Albany, NY, April 8, 2015 (GLOBE NEWSWIRE) -- Transparency Market Research has released a new market report titled "Welding Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020". According to the report, the global welding products market was valued at USD 17.47 billion in 2013 and is expected to reach USD 23.78 billion by 2020, expanding at a CAGR of 4.5% between 2014 and 2020.
Increasing demand for welding products from automobile as well as building and construction industries is anticipated to augment market growth during the forecast period. Welding is extensively used in the automobile industry to manufacture a wide range of components and perform complex operations. The wind industry is a potential growth area for the welding products market, especially in emerging economies of Asia Pacific. Additionally, the construction of new wind turbines is expected to generate higher revenues for the welding products market. Shortage of skilled labor in manufacturing industries is estimated to restrain market growth, especially in developed economies. Additionally, high labor costs have adversely affected the profit margins of manufacturing companies.
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Key technology segments of welding products include arc welding, resistant welding, oxy-fuel welding and laser beam welding. The versatility of arc welding technique plays a key role in its overall appeal to end-users, thereby challenging the market share of other welding technology segments. Arc welding accounted for slightly less than 40% share of the welding products market in 2013, followed by resistant welding, oxy-fuel welding, laser beam welding and others.
Key welding consumables include stick electrodes, solid wires, flux-cored wires and SAW wires and fluxes. Stick electrodes is the largest consumable product segment with over 40% share of the global market in 2013. Solid wires segment was the second-largest welding consumable product segment in 2013. Flux-cored wires, SAW wires and fluxes, were other major growth sectors in the welding products market. Growing awareness regarding the advantages of flux-cored wire is anticipated to drive the global demand for flux-cored wires in the near future.
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Building and construction was the one of the largest application segments of welding products, accounting for over 17% of the global market in 2013. Welding is widely used in the construction of residential and commercial buildings. The construction industry is anticipated to require an increasing number of welding equipment and consumables as the demand for welded steel grows. Additionally, the growth in new construction and building projects in Asia Pacific is likely to boost the demand for welding products in the near future. Other key application sectors include automobile and transportation, and marine industries.
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Asia Pacific dominated the global welding products market in 2013 and garnered over 40% of the overall market in the same year. Asia Pacific was followed by Europe, which is expected to lose market share to the developing regions during the forecast period. The decline in market share can be ascribed to a shortage in the raw material supply and the economic crisis. North America and RoW followed Europe with a combined share of approximately 32% in 2013.
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The global welding products market is moderately concentrated, with the top three players accounting for over 30% of the market share in 2013. Key players in the market include Lincoln Electric, ESAB, ITW, Böhler and Panasonic. Lincoln Electric was the largest player in the market, accounting for 14% share in 2013.
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The report segments the global welding products market as:
Welding Products Market - Technology Analysis
- Arc welding
- Resistant welding
- Oxy-fuel welding
- Laser beam welding
- Others (ultrasound welding, etc.)
Welding Consumables Market - Product Segment Analysis
- Stick electrodes
- Solid wires
- Flux-cored wires
- SAW wires and fluxes
- Others (gases, etc.)
Welding Products Market - Application Analysis
- Automobile and transportation
- Building & construction
- Others (repair and maintenance, etc.)
Welding Products Market - Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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