Welding Products Market: Demand to Increase from Automotive and Construction Industries

ALBANY, N.Y. - Nov. 15, 2016 - PRLog -- The global welding products market is moderately consolidated with the top three players accounting for 30% of the market in 2013. These three companies are Lincoln Electric, ESAB, and ITW. Small players are competing in the market by introducing low priced products, says Transparency Market Research in its new study. Some of the players in the market are Fronius International GmbH, Bohler, Sonics & Materials Inc., Panasonic, Daihen Corp, Rofin-Sinar Technologies Inc., Voestalpine AG, Arcon Welding, and OBARA Co. Companies are focusing on strategic acquisitions, increasing their production capacity, and innovations. Operational improvements are another area on which companies are concentrating. Companies such as Bohler are investing in research and development to present new products as per customer specifications.

According to the report, the global welding products market is expected to rise from US$19,080.3 mn in 2015 to US$23,777.5 mn by 2020. By technology, the resistant welding segment will continue to lead through 2020, accounting for 26.8% of the market. On the basis of product, the stick electrodes segment led in the past and will continue to do so, accounting for 40.9% of the market by 2020. By application. The automobile and transportation segment, closely followed by the building and construction segment will lead in the global welding products market by 2020. The automobile and transportation segment is estimated to account for 17.8% of the market by 2020. On the basis of geography, Asia Pacific will lead and is projected to account for 43.8% of the market by 2020.

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Revamping of Oil and Gas Infrastructure and Pipelines to Drive Market

The growth of the automotive industry is one of the key factors driving the global welding products market, as metals used in automobiles are joined using welding. The repair and maintenance of automobiles are also creating a need for welding products, thus driving the market worldwide. Another factor driving the global welding products market is the growth of the building and construction sector. Welding comprises an important process used in building and construction activities. The growth of the construction and infrastructural activities in Asia Pacific is driving the demand for welding products.

Furthermore, the oil and gas industry is also a key consumer of welding products. Welding products are extensively used for revamping of oil infrastructure and also for the construction of new pipelines and manufacturing facilities. A rise in safety concerns in the oil and gas industry is fueling the need for replacing older pipelines and installing new ones in future. In addition to this, the growth of the oil and gas drilling activities has given rise to an increase in offshore rigs. This in turn is creating a need for welding processes, driving the demand for welding equipment and consumables

Lack of Trained and Skilled Labor to Pose a Problem

Trained and skilled labor is one of the crucial factors for the success of the welding industry. Developed countries are faced with high labor cost, leading to high production prices and this is subsequently impacting the profit margins of manufacturers. Moreover, the shortage of skilled labor is hampering the welding process. A lack of skilled labor to handle new technologies being developed by key players in the welding industry will also restrain the market. "Manufacturers are unable to provide quality services to customers owing to a lack of skilled labor," says a TMR analyst. However, the growth of the wind power industry will act as an opportunity for growth in the coming years. As the need for efficiency arises in wind tower fabrication, there will an increase in the construction of wind turbines, driving the demand for welding products.

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This information is based on the findings of a report published by Transparency Market Research, titled "Welding Products Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."