Welding Equipment & Consumables Market 2019–2024 | Miller Electric Mfg. LLC, Lincoln Electric, Senor Metals Pvt. Ltd., Sonics & Materials, Inc.
The construction sector in APAC has observed a high rise since 2010, pertaining to the vital drivers such as the ever-increasing population, subsequent demand for housing, and the rapidly rising rate of urbanization. As per statistics, APAC would contribute close to 50% toward the overall construction sector by 2020, having accounted for 40% in 2010. The robust pipeline of construction and infrastructure projects across countries such as India and China is certain to propel Asia Pacific welding equipment & consumables industry in the coming years. Estimates in fact, claim APAC to account for 40% of the overall welding equipment & consumables market share by 2024.
Asia Pacific has been touted to be one of most remunerative growth avenues for welding equipment & consumables industry. One of the most vital reasons for this prediction is the robust expansion of the automotive and construction sectors in the region. The year 2016 chronicled a commercial vehicle production of more than 811,000 in India, 3,698,000 in China, and 1,330,000 in Japan. These statistics are evidence enough to testify that the automotive sector has been experiencing profound growth across APAC. Given that the domain excessively deploys welding components in automobile manufacturing, it goes without saying that APAC welding equipment & consumables market would stand to gain immense profits from the automotive sector.
Subsequently, the introduction of modernistic welding procedures and distinguished products is certain to impact welding equipment & consumables market size, slated to cross USD 25 billion by 2024.
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Endowed with a profoundly vast application spectrum, welding equipment & consumables market stands to gain massive remuneration by the end of 2024, subject to its incredibly extensive demand. Almost all the major businesses inclusive of building & construction, automotive, oil & gas, aerospace, and transportation find the necessity to deploy welding equipment for a plethora of industrial processes. This humungous expanse of end-use sectors and the fact that every one of them has been depicting a consistently expanding growth rate, is a pivotal factor that is deemed to stimulate welding equipment & consumables market in more ways than one.
The demand for technologically advanced welding components across myriad end-use domains has prompted welding equipment & consumables equipment industry giants to come up with a unique range of innovative products equipped with highly efficient features. Miyachi America, a key firm partaking in welding equipment & consumables market share, for instance, had introduced the Miyachi MAWA-300A Micro TIG Welder in 2014 — an arc welder that is deployed for joining conductive and dissimilar materials. Over the years, this product has carved out a rather important place for itself in welding equipment & consumables industry, having found extensive applications across the automotive, medical equipment manufacturing, home appliance, and mobile manufacturing sectors.
Welding equipment & consumables industry growth has been forecast to experience a slight hindrance in the ensuing years, primarily pertaining to the emergence of novel technologies such as friction stir welding, that is essentially deployed in the automotive sector. The technology encompasses the joining of two work pieces in the solid state with a non-consumable tool. Subject to its ease of operation and convenience of functionality, it has been gaining precedence in the aerospace, shipbuilding, and transportation domains, and is likely to hamper welding equipment & consumables market share.
However, companies such as Miyachi America Corporation, ESAB Group, Senor Metals Private Limited, Lincoln Electric Company, Arcon, Panasonic Corporation, and Miller Electric, have been attempting to bring about a slew of technological interventions to combat the aforementioned constraints, to bring about a renewed dynamism in welding equipment & consumables industry.
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