USD 28.3 Bn by 2024, Welding Equipment & Consumables Market Study Report 2018-2024

The global welding equipment & consumables market size is expected to reach USD 28.3 billion by 2024, progressing at a CAGR 4.5% over the forecast period, according to a new report by Global Market Insights, Inc.

The welding equipment & consumables market is expected to register considerable growth on account of proliferating developments in the infrastructure sector. Countries like China, India, Indonesia, and Japan are witnessing a significant rise in construction activities. In fact, the Asia Pacific construction industry had secured a valuation of over USD 4 trillion in 2016, contributing almost 45% to the global construction expenditure share.

Surging population coupled with rising urbanization trends has propelled the demand for improved infrastructure facilities, which in the future could play a crucial role in stimulating the demand for advanced welding equipment. Meanwhile, increasing demand for welding automation solutions across the fabrication sector might augment global welding equipment and consumables industry landscape over the forthcoming years.

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Apart from this, escalating oil & gas explorations activities could positively impact industry growth, as heavily welding equipment are required across diverse range of applications in the O&G sector. Considering these aspects, the welding equipment and consumables market could reach USD 25 billion by the year 2024.

However, air contaminants produced due to the emission of hazardous gases like nitric oxide, carbon monoxide, and nitrogen dioxide along with other particulates like iron oxide, nickel, copper, fluorides, cadmium, and zinc produced from the welding process could hinder market growth. Besides, issues such as average working conditions at medium and small-scale welding companies might pose a threat to the market outlook.

Mentioned below are some of the trends that may advance welding equipment and consumables industry size:

Growing demand from the automobile sector-
Increasing sales of passenger cars could drive the deployment of wielding instruments across the transportation and automobile sector. Estimates suggest that the segment may surpass USD 5 billion by 2024. As per a report, the global passenger car sales were recorded at almost 80.6 million in 2018. Growing number of shipbuilding activities along with rising offshore oil extraction could boost the adoption of welding instruments and consumables across marine applications.

Rising growth opportunities across APAC-
Asia Pacific is considered to be a lucrative terrain for welding equipment & consumables manufacturers and suppliers. Earlier in 2016, the region had accounted for more than 40% of the overall industry share. In fact, the total automotive sales in 2016 from APAC countries like India, China, Indonesia, Japan, Malaysia, and Thailand was tallied over 40 million units. Automobile, construction, and shipbuilding industries across these countries are growing at an exponential rate. Such developments can contribute to the growth of APAC wielding equipment and consumables market share.

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Adoption of promising business strategies-
Companies operating in the welding equipment and consumables industry are constantly focusing on innovating new product offerings to enhance their overall product portfolio and consumer base. Taking June 2020 for instance, Lincoln Electric expanded its Excalibur SMAW (stick) electrode series by launching the new Excalibur® 7018 XMR™ low-hydrogen stick electrode that provides exceptional low moisture content.

Currently, companies like Arcon, Miller Electric, Obara Corp., DAIHEN Corp., Fronius International, Panasonic Corporation, and Doncasters Group are leading the industry landscape with their innovative product lineups.

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

This release was published on openPR.