Welding Component Market by Component Type (Stick Electrode, Solid Wires, Flux-Cored Wires, Saw Wires & Fluxes); by Technology (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser-Beam Welding); by Applications (Automobile and Transportation, Building & Construction, Marine, Power Sector, Oil & Gas); by Regions (North America, Europe, Asia-Pacific (APAC), Middle East & Africa and Latin America) – Global Insights, Growth, Size, Comparative Analysis, Trends and Forecast, 2017-2025.
Welding components have all-embracing applications in nearly all the chief industries including building, construction, aerospace, oil & gas, automobile, and others. Products in this industry have different features and are technologically developed continuously. Increasing use of the process for commercial purposes will drive the industry in the forecast period. Different components find applications in several end user industries, creating demand on a large scale.
Welding process leads to considerable environmental and health hazards due to release of toxic gases such as nitric oxide, carbon monoxide, ozone and nitrogen dioxide. These gases when released in the air cause contamination and may also result in pulmonary infection or respiratory illness to workers dealing with such welding activities. Poor working conditions in small and medium enterprises may lead to severe health hazards among workers. These factors might hinder the Global Welding Component Market in coming years. The Global Welding Component Market accounted for US$ 11.93 Bn in 2016 and is expected to reach US$ 18.88 Bn by 2025, growing at a CAGR of 7.8% from 2017 to 2025.
The Global Welding Component Market is enhanced by factors such as:
• Rapid infrastructural development.
• Technological advancements in the automotive industry.
• Increasing need for welding automation technology in fabrication.
Based on component type, the Global Welding Component Market is segmented into stick electrode, solid wires, flux-cored wires and saw wires & fluxes. Out of these segments, the solid wires segment dominated the global market in the preceding years and it is further expected to continue its dominance during the estimated time frame.
Amid technology segments, the arc welding segment is projected to grow at the fastest CAGR due to the growth in demand from emerging countries such as China and India, which are ranked first and second, respectively, in the Global Welding Component Market. The second fastest growing sector is that of oxy-fuel welding.
Among applications, the automobile and transportation sector is the largest segment of the Global Welding Component Market and is expected to occupy maximum share of the overall market by 2025. The stringent requirements for quality, reliability, and precision has led more applications of robotics and automation technologies in the automotive sectors welding processes. The surging production of light vehicles will create additional demand for different welded automotive components, creating potential demand for welding equipment manufacturers in the coming years.
In terms of regional analysis, the Asia-Pacific region leads the market due to its large population and growing demand from the construction, automobile, steel, and marine (oil and gas) industry. As welding components have a widespread application in all these end-use industries, the Asia-Pacific region, which is witnessing a major growth in these sectors as well, has become a large market for these equipment. This region is followed by North America, which is the second largest region for the Global Welding Component Market.
Some of the significant players functioning in the Global Welding Component Market include The Lincoln Electric Company, ESAB, Illinois Tool Works Inc., Voestalpine AG among others. Few of the other prominent players are Ador Welding Ltd, Arc Machines, Inc., igm Robotic Systems Inc., Milco International, Parweld Ltd., Proserv, and Senor Metals Pvt. Ltd., among others.