Key Companies Covered in Welding Electrodes Market Research Report are Lincoln Electric,bKOBE STEEL, LTD, ESAB, ZULFI, KISWEL CO., LTD., CS HOLDINGS CO., LTD., RME MIDDLE EAST, voestalpine BÖHLER Edelstahl GmbH, capilla, Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd.
Pune, India, Oct. 18, 2021 (GLOBE NEWSWIRE) -- The global welding electrodes market is anticipated to grow astonishingly backed by the rising utilization of unique welding processes, such as short-circuit MIG in several industries to enhance the performance efficiencies and user training programs. This information is provided by Fortune Business Insights™ in a newly published report, titled, “Welding Electrodes Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes and Coiled Wires), By Industry (Automotive, Building & Construction, Oil & Gas and Others), and Regional Forecast, 2020-2027.” The report further states that this market size was USD 3.02 billion in 2019 and is projected to reach USD 3.79 billion by 2027, exhibiting a CAGR of 3.0% during the forecast period.
Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (Tianjin, P. R. China)
REPORT SCOPE & SEGMENTATION:
Report Coverage
Details
Forecast Period
2020 to 2027
Forecast Period 2020 to 2027 CAGR
3.0%
2027 Value Projection
USD 3.79 Billion
Base Year
2019
Market Size in 2019
USD 3.02 Billion
Historical Data for
2016 to 2018
No. of Pages
120
Tables, Charts & Figures
43
Segments covered
By Type; By Industry; and By Region
Growth Drivers
Demand for Welding Operations across Various Industries to Drive Growth
Introduction to Smart Factories will Bolster Growth
Building & Construction Industry is Expected to be the Fastest Growing Segment
Pitfalls & Challenges
Lack of Availability of Skilled Welders on Factory Floor to Be a Restraint for Market
The outbreak of the COVID-19 pandemic is persistently causing heavy losses for numerous organizations. Unless a vaccine is found, the end of this difficult phase is unpredictable. The governments are implementing social distancing and other measures to control the spread of this infection. Our reports would provide in-depth analysis of the strategies that you can use to cope up with the ‘new normal.’
What are the market drivers, dynamics, and hindrances?
Which segment is expected to dominate the market?
How will the companies surge sales amidst COVID-19?
Which region is likely to remain dominant in the coming years?
Drivers & Restraints-
Introduction to Smart Factories will Bolster Growth
The demand for welding electrodes is expected to surge worldwide in the near future fueled by the increasing number of transportation projects, such as the construction of new airports, seaports, and railway networks. Besides, the development of new residential and commercial projects would contribute to the welding electrodes market growth. Nowadays, the introduction of industry 4.0 is further causing a high demand for smart factories. Therefore, the manufacturers are planning to deploy robots to perform vital operations. Coupled with this, the retrofitting of offshore natural gas and oil exploration equipment and tools, such as pipes, boilers, and vessels would raise the popularity of these electrodes.
However, the outbreak of the COVID-19 pandemic is causing huge economic losses. The overall supply chain ecosystem is experiencing disruptions owing to frequent lockdown. According to the U.N. Department of Economic and Social Affairs (DESA), the coronavirus crisis is unsettling international trade. Hence, a large number of industries, such as building & construction, automobile, and others are going through a rough phase. These industries are the major adopters of welding electrodes. It may hinder the market growth.
Segment-
Building & Construction Segment to Grow Steadily Backed by Expansion of Construction Industry
Based on industry, the market is segregated into oil & gas, building & construction, automotive, and others (fabrication). Out of these, in China, the building & construction segment earned a welding electrodes market share of 41.7% in 2019. This growth is attributable to the increasing implementation of foreign direct investments, as well as the rapid expansion of the construction industry across the globe.
Rising Number of Construction Activities to Favor Growth in Asia Pacific
In 2019, Asia Pacific procured USD 997.1 million in terms of revenue. The region is likely to showcase the fastest growth in the coming years owing to the high demand for these type of electrodes from the commercial and residential sectors, as well as the increasing number of construction activities. Additionally, the presence of a large number of unorganized and organized Chinese manufacturers in the region would contribute to the market growth. North America and Europe, on the other hand, are set to exhibit considerable growth stoked by the rising adoption of various technologies, such as resistance spot welding (RSW), plasma arcs, and lasers in a wide range of industries.
Competitive Landscape-
Key Players Focus on Acquiring Other Reputed Enterprises to Expand Presence
The market houses numerous renowned welding electrodes producers that are currently acquiring other local enterprises for reaching out to a large consumer base and broadening their geographic footprints. Below is one of the latest industry developments:
May 2019: Lincoln Electric Holdings, Inc. announced its acquisition of 49.6% interest in Kaynak Tekniği Sanayi ve Ticaret A.Ş. This would aid Lincoln in expanding its geographic presence. Since 1998, it has owned the latter’s 50% interest.
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U.S. Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires, SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, and Others), and Forecast, 2021-2028
Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027
Welding Equipment Market Size, Share & Industry Analysis, By Technology (Arc Welding, Resistance Spot Welding, MIG/TIG Welding, Laser Beam Welding, and Others), By Automation Type (Automatic, Semi-Automatic, and Manual), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, and Others) and Regional Forecast, 2019-2026
Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026
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