Welding Materials Market

Welding Materials Market Size (2023-2028):

The Welding Materials Market was at USD 15.2 billion in 2022 and is expected to grow in 2028 to 22.61 billion with a CAGR of 9.15% between (2023-2028)

Welding is one of the important manufacturing processes in which different parts of metal or thermoplastic are joined. The welding process causes high-temperature melting of metal parts without melting the base metal. Welding is different from brazing, which involves metal joining at low temperatures. Typically, this process includes a filler material, which is added at the attachment point to bring the metal parts together. In addition, the shift in consumer preference from manual machines to automated machines is driving demand for this equipment. Manufacturers are focused on introducing technologically advanced products to improve safety, quality, and productivity in all industries. They are also focusing on developing technologies that would help train operators and lower training costs for businesses. This is supposed to further boost the growth of the welding materials market during the outlook period. This will stimulate the market for welding materials. The manufacture of new welding equipment and materials will drive the growth of this market in the future.

Welding Materials Market Drivers:

The increasing adoption of techniques such as laser welding and ultrasonic welding has led to an increase in the market for welding materials. The efficiency and benefits of these welding methods have made them suitable for many applications. These methods are preferred in various end-use industries where the precision of joints is of paramount importance, such as robotic devices, electrical devices, and automotive moving parts. The call for welding materials is anticipated to continue to rise as welding is the only joining technique that can be utilized for space and underwater applications. For example, welding is essential for repairing ships, pipelines, and offshore oil platforms. Moreover, it is used by end-user industries in repair and maintenance operations. Weld joints provide strength and resistance to fatigue and corrosion, which is driving the market for welding materials.

Welding Materials Market Restraints:

The use of welding products can pose safety and health concerns for operators, which will limit market growth as regulators impose restrictions on their use.

Opportunities in the Welding Materials Market:

While the arc welding segment has been a market leader, other technologies such as laser beam and heavy-duty welding are also gaining popularity for specific applications due to their ability to perform deep weld penetration and because of their minimum size. The call for welding materials is anticipated to continue to rise as welding is the only joining technique that can be used for space and underwater applications. For example, welding is essential for repairing ships, pipelines and offshore oil platforms. Moreover, it is used by end-user industries in repair and maintenance operations. Weld's joints provide strength and resistance to fatigue and corrosion, which is driving the market for welding materials.

Challenges in the Welding Materials Market:

The lack of skilled manpower is supposed to hamper the growth of the welding materials market. In addition, the lack of investment in rigorous training and the development of the local workforce is at the root of the shortage of skilled labor. This factor is estimated to prevent the growth of the global welding materials market. In addition, the capital-intensive nature of the metal industry, the need for skilled labor, and the high risk of accidents will likely slow the growth of this market in the years to come.

WELDING MATERIALS MARKET REPORT COVERAGE:

Welding Materials Market Segmentation as per the research report until 2028.

Welding Materials Market By End-User:

• Automotive
• Building & Construction
• Heavy Industries
• Others

The automotive end-use segment dominated the market in 2020. The ever-increasing demand for automobiles globally is expected to fuel the need for tools and robotics in the automotive industry. Welding equipment is also essential for the construction industry, as welding plays an important role in the construction of bridges, buildings, offshore oil and gas platforms, and pipelines. Therefore, the promising increase in construction activity around the world is expected to boost demand in the construction segment in the future.

Welding Materials Market By Equipment:

• Automatic

• Semi-Automatic

• Manual

The advent of welding robots for production processes in recent years has helped to minimize reliance on manual labor to a large extent in various industries. The growing adoption of these robots will likely boost the automotive segment soon. In addition, using expensive labor increases manufacturing costs, so companies are encouraged to adopt industrial robots. This is expected to further drive the growth of the automatic welding equipment segment.

Welding Materials Market By Technology:

• Arc Welding

• Resistance Welding

• Oxy-Fuel Welding

• Others

The arc welding segment is expected to dominate the market during the forecast period. The growth of the segment can be attributed to the increasing use of arc welding in offshore infrastructure development activities and in the maintenance and repair of pipelines, process equipment, and nuclear facilities. The growing number of government initiatives to expand manufacturing facilities by encouraging foreign investment in developing countries such as Myanmar, India, and Indonesia are expected to drive demand for the arc welding segment over the course of the forecast period.

Welding Materials Market By Region:

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

The European market accounted for the largest revenue share in 2020 and had a market size of $ 3,605.2 million. The great advancements in energy-efficient robotic equipment over the years have worked well for the European market as several countries have imposed strict energy efficiency regulations on various industries. The main markets in this region are the UK, France, Germany, Italy, and Spain. The aerospace and automotive industries in Europe are the main consumers of welding materials, which promotes the growth of the regional market. The North American market was the second largest, in terms of market size, in 2020 with the United States being the main contributor to market growth. This growth can be attributed to the increase in reconstruction activities and the growing demand for welding materials in the marine industry. Latin America, the Middle East, and Africa had a small slice of the pie in 2020, but in the coming years, these markets are estimated to experience tremendous growth due to the region's rapidly industrializing.

Asia-Pacific is supposed to be the largest market in terms of market size in the projection period. This region accounted for over 42% of the global market in 2020. The main growth driver of this regional market is the increasing demand for welding materials in major end-use industries such as automotive, construction, and marine. Governments of developing countries in this region, such as India, China, and South Korea, are focusing on infrastructure development and the integration of their regional transport systems.

Impact of COVID-19 on the Welding Materials Market:

The coronavirus pandemic has affected the whole world and all industries are under pressure from its effects. However, governments have taken many steps to improve the situation. For instance, in India, the government has made many efforts to promote the manufacturing sector with the “Make in India” and “Atmanirbhar Bharat” programs and also announced special attention to MSMEs with special programs. In addition, after a long time, the auto industry is also picking up and the year-on-year comparison shows positive growth. Like many other industries, the welding and cutting equipment industry has also been affected by COVID-19. The manufacturing industry has a few challenges like the labor hand of migrants, the uncertainty of the future, and therefore the lack of investment in capital goods and also the inconsistency of OEM orders, etc. With all of this now, the industry is slowly recovering and facing challenges.

Recent Developments:

• In June 2020, Coherent launched a new 4kW fiber laser welding system, the new HighLight FL4000CSM-ARM fiber laser from laser giant Coherent builds on the success of the Coherent HighLight ARM series of fiber lasers, which is qualified for automotive applications, the company says.

• In October 2020, Koike introduced a new welding manipulator for manufacturing small pipes.

Welding Materials Market Key Players:

1. Ador Welding Ltd. (India)

2. Air Liquide (France)

3. Air Products and Chemicals, Inc.(U.S.)

4. Colfax Corporation (U.S.)

5. Illinois Tool Works Inc. (U.S.)

6. The Linde Group (Germany)

7. Praxair Technology, Inc. (U.S.)

8. The Lincoln Electric Company (U.S.)

9. Tianjin Bridge Welding Materials Group Co., Ltd. (China)

10. Gedik Welding (India)