Growing demand for welding materials from the transportation, plant & machinery manufacturing, & building & construction industries worldwide is projected to boost Welding Materials Market
The welding
materials market is expected to
reach USD 15.80 billion by 2021, at a CAGR of 5.2% from 2016 to 2021. Growth
in this market is mainly attributed to the increasing demand for welding
materials from transportation, building & construction, and heavy industries.
Welding is widely used in the transportation industry for manufacturing various
vehicle body parts. Thus, increase in automobile production, coupled with automotive
repair and maintenance activities is anticipated to drive the welding materials
market during the forecast period.
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On the basis of type, the welding materials
market has been classified into electrode & filler materials, fluxes &
wires, and gases. The fluxes & wires segment is the fastest-growing type segment
in this market. This growth is attributed to the advantages such as high
deposition rate, flexibility, and suitability for external applications offered
by fluxes & wires. Fluxes & wires welding materials are mainly used in
transportation, building & construction, metal works, and repair &
maintenance activities.
On the basis
of technology, the welding materials market has been classified into arc
welding, resistance welding, oxy-fuel welding, and others. The arc welding
technology segment accounted for the largest share of the welding materials
market in 2015. Advantages of arc welding technology such as high heat
concentration during the welding process, usage in wide welding surface
applications, and low process time have made arc welding one of the most
prominent welding processes.
The transportation
end-use industry segment is anticipated to grow at the highest CAGR during the
forecast period, owing to the growing demand for welding materials from the automotive
sector. In addition, capacity expansion activities undertaken by leading automobile
manufacturers and increase in automotive repair & maintenance are factors
propelling the demand for welding materials in the transportation industry.
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The Asia-Pacific
welding materials market is expected to grow at the highest CAGR between 2016
and 2021. The Asia-Pacific welding materials market includes countries such as
China, Japan, India, and Indonesia, among others.
The market
in this region is witnessing increased consumption of welding materials from the
transportation and building & construction industries. Factors contributing
to the growth of this market in the Asia-Pacific region are increasing demand
for welding materials from China and India and investments made in varied
end-use industries such as automotive, heavy industries, and building &
construction.
Major market players covered in the
report are Air Products and Chemicals,
Inc. (U.S.), The Linde Group (Germany), Praxair Incorporated (U.S.), Colfax
Corporation (U.S.), Air Liquide S.A. (France), and Illinois Tool Works Inc.
(U.S.).
Air Products and Chemicals, Inc.
(U.S.) is the one of the leading producers of welding materials. The company is
focusing on new product launches as well as business expansion strategies to
strengthen its market position and consolidate its financial position in the
welding materials market.
Colfax Corporation is another major
player in the welding materials market. The company is focusing on acquisition
as well as partnership strategies to strengthen its market position. In July
2014, the company acquired the reaming ownership of ESAB-SVEL. This development
strategy helped the company meet the ever-increasing demand for welding
materials.
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