipated to push the maritime activities. Moreover, rising tourism in the region is also anticipated to drive requirement for recreational marine products, hence, driving the growth of shipbuilding activities. This in turn is likely to enhance the demand and growth of welding operations.

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Asia Pacific is expected to grow over the forecast period, owing to the rapid expansion of automotive industry on account of the highest automobile production in growing economies such as China, India, and Indonesia.

The rising demand for hybrid cars and electric cars on account of shifting consumer choices towards energy-efficient cars such as Toyota Prius PHV, Nissan-leaf, and others is anticipated to drive the automotive industry, and hence, anticipated to benefit the market.

Key Market Players & Competitive Landscape

Some of key players in Welding Products Market are-

• Voestalpine AG
• Colfax Corporation
• Air Liquide
• Illinois Tool Works Inc.
• The Lincoln Electric Company
• HYUNDAI WELDING CO.
• Sandvik
• OBARA CORP
• Kiswel Incorporated
• Mitco Weld Products Pvt. Ltd.
• Kemppi Oy.
• Senor Metals Pvt. Ltd.
• Rofin-Sinar
• Arcon Welding Equipment
• DAIHEN Corporation.
• Amada Miyachi
• Basiloid Products Corporation
• among others.

The Global Welding Products Market is segmented as follows:

By Technology

• Arc Welding
• Resistance Welding
• Oxy-Fuel Welding
• Laser Beam Welding
• Others

By Product

• Stick Electrodes
• Solid Wires
• Flux-Cored Wires
• Saw Wires and Fluxes
• Others

By Application

• Transportation & Automobiles
• Building & Construction
• Marine
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa