The Welding Products Global Market Report 2023, provides comprehensive information on the welding products market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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According to The Business Research Company’s comprehensive Welding Products Global Market Report for 2023, the market is poised for substantial growth. In 2022, the market size was valued at $14.96 billion, and it is projected to ascend to a robust $16.37 billion by the year 2023, driven by a commendable compound annual growth rate (CAGR) of 9.4%. However, it is imperative to note that the global landscape has faced significant upheaval due to the Russia-Ukraine conflict. This geopolitical turmoil has ushered in economic sanctions, escalated commodity prices, and perturbed supply chains, leading to pervasive inflation in both goods and services sectors. These ripple effects have reverberated across various markets worldwide.
Despite these challenges, the welding products market remains resilient, exhibiting a promising trajectory. The report anticipates a steady expansion, with a projected market size of $22.11 billion by 2027, boasting a robust CAGR of 7.8%. This highlights the enduring demand for welding products, even in the face of global disruptions, underscoring its significance in the industrial landscape.
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The welding products market is currently witnessing a notable surge in technological advancements, a pivotal trend that is rapidly gaining prominence. Leading players within this industry have been diligently crafting cutting-edge products, marked by enhanced impact wear resistance and a fusion of abrasion properties, tailored meticulously to meet the ever-evolving demands of the industrial sector. One remarkable illustration of this innovation is exemplified by Vitesco Technologies, a distinguished Germany-based automotive supplier specializing in drivetrain and powertrain technologies.
In July 2022, Vitesco Technologies unveiled a groundbreaking addition to their repertoire: the green laser equipment. This innovative laser welding technology represents a significant stride towards sustainable manufacturing practices. Notably, the application of green lasers presents a compelling advantage, potentially curbing energy consumption by a substantial 20%. This transformative technology also makes a noteworthy contribution to environmental conservation by substantially reducing the CO2 footprint associated with each laser-welded joint. This reduction is particularly impressive when contrasted with the prior industry standard, which was rooted in the deployment of infrared laser systems for copper welding. The industry’s embrace of such advancements not only signifies a leap forward in welding technology but also underscores the welding products market’s commitment to eco-friendly and resource-efficient solutions.
The welding products market is segmented:
1) By Product: Stick Electrodes, Solid Wires, Flux Cored Wires, Saw Wires and fluxes, Other Products
2) By Technology: Arc Welding, Resistance Welding, Oxy Fuel Welding, Laser Beam Welding, Other Technologies
3) By Application: Automotive And Transportation, Building And Construction, Marine, Other Applications
Top keyplayers
Asia-Pacific was the largest region in the welding products market in 2022.
The table of contents in TBRC’s welding products market report includes:
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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