The welding electrode market will be

2021-11-11 08:28:47 By : Ms. Bea Zou

October 18, 2021 03:12 ET | Source: Fortune Business Insights Fortune Business Insights

Pune, India, October 18, 2021 (GLOBE NEWSWIRE) - The global welding electrode market is expected to experience amazing growth due to the increasing use of unique welding processes (such as short-circuit MIG) in multiple industries to improve performance efficiency And user training programs. This information is provided by Fortune Business Insights™ in a newly released report entitled "Welding electrode market size, share and COVID-19 impact analysis, by type (rod electrode and coiled wire), by industry (automotive, construction and construction, Oil and gas and others) and regional forecasts for 2020-2027.” The report further pointed out that the market size in 2019 was US$3.02 billion and is expected to reach US$3.79 billion by 2027. The compound annual growth rate during the forecast period is 3.0%.

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The introduction of smart factories will boost growth

Due to the increase in the number of transportation projects, such as the construction of new airports, seaports and railway networks, it is expected that the global demand for welding rods will surge in the near future. In addition, the development of new residential and commercial projects will contribute to the growth of the electrode market. Today, the introduction of Industry 4.0 has further triggered a high demand for smart factories. Therefore, manufacturers are planning to deploy robots to perform important operations. In addition, the transformation of offshore gas and oil exploration equipment and tools (such as pipelines, boilers and ships) will increase the popularity of these electrodes.

However, the outbreak of the COVID-19 pandemic is causing huge economic losses. Due to frequent lock-in, the entire supply chain ecosystem is experiencing disruption. According to the UN Department of Economic and Social Affairs (DESA), the coronavirus crisis is disrupting international trade. Therefore, many industries, such as construction and construction, automobiles, etc., are going through a difficult stage. These industries are the main adopters of welding electrodes. This may hinder market growth.

The expansion of the construction industry drives the steady growth of the construction industry

According to the industry, the market is divided into oil and gas, construction and construction, automobile and others (manufacturing). Among them, in China, the market share of welding electrodes in the field of construction and construction in 2019 was 41.7%. This increase was attributed to the increased implementation of foreign direct investment and the rapid expansion of the global construction industry.

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Increased number of construction activities boosts growth in the Asia-Pacific region

In 2019, revenue in the Asia-Pacific region was US$997.1 million. Due to the high demand for such electrodes in the commercial and residential sectors, and the increasing number of construction activities, the region may show the fastest growth in the next few years. In addition, the presence of a large number of unorganized and organized Chinese manufacturers in the region will help the market grow. On the other hand, due to the increasing popularity of various technologies such as resistance spot welding (RSW), plasma arc and laser in various industries, there will be considerable growth in North America and Europe.

Major players focus on acquiring other well-known companies to expand their business

The market has many well-known welding electrode manufacturers, and these manufacturers are currently acquiring other local companies to reach a large consumer base and expand their geographic footprint. The following is one of the latest industry developments:

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Take a look at the relevant research insights:

Welding market size, share, and COVID-19 impact analysis, by product type (welding equipment and consumables), by welding type (arc, resistance, oxyacetylene gas, solid, etc.), by application (automotive, building and construction, heavy engineering, Railway and shipbuilding, oil and gas, etc.) and regional forecasts, 2021-2028

US welding consumables market size, share, and COVID-19 impact analysis, by type (rod electrode, solid wire, flux-cored wire, SAW wire and flux), by application (heavy engineering, automotive and transportation, railway, construction, shipbuilding, and Other) and forecasts, 2021-2028

Welding consumables market size, share and COVID-19 impact analysis, forecast by type (rod electrode, solid wire, flux-cored wire and SAW wire and flux), by application (heavy engineering, automobile, railway, construction, shipbuilding, etc.) and region , 2020-2027

Welding equipment market size, share and industry analysis, by technology (arc welding, resistance spot welding, MIG/TIG welding, laser beam welding, etc.), by automation type (automatic, semi-automatic and manual), by application (automotive, construction and construction) , Heavy engineering, railway and shipbuilding, etc.) and regional forecasts, 2019-2026

Welding wire market size, share and industry analysis, forecast by type (metal inert gas (MIG) welding wire, tungsten inert gas (TIG) welding wire, etc.), by industry (automotive, construction and construction, oil and gas, etc.) and region, 2019 -2026

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