The Growing Demand For Steel Is Propelling The Growth Of The Welding Equipment, Accessories, And Consumables Market At A Rate Of 7% As Per TBRC’s Welding Equipment, Accessories, And Consumables Global Market Report 2022
TBRC’s market research report covers welding equipment, accessories, and consumables market size, welding market forecasts, major welding companies and their market share, key strategies to undertake, and more.
LONDON, March 09, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research report on the welding equipment, accessories, and consumables market, the growing demand for the steel industry is expected to propel the growth of the welding equipment, accessories, and consumables market. The increased demand for welded metals in the fabrication industry and the use of welding equipment are used for applications such as stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding. For instance, according to the American Iron and Steel Institute, as of January 2022 in the United States, domestic raw steel production stood at 1,803,000 net tons while the capability utilization rate was 81.9%. Also, according to IBEF, in FY2021, in India, the production of crude steel and finished steel stood at 102.49 MT and 94.66 MT, respectively. Therefore, the growing demand for the steel industry is driving the growth of the welding equipment, accessories, and consumables market.
The global welding equipment, accessories, and consumables market size is expected to grow from $21.47 billion in 2021 to $23.08 billion in 2022 at a compound annual growth rate (CAGR) of 7.52%. The growth in the market is mainly due to the companies' rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The welding equipment, accessories, and consumables market share is expected to reach $31.17 billion in 2026 at a CAGR of 7.80%.
Technological advancement is gaining popularity amongst the welding equipment, accessories, and consumables market trends. For example, in February 2021, Lincoln Electric, a US-based manufacturer of welding, cutting, and brazing products, introduced the Vantage 441X, a new diesel engine-driven welder. The Vantage 441X welder/generator is loaded with features to help keep job sites welding at peak performance. It has been equipped with a 41hp, turbocharged Perkins diesel engine and a 100% duty cycle DC welding output that provides enhanced power and performance along with fuel efficiency.
Major players in the welding industry are Air Liquide S.A., British Oxygen Company, Bug-O Systems Inc., Carl Cloos Schweisstechnik, Cavagna Group, Colfax Corporation, Daihen Corporation, GCE Holding AB, Gentec (Shanghai) Corporation, Illinois Tool Works Inc., Kobe Steel Ltd., Koike Aronson Inc., Lincoln Electric, Linde Group, and Matheson Tri-Gas Inc.
TBRC’s global welding equipment, accessories, and consumables market analysis report is segmented by technology into arc welding, oxy-fuel welding, others; by application into automotive, building and construction, heavy engineering, railway and shipbuilding, oil and gas, others; by equipment type into welding electrode, filler metal, oxy-fuel gas.
Asia-Pacific was the largest region in the welding equipment, accessories, and consumables market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the welding market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Welding Equipment, Accessories, And Consumables Global Market Report 2022 –Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide welding equipment, accessories, and consumables market overviews, welding equipment, accessories, and consumables market analyze and forecast market size and growth for the whole market, welding equipment, accessories, and consumables market segments and geographies, welding equipment, accessories, and consumables market trends, welding equipment, accessories, and consumables market drivers, welding equipment, accessories, and consumables market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
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