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TIG welding is Tungsten Inert Gas Welding that is used for electric ar welding processes. TIG was initially introduced in United States and later was been globally recognized. In Germany, this method is called as WIG Welding i.e. Wolfram Inert Welding. Generally, TIG Welding is different from other welding processes by the fact that the electrode is not consumed like the electrodes in other processes such as MIG/MAG and MMA.
Furthermore, TIG welding is more versatile welding process, as it is easier to change the filler wire. TIG wire is basically used in light bulbs, heating elements and rocket engines as it is hard in nature, brittle and slightly radioactive metal. Air cooled TIG torch and water cooled TIG torch are used in aerospace applications, usually to weld small diameter, thin wall tubes in pipe, oil and gas industry.
Apparently, the impact of COVID-19 is creating woes and is expected to sustain for a considerable period in the future. The immediate lockdown resulted on major manufacturing anf fabrication hubs grinding to a halt resulting in critically hampering of production across the globe. This has impacted the growth of the TIG welding market, but is expected to recovr during the course of time.
Key Market Driver -
• The rapid growth of construction & infrastructure industry across the regions • Increasing investments in the power utility industry
Key Market Restraint -
• Shortage of skilled labor in welding industry with high labor cost
The TIG welding market is steadily growing across the globe as there as few major players present in the market along with numerous local players which ultimately makes the market to be oligopolistic in nature. The major reason for the dominance of these companies is the heavy investments incorporated for the research and development to introduce advance welding technology and brand name. Also, these companies are mainly focusing on widening its existing portfolio by adopting various marketing strategies such mergers and acquisitions, collaboration with local players in order to increase their market reach in the global market.
Some of the key competitors in the TIG welding market include Lincoln Electric, Kemppi Oy, Panasonic Corporation, Miller Electric , ESAB, SanRex Corporation, Rilon Welding Industries, Fronius International GmbH, EWM AG, Migatronic, OTC DAIHEN, Inc. and others.
Geographically, the TIG welding market is segmented across five major regions, namely, North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. They are further categorized into countries.
Asia Pacific is expected to exhibit the fastest growth in the TIG welding market during the forecast period. Increasing construction activities owing to the rising demand from the industrial and commercial sector is expected to drive this market in this region. Besides, the presence of unorganized and organized Chinese players operating in this region is also attributing to the high demand for TIG welding in this region.
Europe and North America are anticipated to grow moderately over the forecast period, owing to the growth of the small and medium sized fabrication centers and also the increase in industrialization. Whereas, Middle East & Africa and Latin America are expected to grow moderately, over the forecast period.
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