Welding Equipment & Consumables Market: Latest Trends, Demand and Competitive Landscape to 2024
Welding Equipment & Consumables Market is set to observe growth rate of over 4.5% till 2024. The welding electrodes and flux cored wires are poised to remain the major consumables, while other products such as solid wires, SAW & Fluxes are likely to exhibit significant growth trends. In 2016, the flux cored wires segment within the welding equipment & consumables market generated revenue worth USD 900 million, acquiring a subsequent chunk of the industry share.
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Endowed with a profoundly vast application spectrum, welding equipment & consumables industru stands to gain massive remuneration by the end of 2024, subject to its incredibly extensive demand. Almost all the major businesses inclusive of building & construction, automotive, oil & gas, aerospace, and transportation find the necessity to deploy welding equipment for a plethora of industrial processes. This humungous expanse of end-use sectors and the fact that every one of them has been depicting a consistently expanding growth rate, is a pivotal factor that is deemed to stimulate welding equipment & consumables industry in more ways than one.
On account of this merger, the combined unit is set to enhance the global specialty consumables portfolio by offering more comprehensive welding and cutting solutions. In addition, the company is also expecting its extension of channels across the region. Such growth strategies are likely to bring even more consolidation and fierce competition in welding equipment & consumables market trends.
The region is home to some of the largest light-weight vehicle manufacturers in the world. China, Korea, and Japan accounts for over 42% of the global automobile production market – which comprises over 37 million units of production. Industry experts point out the rising disposable incomes, especially of the middle-class population in the region, to be a key factor propelling automobile demand. In fact, considering the total sales of vehicles in this region, India and China collaboratively accounted for more than 30 billion, while Japan recorded a massive 5 billion vehicle sales in 2016. Given that the welding equipment & consumables are extensively used in the manufacturing process of automobiles, it comes as no surprise that Asia Pacific welding equipment & consumables market will attain phenomenal gains from the automobile production sector.
Taking into account the geographical landscape, Asia Pacific is touted to be the prime revenue pocket and is anticipated to account for more than 40% of the global welding equipment & consumables industry share by 2024. The vast application scope in the region, on account of expanding growth opportunities in automobile, construction, shipbuilding, transportation, and aerospace industries is poised to provide remarkable threshold to the regional welding equipment & consumables industry in the forthcoming years.
ESAB Group, Lincoln Electric Company, Miller Electric, Senor Metals Private Limited, Arcon, Panasonic Corporation, and Miyachi America Corporation are some of the prominent industry players attempting to bring technological interventions in the welding equipment & consumables market. These companies highly rely on product advancements and mergers & acquisitions to sustain in the competitive scenario. Lincoln Electric Company, for instance, has recently signed an agreement with Air Liquide to buyout its Air Liquide Welding subsidiary.
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Some Point from Table of Contents:
Chapter 5. Welding Equipment & Consumables Market, By Application
5.1. Global welding equipment & consumables market share by application, 2017 & 2024
5.2. Automobile & transportation
5.2.1. Market estimates and forecast, 2013 - 2024
5.2.2. Market estimates and forecast, by region, 2013–2024
5.3. Building & construction
5.3.1. Market estimates and forecast, 2013 - 2024
5.3.2. Market estimates and forecast, by region, 2013–2024
5.4. Marine applications
5.4.1. Market estimates and forecast, 2013 - 2024
5.4.2. Market estimates and forecast, by region, 2013–2024
5.5. Aerospace & defense
5.5.1. Market estimates and forecast, 2013 - 2024
5.5.2. Market estimates and forecast, by region, 2013–2024
5.6. Oil & gas
5.6.1. Market estimates and forecast, 2013 - 2024
5.6.2. Market estimates and forecast, by region, 2013 – 2024
5.7. Metal working applications
5.7.1. Market estimates and forecast, 2013 - 2024
5.7.2. Market estimates and forecast, by region, 2013 – 2024
5.8. Others (Heavy machineries manufacturing, mining, & quarrying, etc.
5.8.1. Market estimates and forecast, 2013 - 2024
5.8.2. Market estimates and forecast, by region, 2013–2024
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