Global Welding Products Market to be driven by Increasing Technological Advancements

By | December 7, 2018
The global market for welding products is moderately fragmented, as the local vendors are incapable of investing high capital and they face difficulty in competing with the leading players in the market. Transparency Market Research (TMR) observes that the local vendors lack in providing services, functionalities, features, and quality to contest against them. In addition, the leading players are investing in strategic mergers and acquisitions to increase their geographical reach and production capabilities. Some of the leading players in the global market are Voestalpine AG, Daihen Corp, Sonic & Materials Inc., OBARA Co, Arcon Welding, and Rofin-Sinar Technologies Inc. According to TMR, the global welding products market is projected to reach US$23.77 bn by the end of 2020 progressing from US$19.08 bn in 2015. During the forecast period between 2014 and 2020, the market is projected to expand at 26.8% CAGR. The global market for welding products is classified into technology, product, application, and region. Based on product type, stick electrode is leading the market as compared to other products in this segment. Stick electrode is expected to hold 40.9% of shares of the total market shares by the end of 2020. Geographically, Asia Pacific is dominating the welding products market globally and is expected to hold 43.8% of shares by the end of 2020. Fasting Increasing Use in Various Application to Fuel Demand for Welding Products The application of welding products is high in industries such as building, construction, automotive, marine, and manufacturing. Thus, with the growing demand in these industries has fueled the demand for welding products that will prove beneficial for the market growth. Technological advancements and increasing developments in welding industry have also boosted the demand in the welding products market. These advancements have helped in providing customized welding products and equipment. Improved welding products are also helping oil and gas companies to produce satisfactory results as they help in accelerating the work in the oil and gas companies. Further, the growing demand for welding pipes in the pipeline construction industry is also expected to boost the demand in the global welding market. Welding products are also used in the automotive industry for manufacturing vessels chassis and various components in the shipbuilding industry. Aerospace and railways also require wielding products to manufacture large structural constituents. Lack of Skilled Labor to Hamper Market Growth One of the major restraints is the lack of availability of skilled and trained labor in various emerging market. In addition to that, manufactures in developing regions cannot afford to invest additional cost in improving the skills of labors, as it will reduce their profit margins. Therefore, these factors may hinder the welding products market to grow efficiently in the coming years. However, developing new technologies will minimize the dependency on labor and will bring new ways to offer welding products to the customers. These efforts are likely to affect the growth in the global welding products market in near future. Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=850 The information presented in this review is based on a TMR report, titled “Welding Products Market (Consumables – Stick Electrode, Solid Wires, Flux-cored Wires, SAW Wires & Fluxes and Gases; Technology – Arc Welding, Resistance Welding, Oxy-fuel Welding, Laser-beam Welding, and Ultrasound Welding; Application – Automobile & Transportation, Building & Construction, Marine, and Repair and Maintenance) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.” About Us Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals. Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through ad hoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories. TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision. Contact 90 State Street, Suite 700 Albany, NY 12207 Tel: +1-518-618-1030 USA – Canada Toll Free: 866-552-3453 Email: sales@transparencymarketresearch.com