Global Welding Materials market is expected to grow with the CAGR of approximately 5% from 2016 to 2022, and with this it is predictable to cross USD 16 Billion by 2022.
Welding is a process of joining metals by causing fusion. It is a very cost effective process, which finds its application in industries such as transportation, construction, oil & gas and power. The growth of the welding industry is highly dependent on the consumption of steel in various end-use industries. The welding technology comprises of welding materials and welding services. The welding materials accounts for a significant share in the welding industry.
The global welding materials market is driven by the growth in transportation, manufacturing, and building & construction industries. The transportation industry is the largest consumer of such material due to its usage in automobile industry. The automobile industry has a matured market in North America and Europe which is expected to grow steadily over the forecasted period. The market is driven by the demand from APAC region. The transportation & automobile industries have lot of scope for growth in the region due to rapid urbanization and increasing disposable income. This augments the demand for welding materials across all the processes of automobile and parts manufacturing.
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On The Basis Of Type
On The Basis Of Application
Furthermore, the cost effectiveness of the welding materials is driving the growth of the market. Many players are now expanding their portfolio by adding different welding material types such as flux & wires and gases in order to serve the various industries better. Flux & wires show properties such as high deposition rate and strong welds which is highly suitable for outdoor work.
The region of APAC has witnessed a remarkable growth in the Welding Materials Market due to high demands from the lands of China and India. The increased investments in India in both automobile and construction industry have widened the scope for welding materials. Also, APAC is currently valued as the largest and fastest growing market for this material and is expected to keep up the pace by 2022. The global welding materials market is expected to cross USD 16 Billion mark at the end of the forecasted period and is expected to show a staggering growth at CAGR of approximately 5% from 2016 to 2022.
Scope of the report
This study provides an overview of the global Welding Materials Industry, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global welding materials market as type and application.
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