Welding Equipment & Consumables Market Growth Forecast - Automobile & Transportation Segment to Exceed $5 Billion by 2024
Category: #business  By Rahul Varpe  Date: 2020-02-04
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Welding Equipment & Consumables Market Growth Forecast - Automobile & Transportation Segment to Exceed $5 Billion by 2024

Asia Pacific led the global welding equipment & consumables market and accounted over 40% industry share in 2016. Various thriving industries in the region such as: construction, automobile, shipbuilding, etc. will create growth avenues for the regional industry in the coming years.

Welding Equipment & Consumables Market is projected to exceed USD 25 billion; according to this new research report.

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Robust outlook for infrastructure sector featured by India, China, Japan and Indonesia will propel welding equipment and consumables market by 2024. Asia Pacific construction industry was more than USD 4 trillion in 2016, contributing to 45% share of construction expenditure worldwide.

Rapid urbanization coupled with population rise have fueled the demand for enhanced infrastructure facilities in the region, which will have a positive influence on the welding industry over the forecast timeframe. Rising demand for welding automation technology in fabrication industry will also augment the global welding equipment and consumables market in the near future.

Welding Equipment & Consumables Market by Application:

  1. Automobile & transportation
  2. Building & construction
  3. Marine applications
  4. Aerospace & defense
  5. Metal working applications
  6. Others

Automobile and transportation segment are projected to exceed USD 5 billion over the forecast timeframe. The growth will be attributed to rising passenger car sales particularly in Asia Pacific. Total automotive sales in the region including: China, India, Japan, Australia, Indonesia, Thailand and Malaysia were over 40 million units in 2016. Surge in shipbuilding activities coupled with offshore oil extraction will boost the demand for welding equipment and consumables in marine applications by 2024.

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Automation and industrialization have led to ascended energy needs in the recent years has been positively influencing the global welding equipment and consumables market. In addition, increasing oil & gas explorations will complement industry growth, as this equipment are used in uphill and downhill welding applications.

Welding Equipment & Consumables Market by Product:

  1. Welding equipment
  2. Welding consumables

 

Considering the product segmentation, arc welding equipment led the welding equipment market with revenue of USD 3 billion in 2016. In case of welding consumables, stick welding electrodes are likely to lose some share to fluxes, wires and other consumable electrodes by 2024. The trend will be on account of their features such as: stronger welds, higher deposition rates and better sustainability for outdoor work over stick electrodes.

Welding equipment and consumables market was competitive in 2016 due to prevalence of various large and medium companies in the value chain. Key industry participants include: -

  1. Obara Corporation
  2. Arcon
  3. Miller Electric
  4. Welding
  5. Fronius International
  6. DAIHEN Corporation
  7. Doncasters Group
  8. Panasonic Corporation
  9. Voestalpine AG

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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