Global Welding Products Market Mature Yet Growing
One of the more unique attributes of the global welding products market is that while it is one of the older and more mature markets in the world, it is still driven by technological advancements as players demand innovative methods to manage their welding processes more efficiently. As such, manufacturers find themselves in a competitive market where innovation is still a top priority, despite technology having advanced this far. This is complemented by the fact that welding is the only joining technique that can be used efficiently not just on the ground but both in outer space and underwater. This gives the global welding products market a huge and unique scope of growth.
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Arc Welding and Stick Electrodes Lead Global Welding Products Market
The leading segment according to technology is arc welding. The global welding products market is dominated by this segment largely due to its presence in the industrial sector for a long time. The long timescale of its presence in the market has helped the segment create a large number of developments that suit a variety of welding processes. The technology is also one of the more cost-effective ones in the global welding products market. The segment held 39% of the market in 2013. The segment is followed by laser beam welding, oxy-fuel welding, and resistant welding. The other methods are more useful in a narrower range of processes that require deeper weld penetration or have to be performed in a very small welding area.
As for welding equipment, the global welding products market is dominated by stick electrodes. The segment finds a vast consumer base particularly in the Asia Pacific region, where there are a high number of end users for the global welding products market. They are, however, facing stiff competition from solid wires and flux-cored wires on account of the latter being more cost-effective. The 2013 global welding products market share for flux-cored wires was slightly more than 7%.
Asia Pacific Leading Global Welding Products Market
Nearly 43% of the global welding products market in 2013 was held by Asia Pacific. The core reason for this is the heavy rates of industrialization in the region’s leading countries, China and India, leading to a high end user count in the region. The Asia Pacific market was followed by the European one, which has steadily ceded its market share to Asia Pacific over the past few years. Additionally, a lack of skilled labor continues to stifle the growth of the Europe and North America welding products markets.
The global welding products market is led by three players: Illinois Tool Works, ESAB, and Lincoln Electric. Other top companies include Doncasters Group Ltd., ROFIN-SINAR Technologies Inc, Sonics & Materials, Inc., Fronius International GmbH, and Arcon Welding.
The global welding products market is currently growing at a CAGR of 4.5% within the period between 2014 and 2020. The market was worth US$17.47 billion in 2013. If the present growth rate holds, the market’s overall value by the end of 2020 will be US$23.78 billion. With all the facts in view, we can safely say that the global welding products market is dependent on industries that are on the rise. Technological advancements will continue to happen and will add value to this market in terms of efficiency, safety, and revenue.
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