The global welding materials market is growing on account of the thriving growth of application segments such as transportation, building and construction, marine, and automobiles. The growing urbanization in developing nations will drive the growth of this market. The increasing infrastructure development in Asia Pacific will also fuel the growth of the welding materials market. The technological advancements in the automobile industry will also aid the growth of this market. The automotive industry makes use of welding materials in various processes, including the manufacturing of the high quality, light-weight, and fuel efficient components.
One of the latest trends in the global welding materials market is the use of new materials, which results in reduced weight of the overall finished products. This will drive the welding materials market. The manufacturing of new welding equipment and materials will push the growth of this market. On the other hand, the use of welding products can pose safety and health issues among operators and this will restrict the growth of the market as regulatory bodies impose restriction on their use. The American National Standards (ANSI) has stated that welding can be a potential threat for operators as it may cause injury and illness.
The market is characterized by the supremacy of large players. As this market is capital intensive, new entrants and local vendors face a tough challenge surviving in the market. Large players offer quality, functionality, and good services and give competition to local players.
Welding Materials Market: Overview
Welding materials market may be mature owing to their use ever since industrial revolution, however, the market is still experiencing technological advancements, which is ensuring a continued growth of this industry. Welding processes are used extensively across various end-use industries such as automobiles, manufacturing, marine, offshore, and building and construction. This is leading to a growth in the global welding materials market. The process of welding makes use of coalescence to join metals or thermoplastics. The welding materials market primarily comprises welding equipment, accessories, and welding consumables. Some of the materials used for welding process, include solid wires, stick electrodes, SAW wires and fluxes, flux-cored wired, and gases.
The report is a comprehensive analysis of key driving factors and obstacles faced by players in the global welding materials market. It is collated by expert analysts who make predictions based on the historical and present state and size of the market. The report segments the market on the basis of key criteria and gives information such as leading, declining, and fastest growing segments. Information regarding the degree of competition, threat of new entrants, bargaining power of buyers, threat of substitutes, and bargaining power of suppliers has been included in the report. Thus, the report is enriched with key information which proves to be very fruitful for companies wishing to invest in the welding materials market.
Welding Materials Market: Trends and Opportunities
While the arc welding segment has been leading in the market, other technologies such as laser beam and resistant welding are also gaining popularity for specific applications for their ability to perform deep weld penetration and owing to their minimal size. The demand for welding materials is expected to continue to grow as welding is the only joining technique that can be used for applications such as space and underwater. For instance, welding is essential for repairing ships, pipelines, and offshore oil platforms. In marine applications, underwater welding is an emerging application. Additionally, it is used by end-user industries in repair and maintenance operations. Welding joints provide fatigue and corrosion resistance, and strength, boosting the welding materials market. The transportation and automobile industry is one of the biggest consumers of welding materials, thus driving the market.
Market: Geographical Analysis
By geography, the market is segmented into Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific is expected to continue to lead in the welding materials market with countries such as China and India as leading markets in the region. A surge in construction activities, including residential and non residential projects is one of the reasons behind the growth of the Asia Pacific welding materials market. The growing transportation sector and support from government to promote the manufacturing sector are some of the other factors boosting the Chinese and Indian welding materials market. The European and North American markets have a lack of skilled labor in the welding industry and thus experiencing sluggish growth.
Companies Mentioned in the Report
Some of the key manufacturers of welding materials are: The Linde Group, Lincoln Electric Holdings, Inc., Ador Welding Limited, Colfax Corporation, Illinois Tools Works Inc., Praxair Incorporated, ESAB, Air Liquide S.A., and Air Products and Chemicals, Inc. The report gives a detailed analysis of each of the company’s recent developments and strategic business moves for business expansion. The business and financial overview of companies and the challenges faced by them are a part of the competitive landscape section of the report.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.