Welding Equipment & Consumables Market Forecast Showing 4% CAGR to 2024: Analysis of Key Players, Trends, Drivers
Category: #reports  By Partha Ray  Date: 2019-01-09
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Welding Equipment & Consumables Market Forecast Showing 4% CAGR to 2024: Analysis of Key Players, Trends, Drivers

Welding Equipment & Consumables Market Research Report for the period of 2017-2024 that shows the growth of the market is rising at a 4% CAGR to 2024.

Welding Equipment & Consumables Market size will surpass USD 25 billion by 2024. Rising income levels of the middle-class population in the developing countries like India, China, Mexico, Indonesia, and Brazil is fueling the automobile demand. This has also led to improvements in roads and other transit facilities. The total sales of vehicles in India and China accounted for over 30 billion in 2016, whereas that in Japan was recorded close to 5 billion in the same year. Extensive product use in the automotive industry will propel the welding equipment & consumables market demand in the next seven years.

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Growing construction industry in the Asia Pacific region due to rapid growth in the fast-developing economies of China, India, and Japan will further enhance the welding equipment & consumables market. Asia Pacific contributed around 45% of the global construction spending in 2016 and accounted for over USD 4 billion. Moreover, infrastructural and transportation development shall further fuel the welding equipment & consumables market demand in the forecast span.

 Considering type, the welding equipment & consumables market is bifurcated into two broad categories, mainly, consumables and equipment. The consumables segment includes stick electrodes, solid wires, flux cord wires, SAW (submerged arc wires) & fluxes, and other segments such as rods, etc. Stick electrodes are rods used for sustaining the arc and providing filler metals for the welded joints.

 The equipment segment finds application in various industrial activities and include arc, resistant, oxy-fuel and laser-beam equipment. Arc welding equipment market will hold around 40% of the entire share by 2024 growing at an exponential rate due to the its rising popularity over its peers. Welding equipment & consumables market is set to witness significant gains in the next seven years.

Considering applications, the welding equipment & consumables market is segmented into marine applications, construction & building, automobile & transportation, metal working, defense & aerospace, and others which consists of overhaul, repair & maintenance works, etc. The automobile and transportation segment will surpass USD 5 billion by the end of the forecast period owing to rising personal car demand in Asia Pacific. The marine applications segment will raise with a healthy CAGR of around 4.5% in the estimated timeframe owing to increasing offshore oil extraction activities and increasing shipbuilding.

Geographically, Asia Pacific accounts for a notable share in the welding equipment & consumables market and will grow at a significant rate to hold over 40% of the entire market by 2024. Asia Pacific will showcase strong growth opportunities owing to the rapidly growing automobile, shipbuilding, construction, and aerospace industries in the region.

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Prominent players operating in the entire welding equipment & consumables market are Obara Corporation, Miller Electric, Miyachi America Corporation, Lincoln Electric Company, Fronius International, ESAB Group, Doncasters Group, DAIHEN Corporation, Arcon Welding, Kiswel, Voestalpine AG, Senor Metals, Panasonic Corporation, Sonics & Materials, and ROFIN-SINAR Technologies to name some.

Table of Content:

Chapter 1 Methodology & Scope

Chapter 2 Executive Summary

Chapter 3 Welding Equipment & Consumables Industry Insights

Chapter 4 Welding Equipment & Consumables Market, By Product

Chapter 5. Welding Equipment & Consumables Market, By Application

Chapter 6 Welding Equipment & Consumables Market, By Region

Chapter 7 Company Profiles

More Report At: http://www.openpr.com/news/archive/144590/marketstudyreport-com.html

Related Report:

2018-2023 United States Friction Stir Welding Equipment Market Report (Status and Outlook)

In 2017, the Friction Stir Welding Equipment market size was xx million USD in United States, and it will be xx million USD in 2023, with a CAGR of xx% between 2017 and 2023.

https://www.marketstudyreport.com/reports/2018-2023-united-states-friction-stir-welding-equipment-market-report-status-and-outlook/?utm_source=RR-PSR

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About Author

Partha Ray

Email: partha.r@news.marketsizeforecasters.com   

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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