Welding Products Market Driven By Demand to Increase from Automotive and Construction Industries Date: 03-23-2017 04:46 PM CET Category: Business, Economy, Finances, Banking & Insurance Press release from: Transparency Market Research-Energy & Mining
The global welding products market is moderately consolidated with the top three players accounting for 30% of the market in 2013. These three companies are Lincoln Electric, ESAB, and ITW. Small players are competing in the market by introducing low priced products, says Transparency Market Research in its new study. Some of the players in the market are Fronius International GmbH, Bohler, Sonics & Materials Inc., Panasonic, Daihen Corp, Rofin-Sinar Technologies Inc., Voestalpine AG, Arcon Welding, and OBARA Co. Companies are focusing on strategic acquisitions, increasing their production capacity, and innovations. Operational improvements are another area on which companies are concentrating. Companies such as Bohler are investing in research and development to present new products as per customer specifications. Browse Market Research Report @ www.transparencymarketresearch.com/welding-products.html According to the report, the global welding products market is expected to rise from US$19,080.3 mn in 2015 to US$23,777.5 mn by 2020. By technology, the resistant welding segment will continue to lead through 2020, accounting for 26.8% of the market. On the basis of product, the stick electrodes segment led in the past and will continue to do so, accounting for 40.9% of the market by 2020. By application. The automobile and transportation segment, closely followed by the building and construction segment will lead in the global welding products market by 2020. The automobile and transportation segment is estimated to account for 17.8% of the market by 2020. On the basis of geography, Asia Pacific will lead and is projected to account for 43.8% of the market by 2020. Revamping of Oil and Gas Infrastructure and Pipelines to Drive Market The growth of the automotive industry is one of the key factors driving the global welding products market, as metals used in automobiles are joined using welding. The repair and maintenance of automobiles are also creating a need for welding products, thus driving the market worldwide. Another factor driving the global welding products market is the growth of the building and construction sector. Welding comprises an important process used in building and construction activities. The growth of the construction and infrastructural activities in Asia Pacific is driving the demand for welding products. Furthermore, the oil and gas industry is also a key consumer of welding products. Welding products are extensively used for revamping of oil infrastructure and also for the construction of new pipelines and manufacturing facilities. A rise in safety concerns in the oil and gas industry is fueling the need for replacing older pipelines and installing new ones in future. In addition to this, the growth of the oil and gas drilling activities has given rise to an increase in offshore rigs. This in turn is
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