The global welding products market size was estimated at USD 14.49 billion in 2019 and is expected to expand at a revenue-based CAGR of 6.2% over the forecast period. Factors such as design flexibility, overall weight reduction of building structures, and ease of modification are expected to boost demand in architectural and industrial applications.
Rapid expansion of the global construction industry is expected to drive the market growth owing to growing demand for residential and non-residential construction in economies such as India, China, and Indonesia. In addition, widespread applications in manufacturing, automotive, and transportation industries are likely to drive market growth.
The construction industry in the United States is expected to witness high growth over the forecast period, which in turn will drive the demand for welding products. Widespread applications in construction coupled with technological advancements, development of innovative manufacturing methods are likely to favor market growth.
Ongoing infrastructure development in economies such as the US, Germany, UK, India, China and Indonesia, coupled with increased government investment, is expected to boost demand. Furthermore, the increase in global refurbishment and refurbishment activities is expected to augment the market growth over the forecast period.
Significant threats from alternatives such as riveting, adhesives, and rivets are expected to restrain the growth of welded products demand. However, factors such as continuous improvement, technological advancement and application of manufacturing methods, standards and specific welding techniques are expected to help overcome the challenges.
The global shortage of skilled labor is expected to affect a variety of application industries, including automotive and transportation, construction and marine. In order to meet current and future demands, there is a need to develop less complex but efficient devices and technologies.
The resistance welding technology segment is expected to grow at a CAGR of 6.2% from 2020 to 2027, reaching $1.01 billion by 2027. The increasing use of resistance welding technology for various welding processes such as spot, projection, and seam welding in the automotive industry is likely to boost the growth of this segment.
Continuous innovation in arc welding technology, such as robotic arc welding, is one of the key factors driving the growth of this segment. This technique is used to weld metals of various thicknesses with good flexibility. The increasing application of this technology is expected to drive the growth of this segment over the next few years.
Oxy-fuel welding technology is seeing significant growth due to its increasing use in industrial manufacturing applications. The equipment used in this technique is highly cost-effective, facilitating its implementation in fillet, butt and lap joints where objects are welded up to a thickness of 5mm.
Other techniques include electron beam, induction, flow, electroslag and laser hybrid welding. These technologies are used in a variety of applications such as heavy plate manufacturing, shipbuilding, switchgear, railway tracks and storage tanks.