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Albany, New York, Sept. 06, 2018 (GLOBE NEWSWIRE) -- The global welding products market is anticipated to rise significantly during its forecast period. According to a report by Transparency Market Research, companies are engaging in strategies of merging and acquiring other players so as to increase their production capacities. The global market for welding products is moderately fragmented in nature. Due to capital intensive, many local vendors are struggling to compete with the dominant players in the market. The local vendors lack features, functionalities, services, and quality to compete the dominant players therefore, they are introducing cheaper products in the market.
Some of the key players operating in the global welding products market are Fronius International GmbH, Voestalpine AG, Rofin-Sinar Technologies Inc., Sonic & Materials Inc., OBARA Co, Daihen Corp, Arcon Welding, Panaconic, and Bohler. Among these, ITW, ESAB, and Lincon Electric held 30% of the market share during 2013.
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The global welding products market is expected to rise at a robust CAGR of 26.8% during the forecast period of 2014 to 2020. The global welding products market was valued at US$19,080.3 mn during 2015 and is expected to rise to a valuation of US$23,777.5 mn by the end of 2020.
The global welding products market segment according to product type is led by stick electrode. This segment is leading the market and is anticipated to hold 40.9% shares of the total market by the end of 2020. The global welding products market is led by Asia pacific, this region is dominating the market and is expected to lead the market by holding 43.8% of the shares by 2020.
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Global Welding Product Finds Application in Various Industries Thus Fueling the Market
The welding products find application in various industries such as construction, building, automotive, manufacturing, and marine. The rise in demand from these industries for welding products have led to rise of global welding products market. Another factor for rise of welding products market is emerging gas and oil industries. These industries have showed sudden rise for the demand of welding products globally. Increased development and technological advancement in welding industry have led to market growth in the recent years. These advancements have led to a range of customized welding equipment and products. The improvised welding products are assisting gas and oil companies to produce satisfactory results. Welding pipes are also in demand for the pipeline construction industry thus, increasing the demand for welding products in the market. Automotive industry is witnessing rapid technological advancement and infrastructural development which will fuel the demand for welding products in the market during the forecast period.
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High Labor Cost Posing as Threat to Market Growth
The global welding products market is anticipated to face restrains in the future which might hamper the market growth. Lack of trained and skilled labor in various emerging and developing economies of the world might affect the global market growth. Similarly, developing and underdeveloped countries cannot afford labor cost thus, escalating the prices of production. This increase in price of production reduces the profit margins for manufacturers which in turn affects the global welding products market. The availability of new technologies will not suffice since scarcity of skilled labor makes it impossible to implement and supply products to its consumers. These factors are likely to affect the global welding products market in the coming years.
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The information in this review is based on the findings of a report by Transparency Market Research, 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.”
The global welding products market is segmented as follows:
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