Welding Market Size, Share & Industry Analysis, By Product Type (Welding Equipment and Welding Consumables), By Welding Type (Arc Welding, Spot Welding, MIG/TIG Welding, Laser Welding and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2019-2026

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Welding industry market is expected to grow significantly over the forecast period, owing to its demand across the construction, heavy machinery industries, etc. The growth is expected to increase over the forecast period due to its application across various materials and products. The future of welding techniques such as arc welding, spot welding, plasma welding, etc. holds even greater opportunities, as these methods are devised for joining dissimilar and non-metallic materials, and for creating products of innovative shapes and designs.

Today, welding operation has undergone drastic changes owing to the development of technology, wherein the welding machines are working with utmost precedence. There is rapid development in the welding industry and new methods are being invented and implemented on a regular basis. Therefore, welding is an ever growing industry that presents work opportunities and challenges for new generations of engineers. Furthermore, welding automation is one such innovation that has been flourishing the welding industry market.

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Over the past several years, the welding industry has been facing a major restraint in the form of occupational injuries that occur during the course of work in various manufacturing and welding sites. These injuries are caused due to the excessive exposure of the human body to energy that exceeds physiological tolerance. Therefore, with the implementation of robotics technology, manufacturers are trying to create more innovative and creative welding tasks and overcome this restraint.

MARKET DRIVERS

“Demand for Multifunctional Welding Equipment to Drive the Welding Market Trends”

With the growing manufacturing process across the end-use industries such as mining, construction, pipeline, etc., a need to develop single machine that serves multiple operations has been witnessed.  Manufacturers across the globe are not only focusing on the expansion and advancement of their production facilities, but also to steady research and development efforts. They are also continuing to add more value to their products in order to cope with future needs and maintain competitiveness compared to machine tool manufacturers in other countries.

In addition to high-speed, high-efficiency, and high welding capability, manufacturers are emphasizing on enhancing the features of the equipment further supplementing welding equipment & consumables market. Engine driven welder machines are the best example, wherein these machines not only are used for welding but also are used as a generator that provides power to power for Stick, TIG, MIG, and Flux-Cored welding by pairing with gasoline, diesel, or propane-fueled engine. These are versatile machines that are used across construction, mining sites, and work trucks; in fabrication shops; for service, maintenance, and repair work; and throughout the oil & gas industry. Also, these machines are equipped with compressors that are utilized to power equipment such as concrete blowers and large breakers.

As the need for welding the function-intensive parts and components increases, the need for advanced combined multifunctional welding machine tools capable of machining these workpieces at higher precision and higher efficiency will also increase. Therefore, welding equipment & consumables manufacturers such as Lincoln, Miller, etc., are indulged in manufacturing superior welder machines that are featured with versatile functionality.

The impact of this driver is estimated to remain high during the short-term, mid-term, and long term duration owing to the need of the multifunctional welder machine across outdoor applications.

MARKET RESTRAINTS

“Lack of Skilled Labors Handling the Welding Equipment is expected to Hinder the Welding Market”

Currently, the welding industry across the globe is witnessing challenges in the form of training more welders, requalifying the existing employees to upgrade their skills, and increasing the productivity of the current welding operation. Therefore, shortage of skilled and efficient labors for handling the welding equipment is affecting the global welding market.

Welding and cutting can be hazardous as they create sparks, spatter, radiation (infrared, ultraviolet, and blue light), slag, heat, hot metal, fumes and gases, and even electric shocks. Since these hazards may cause burns, injury, or death, it is important to wear welding consumables such as personal protective equipment (PPE) during welding. Additionally, the welder performing the welding operation is expected to be well-versed with the various parameters such as adjusting welding noise, the supply of required current to the machine, etc. while performing the welding operation. Due to the lack of knowledge or awareness of the welders of using the welding machines, severe accidents take place across construction and mining sites.

As a result of these adverse consequences, various welding associations, as well as governments, are taking initiatives to train the welders with advance technology for training. For instance, Weld Australia is working with federal and state governments as well as various TAFEs across the nation to train new welders and facilitate the upskilling of existing welders. Therefore, it has been projected that the impact of these restraints is considered to be moderate during the long-term duration, owing to the efforts taken by the different welding associations.

SEGMENTATION

By Product Type Outlook

“Welding Consumables Segment is Generating the Highest Revenue during the Forecast Period”

The sub-segment included in the by product type segment are welding equipment and welding consumables

Welding consumables holds a dominant position in this market in terms of revenue, as pointed out by the welding market research. This is mainly due to the demand for customized welding for joining dissimilar and non-metallic materials, rise in consumption of steel, etc. Moreover, the welding industry is now emphasizing on adopting simple and cost-effective welding solutions to safeguard the work piece from external environment.  In such scenario, welding consumables are gaining impetus as the raw material utilized for manufacturing consumables comprises copper, rutile, aluminum, etc. which possesses high tensile strength, anti-oxidants, etc.

The welding equipment segment is expected to show considerable growth in the forecast period owing to rising trend of automated machines deployed across various industries such as automobiles and construction for joining thermoplastics, metals, etc.

By Welding Type Outlook

“Arc welding is Anticipated to be Dominant”

The sub-segment included under welding type segment are arc welding, spot welding, MIG/TIG welding, laser welding, others (gas welding)

Arc welding segment is projected to hold the highest market share in 2018, owing to the rising adoption of fusion welding processes, utilization of high strength low-alloy (HSLA) across various industries as it is flexible and cost effective process.

Spot welding segment is anticipated to grow at a considerable rate in the coming years owing to the low cost method’s, high reliability, efficiency, accessibility, and ability for robot automation, compared to other joining methods, make it ideal for automotive production.

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MIG/TIG and laser welding is expected to grow moderately over the forecast period owing to demand for high precision welding for welding different grades of steel with mild steel as it provides better strength.

By Application Outlook

“Heavy Engineering is Anticipated to Grow Exponentially Over the Forecast Period”

The sub-segment included in the by application segment are automotive, building & construction, heavy engineering, railway & shipbuilding, oil & gas, others

The heavy engineering segment is expected to grow exponentially over the forecast period owing to introduction of smart factories, industry 4.0, etc. Moreover, demand for high precision welding is widening, mainly for joining two different metals without losing its properties, which is further supplementing the welding market growth.

The automotive segment is expected to grow significantly in the forecasted period as automotive industry is focusing on reducing the weight of vehicles by replacing metal parts with plastics, which requires high precision welding. Moreover, automotive industry is preferring to embrace advanced welding technology in order to make the best use of high tensile strength steels that are deployed in manufacturing the automotive parts and establish a global position of technological superiority further boosting market.

Furthermore, with the increasing number of residential, commercial projects, the building & construction segment is expected to grow at a considerable rate over the forecasted period. Also, government initiatives for infrastructure development, availability of bank loans at cheaper rates, etc. are uplifting the construction sector, according to the welding market analysis.

Moreover, oil & gas and railway segment is expected to grow moderately over the forecast period owing to rising infrastructure in developing economies, adoption of various precision welding techniques to perform critical operations such as railway tracks, underwater pipelines, etc.

REGIONAL ANALYSIS

Asia Pacific generated revenue of USD 10.74 Billion in 2018, and is projected to emerge dominant across range of industries. The growth in this region is witnessed due to the rising manufacturing industry, mainly in Japan, China, and India. Moreover, China has the maximum number of local registered and unregistered welding manufacturers, which results in having a significant presence across the country.

Following Asia Pacific, North America and Europe is also expected to witness the significant growth in welding market value. This is mainly due to the demand for welding goods from the aerospace industry, an increasing number of construction projects, presence of leading welding consumables manufacturers, etc. 

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The Middle East and Africa and Latin America would have moderate growth in the market value owing to the technological expansions and development of the welding industry in recent years.

INDUSTRY KEY PLAYERS

“Players Including Lincoln Electric, ESAB, Denyo are More Intended Towards Cost Leadership Strategy to Achieve Target Market at Relatively Lower Cost”

Pricing strategy is a major factor that affects the sales of products, because of which companies focus on maintaining product prices by adopting various strategies. For instance, Lincoln Electric enhanced its product mix & focused on operational excellence to pursue profitable growth even though costs of raw material were inflating. Moreover, improving quality, cost & processes are major factors that the companies are trying to improve continuously. For instance, DENYO CO., LTD., will focus its efforts on welding machines by reviewing the sales structure and developing new products so that it can maximize its profits.

List of Key Companies Profiled:

• The Lincoln Electric Company


• ESAB


• Illinois Tool Works


• Denyo


• Air Liquide


• Kobe Steel


• Ador Welding Ltd.


• KISWEL CO., LTD.


• Gedik Welding


• Voestalpine BOHLER delstahl GmBH

REPORT COVERAGE

This report comprises an in-depth analysis of the global welding market dynamics and competitive landscape. Furthermore, it highlights recent developments, including mergers & acquisitions, new product launches across key countries which helps to gauge the overall outlook of the market. It also includes macro and microeconomic factors, SWOT analysis, competitive landscape and company profiles.

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Industry Development

• April 2019: Miller Electric Mfg. LLC, manufacturer of Miller brand arc welding equipment, has introduced the new gas model of its EnPak A30GBW all-in-one power system.


• April 2019: Lincoln Electric acquires Baker Industries, Inc. Baker industries provide custom tooling, parts, and fixtures, primarily serving automotive and aerospace markets.