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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