Welding Materials Market worth $17.3 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 5, 2021 /PRNewswire/ -- According to the new market research report "Welding Materials Market by Type (Electrodes & Filler Materials, Fluxes & Wires, Gases), Technology (Arc, Resistance, Oxy-Fuel Welding), End-use Industry (Transportation, Building & Construction, Heavy Industries), & Region - Global Forecast to 2025", published by MarketsandMarkets™, the Welding Materials Market is projected to grow from USD 13.6 billion in 2020 to USD 17.3 billion by 2025, at a CAGR of 4.8% during the forecast period.
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The increasing spending on the building & construction market, development of manufacturing sectors, and growing repair & maintenance activities are likely to drive the welding materials market. APAC is the fastest-growing market for welding materials due to growing demand in Japan, China, and India. Increasing residential building constructions, as well as remodelling/reconstruction of existing infrastructures, are expected to drive the welding materials market in the region.
The arc welding segment is projected to lead the global welding materials market through 2025
Arc welding has the advantage of high heat concentration during the welding process wherein an electric arc is produced in between the electrode & base materials that melt the metals. The major advantage of arc welding is the concentration of heat applied to a large surface that enables better welding by providing a depth of penetration, which ultimately reduces the welding time. Arc welding is the most preferred welding technology due to its low cost and can be applied to a wide range of metal surfaces.
The fluxes & wires segment is projected to grow at the highest CAGR in the welding materials market during the forecast period
The fluxes & wires segment is projected to grow at the highest CAGR in the welding materials market from 2020 to 2025. Flux is a chemical agent, which is used to clean a surface or can be used as a purifying agent. The flux material is used to dissolve the oxides by releasing gases that are trapped on the surface. Fluxes also help remove the impurities from the base metal surface that can further provide a good blending between the base metal and the filler material surface.
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The Asia Pacific is projected to hold the largest share in the welding materials market during the forecast period
The increasing number of new housing units and huge investments in the infrastructural sector are also fueling the demand for welding materials in this region. According to the World Bank, APAC is the fastest-growing region in terms of both population and economic growth. The region has experienced significant growth in the last decade and accounted for approximately 34% of the global GDP in 2019. According to the Population Reference Bureau, China, India, and other emerging APAC countries had a combined population exceeding 4 billion in 2019, which is projected to become an increasingly important driver for global consumption over the next two decades.
Key players operating in the welding materials market are as Colfax Corporation (US), Air Liquide S.A. (Framce), Air Products & Chemicals (US), Illinois Tool Works (US), Linde PLC (UK), Lincoln Electric Holdings (US), Tianjin Bridge Welding Materials Group (China), and Kobe Steel (Japan). These players have adopted various growth strategies to expand their global presence and increase their market share.
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