As reported by MarketsandMarkets, the Welding Materials Market will grow from USD$13.6 billion in 2020 to USD$17.3 billion by 2025, at a CAGR of 4.8 percent during the forecast period.
The increased 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 also expected to drive the market in the region.
APAC has also 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. This is projected to become an increasingly important driver for global consumption over the next two decades.
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 saves time. Arc welding is the most preferred technology due to its low cost and can be applied to a wide range of metal surfaces, making it highly sought after.
Key players operating in the welding materials market are Colfax Corporation (US), Air Liquide S.A. (France), 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 are the players that have adopted various growth strategies to expand their global presence and increase their market share.
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