Global welding materials market is anticipated to reach USD 22.8 billion by 2026 growing at a CAGR of 6.6% during the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The report delivers a wide-ranging analysis of current market dynamics and forecasts future trends. In terms of revenue, the global market was mostly dominated by the transportation and automotive segment in 2018. The report further estimates that over the forecast years, the Asia-Pacific will be the biggest revenue contributor to the worldwide welding materials market.
Some driving factors of the welding materials market growth indicated in the report include:
- The market is primarily supported by increasing automation across various industrial processes and the use of welding materials for diverse applications such as automotive, construction and aerospace among others.
- Increasing use of welding materials in infrastructural development projects and construction activities, particularly in developing economies will accelerate market growth.
- Factors like hefty investments toward energy infrastructure, improving the aesthetics of welds, industrialization, urbanization, and rising development of new filler metals to enhance purity will favor market growth.
- The welding materials industry is likely to encounter multiple growth opportunities during the forecast timeline due to the growing demand from developing nations, and technological advancements.
Electrodes are an essential welding tool, which is bifurcated into welding electrodes, consumable electrodes, and non-consumable electrode.
Welding Electrodes: They are created from electrically conductive materials and possess the ability to conduct electric current to the weld.
Consumable Electrodes: These offer the filler metal of the weld puddle, and comprise of welding wires, strips, plates, wires, rods, and tapes, as well as combination electrodes.
Non-consumable Electrodes: These electrodes consist of rods and electrodes that are used in resistance welding.
Request sample copy of this Report@ https://www.marketstudyreport.com/request-a-sample/1868578/
Based on regional development, the Asia-Pacific market amassed the highest revenue in 2018 and is anticipated to lead the global industry over the forecast period. The regional development can be attributed to the presence of major industries such as automotive and manufacturing along with important research and development initiatives and increasing adoption of automation in industrial processes. Furthermore, rapid industrialization and development of the construction industry also promote market growth. In addition, the rising sales of passenger vehicles, paired with booming infrastructural development in nations such as Japan and China, accelerate the adoption of welding materials in the region, cites the report.
The report also delivers a comprehensive analysis of the welding materials market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of technological backdrop, type, end-user spectrum, and regional landscape is also contained within the report. In addition, company profiles of market majors have been highlighted in the report under business overview, product benchmarking, financials, and recent developments.
The eminent players operating in the competitive landscape of the global welding materials market include Praxair Technology, Inc., Air Products And Chemicals, Inc., The Lincoln Electric Company, Tianjin Bridge Welding Materials Group Co., Ltd., Illinois Tool Works Inc., Hyundai Welding Co., Ltd., Ador Welding Ltd., Fronius International GmbH, Taiyo Nippon Sanso Corporation, Miller Electric Mfg. LLC, Colfax Corporation, and Iwatani Corporation. These firms are consistently introducing new products in a bid to expand their product portfolio in the market. Given the advancement of technologies, these firms are innovating and launching new customized products to meet the rising needs of the customers. Other pivotal business tactics include the acquisition of other companies and enhancement of product offerings, which help organizations to grow their market reach and customer base.