Welding products are essential for a range of industries such as construction, automobile, shipbuilding, and aerospace. The global welding products market is expected to grow at a CAGR of 5.6% during the forecast period of 2020 to 2025. The market size is expected to reach USD 23.2 billion by 2025.
The increasing demand for welding products in emerging economies and the growth in end-use industries are the key drivers for the market growth. Welding products such as welding consumables, welding equipment, and welding accessories are in high demand due to the rapid industrialization and urbanization in emerging economies such as India and China. The construction and automobile industries are the major end-users of welding products.
The pandemic situation has disrupted the supply chain of welding products. The closure of manufacturing units and the disruption of transportation have adversely affected the market growth. However, the market is expected to recover in the post-pandemic period with the resumption of economic activities.
Welding consumables such as electrodes, wires, and flux have the highest demand in the market. The increasing adoption of advanced welding technologies such as laser welding, gas tungsten arc welding, and plasma arc welding has driven the demand for welding consumables. Welding equipment such as arc welding, gas welding, and laser welding equipment are also in high demand in the market.
North America and Europe are the major markets for welding products due to the presence of major players and the high adoption of advanced welding technology. The Asia Pacific region is expected to witness the highest growth during the forecast period. The increasing demand for welding products in the automobile, construction, and shipbuilding industries in the region has driven the market growth.
The major players in the welding products market are Lincoln Electric, ESAB, ITW, Air Liquide, and Miller Electric. The companies are focusing on product innovation, mergers and acquisitions, and partnerships to increase their market share.
In conclusion, the global welding products market is expected to grow during the forecast period due to the growth in end-use industries and the increasing adoption of advanced welding technologies. Welding consumables and welding equipment are the major products in the market. The Asia Pacific region is expected to witness the highest growth. Therefore, it is a lucrative market for companies to invest in.