Continuous technological advancements pump up the market for welding products

Market - Mohit Shah - Jun 20,2017

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continuous technological advancements pump up the market for welding products

As per expert statistics, the global market opportunity in welding products is anticipated to rise from US$19,080.3 mn in 2015 to US$23,777.5 mn by 2020.

Welding products do find extensive demand from a range of industries such as manufacturing, automotive, marine, building and construction, and offshore. Presently, the welding products industry has been experiencing robust growth since the past few years, primarily driven by continuous technological improvements in welding techniques.

In recent years, welding products have been witnessing surging demand also across the oil and gas industry, which is focused on the task of revamping the pipelines. As per a recent report published by Transparency Market Research (TMR), the worldwide market for welding products which was valued at US$19,080.3mn in 2015, is projected to acquire a size of US$23,777.5mn by 2020. 

Considering the product varieties from the welding products sector, the market is comprised of resistance welding, oxy-fuel welding, arc welding, laser beam welding, and ultrasound welding. Also, the prime consumables used in welding equipment in the present time are stick electrodes, flux-cored wires, solid wires, saw wires, and fluxes. Among these, the demand for stick electrodes was found out to be quite large as noted in 2016. 

The advancement of the welding products market is on a superb hike, majorly boosted by the effects of the automobile and transportation application which held the main market share in 2016. It has been noted that the substantial demand for welding products and equipment in the aerospace, and railways sector to manufacture different structural components is acting as a driving force for the growth of the welding products market.

The presence of major players operating in the welding products sector such as ESAB, Fronius, Illinois Tool Works Inc., International GmbH, Lincoln Electric, Arcon Welding Equipment, LLC, Amada Miyachi America, Inc., Obara Corporation, and DAIHEN Corporation, is benefitting the global market.

 

For more information on this report visit- http://www.transparencymarketresearch.com/welding-products.html