In terms of revenue, the global welding torch and wear parts market is estimated to expand at a CAGR of four percent during the forecast period, according to report by Transparency Market Research.
In this market report, study predicts that, increase in the production of passenger and commercial vehicles is anticipated to boost the welding torch and wear parts market during the forecast period. Rising disposable income and increasing road connectivity are some of the prime factors responsible for the growth of the welding torch and wear parts market. As per statistics by the International Automotive Industry, in 2017, passenger car production grew by approximately 2.4 percent as compared to the previous year.
Additionally, growth in construction and manufacturing industries, worldwide, is further anticipated to fuel the growth of the welding torch and wear parts market. Construction and manufacturing industries are anticipated to drive the growth of the welding torch and wear parts market due to extensive application of submerged arc, metal active gas, as well as manual metal.
However, unskilled labor is a key restraining factor for the growth of the welding torch and wear parts market, despite advancements in technologies to enhance efficiencies in welding processes, which has led to the sophistication of welding torches.
Nevertheless, increasing opportunities in untapped markets are anticipated to boost the growth of the welding torch and wear parts market. Regions such as Asia Pacific, Middle East & Africa, and South America are experiencing robust demand for welding torch and wear parts, owing to increasing economic growth in the last couple of years. Increase in disposable income, and growth in industries such as construction, manufacturing, as well as sports is augmenting the demand for welding torch and wear parts.
In terms of process under the welding torch and wear parts market, the MIG/MAG process accounted for substantial share as compared to the TIG and plasma processes. MIG/MAG processes are the most common and basic welding processes in the welding industry. The MIG welding process has wide application across aluminum, stainless steel, and steel sectors as compared to the TIG process that is ideally used for thinner surface metals.
Based on cooling method, the gas-cooled segment dominated the welding torches and wear parts market. Gas-cooled welding torches have numerous applications in lower amperages, which makes them a better option for welders as compared to water-cooled torches.
Manual welding torches acquired substantial share in 2018, owing to their extensive application in the welding industry. In terms of end-use industry, heavy the equipment manufacturing and construction industry dominated the global welding torch and wear parts market, owing to the wide-spread application of welding torches as compared to other segments.
The offline segment acquired substantial market share due to the strong network of suppliers and distributors, worldwide.
Welding Torch and Wear Parts Market: Prominent Regions
Asia Pacific dominated the global welding torch and wear parts market, followed by North America. The dominance of Asia Pacific can be attributed to the presence of strong end-use industries. Additionally, the region is one of the manufacturing hubs of the world, which helps in its dominance of the global welding torch and wear parts market.
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