By 2033, it is expected that the welding materials market will be worth more than US$ 24.7 billion. In the forecasted period of 2023 to 2033, it is anticipated to register a consistent CAGR of 4.9%.
In 2023, the market will probably be worth more than US$ 15.2 billion. The sector for welding materials worldwide experienced an astounding CAGR of 6.2% 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.
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Welding is a process of melting and fusing materials to form a strong bond. The 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.
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.
“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).
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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.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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