Welding Materials Market to Top US$ 24.7 Billion by 2033 amid Surging Demand from Construction Sites and Shipbuilding Industry | Future Market Insights, Inc.
Surging demand in industries drives growth in welding materials market, fueled by automotive, offshore exploration, and defense sectors
NEWARK, Del, Sept. 10, 2023 (GLOBE NEWSWIRE) — The global welding materials market size is anticipated to surpass US$ 24.7 billion by 2033. It is estimated to record a steady CAGR of 4.9% in the forecast period 2023 to 2033.
The market is likely to exceed a valuation of US$ 15.2 billion in 2023. The global welding materials industry registered an astonishing CAGR of 6.2% in the historical period between 2018 and 2022.
Welding materials are an important component of the global construction and manufacturing industries. Welding materials are essential for joining and manufacturing different types of materials such as metals and alloys to create structures, products, and machines.
Welding is a process of melting and fusing materials to form a strong bond. Selection of welding materials depends on factors such as the type of material being joined, specific application, and desired properties of the weld.
Welding materials are used in several industries, including automotive, aerospace, construction, shipbuilding, oil & gas, manufacturing, and more. They are set to be essential for construction sites, machines, vehicles, pipelines, and several other parts.
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The welding materials industry is influenced by aspects such as technological advancements, industry regulations, and economic conditions. Market trends include developing more efficient and environmentally friendly welding materials. Increasing automation of welding processes and adopting improved welding techniques are also set to push demand.
As environmental awareness surges, more attention is being paid to the use of welding materials that produce less emissions and minimize the impact on the environment. This has led to the growth of low-emission materials and more energy-efficient welding processes.
The welding materials market is also expected to be influenced by economic growth, industrial development, and infrastructure projects globally. Emerging economies experiencing rapid industrialization often underwrite to increased demand for welding materials.
The market might further face challenges such as need for skilled welders, safety issues associated with welding operations, and competition from alternative joining technologies. Launch of new technologies such as bonding and fasteners is expected to hamper sales.
Key Takeaways from the Welding Materials Market Report
- The United States welding materials industry is projected to reach US$ 4.2 billion in the forecast period.
- The United Kingdom welding materials industry is set to be valued at US$ 787.4 million by 2033.
- China welding materials industry is likely to cross a value of US$ 4.5 billion by 2033.
- Japan welding materials industry is estimated to top a valuation of US$ 3.4 billion by 2033.
- Based on technology, the arc welding segment is set to witness a CAGR of 4.5% from 2023 to 2033.
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“Welding materials are set to be widely used to manufacture and collect automotive parts such as exhaust systems, body frames, and engine parts. Demand for lightweight, high-strength automotive materials such as aluminum and steel might further increase sales.” – says a lead analyst at Future Market Insights (FMI).
Competitive Landscape
Key companies and manufacturers are directing on expanding their service & product portfolios by launching new products. They would also employ several growth strategies such as acquisitions, advertising, partnerships, deals, and mergers to stay significant in the market.
Key Companies Profiled
- Ador Welding Ltd
- Air Liquide SA
- Air Products and Chemicals, Inc.
- Colfax Corporation
For instance,
- In November 2020, ESAB Group Inc. and YASKAWA announced a partnership agreement. They are aiming to develop a range of pre-engineered robotic welding systems called XCellerator.
- In July 2019, Lincoln Electric Holdings announced the conclusion of its acquisition of a significant stake in Kaynak Teknigi Sanayi ve Ticaaret A.S to accelerate regional growth policy.
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Welding Materials Market Outlook by Category
By Type:
- Electrode & Filler Materials
- Fluxes & Wires
- Gases
By Technology:
- Arc Welding
- Resistance Welding
- Oxy-fuel Welding
- Other Technologies
By End Use:
- Transportation
- Building & Construction
- Heavy Industry
- Other End Uses
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
Get More Valuable Insights into Welding Materials Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global welding materials market presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the welding materials industry based on type (electrode & filler materials, fluxes & wires, gases) technology (arc welding, resistance welding, oxy-fuel welding, other technologies), and end use (transportation, building & construction, heavy industry, other end uses) across several regions.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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