Executive Summary

The global welding market is expected to grow at a CAGR of 4.8% from 2021 to 2026, driven by the increasing demand for welding in various end-use industries such as automotive, construction, oil and gas, and aerospace. The market is also driven by the introduction of advanced welding technologies, such as robotic welding and laser welding. However, the market is restrained by the high cost of advanced welding equipment and the shortage of skilled welders.

Important Note: The companies listed in the image above are for reference only. The final study will cover 18–20 key players in this market, and the list can be adjusted based on our client’s requirements.

Key Market Insights

The global welding market is expected to reach $23.8 billion by 2026, according to a report by MarketsandMarkets. The market is driven by the increasing demand for welding in various end-use industries such as automotive, construction, oil and gas, and aerospace. The market is also driven by the introduction of advanced welding technologies, such as robotic welding and laser welding. However, the market is restrained by the high cost of advanced welding equipment and the shortage of skilled welders.

Market Drivers

1. Increasing demand for welding in various end-use industries such as automotive, construction, oil and gas, and aerospace
2. Introduction of advanced welding technologies, such as robotic welding and laser welding
3. Growing demand for lightweight materials in the automotive and aerospace industries
4. Increasing adoption of welding automation to reduce labor costs and increase productivity
5. Growing demand for energy-efficient buildings and infrastructure

Market Restraints

1. High cost of advanced welding equipment
2. Shortage of skilled welders
3. Health and safety concerns associated with welding
4. Impact of COVID-19 pandemic on the welding industry

Market Opportunities

1. Growing demand for welding in the emerging markets of Asia-Pacific and Latin America
2. Development of welding technologies that can be used in space and underwater welding applications
3. Increasing adoption of welding in the medical device industry
4. Growing demand for welding in the renewable energy industry

Market Dynamics

The welding market is highly dynamic, with several factors impacting its growth and development. The market is driven by the increasing demand for welding in various end-use industries, the introduction of advanced welding technologies, and the growing demand for lightweight materials. The market is also restrained by the high cost of advanced welding equipment and the shortage of skilled welders.

Regional Analysis

The Asia-Pacific region is the largest market for welding, accounting for over 40% of the global market share. The region is driven by the increasing demand for welding in the automotive, construction, and manufacturing industries. The region is also expected to experience significant growth in the renewable energy industry, which is expected to drive the demand for welding in the region.

Competitive Landscape

Leading Companies in the Welding Market:

1. Lincoln Electric Holdings, Inc.
2. ESAB (Colfax Corporation)
3. Fronius International GmbH
4. voestalpine Böhler Welding GmbH
5. ITW Welding
6. Panasonic Corporation
7. The Kemppi Group
8. Miller Electric Mfg. LLC (Illinois Tool Works Inc.)
9. Obara Corporation
10. Air Liquide S.A.

Please note: This is a preliminary list; the final study will feature 18–20 leading companies in this market. The selection of companies in the final report can be customized based on our client’s specific requirements.

The welding market can be segmented by technology, application, and region. By technology, the market can be segmented into arc welding, resistance welding, oxy-fuel welding, laser welding, and others. By application, the market can be segmented into automotive, construction, manufacturing, aerospace, and others.

Category-wise Insights

The automotive industry is the largest end-use industry for welding, accounting for over 20% of the global market share. The industry is driven by the increasing demand for lightweight materials, such as aluminum and high-strength steel, which require advanced welding technologies. The construction industry is also a significant end-use industry for welding, driven by the increasing demand for energy-efficient buildings and infrastructure.

Key Benefits for Industry Participants and Stakeholders

Industry participants and stakeholders can benefit from the growing demand for welding in various end-use industries, such as automotive, construction, and aerospace. They can also benefit from the introduction of advanced welding technologies, such as robotic welding and laser welding, which can improve productivity and reduce labor costs.

SWOT Analysis

Strengths:

1. Growing demand for welding in various end-use industries
2. Introduction of advanced welding technologies
3. Increasing adoption of welding automation

Weaknesses:

1. High cost of advanced welding equipment
2. Shortage of skilled welders
3. Health and safety concerns associated with welding

Opportunities:

1. Growing demand for welding in the emerging markets of Asia-Pacific and Latin America
2. Development of welding technologies that can be used in space and underwater welding applications
3. Increasing adoption of welding in the medical device industry
4. Growing demand for welding in the renewable energy industry

Threats:

1. Competition from other joining technologies, such as adhesives and fasteners
2. Impact of COVID-19 pandemic on the welding industry

Market Key Trends

1. Introduction of advanced welding technologies, such as robotic welding and laser welding
2. Growing demand for lightweight materials in the automotive and aerospace industries
3. Increasing adoption of welding automation to reduce labor costs and increase productivity
4. Growing demand for energy-efficient buildings and infrastructure

Covid-19 Impact

The COVID-19 pandemic has had a significant impact on the welding industry, with several factors affecting the market’s growth and development. The pandemic has led to supply chain disruptions, labor shortages, and reduced demand for welding in some end-use industries. However, the pandemic has also led to an increased demand for welding in the medical device and renewable energy industries.

Key Industry Developments

1. Introduction of robotic welding technology by Lincoln Electric Holdings, Inc.
2. Launch of the world’s first underwater welding robot by Hypertherm, Inc.
3. Development of high-strength welding wire by ESAB
4. Acquisition of Air Liquide Welding by Lincoln Electric Holdings, Inc.

Analyst Suggestions

1. Industry participants should focus on developing advanced welding technologies that can improve productivity and reduce labor costs.
2. The industry should address the shortage of skilled welders by investing in training programs and apprenticeships.
3. Industry participants should prioritize health and safety concerns associated with welding to improve worker safety.

Future Outlook

The welding market is expected to grow at a compound annual growth rate (CAGR) of 4.8% from 2021 to 2026. The market is driven by the increasing demand for welding in various end-use industries, the introduction of advanced welding technologies, and the growing demand for lightweight materials. However, the market is restrained by the high cost of advanced welding equipment and the shortage of skilled welders.

Conclusion

In conclusion, the global welding market is expected to grow in the coming years, driven by the increasing demand for welding in various end-use industries such as automotive, construction, and aerospace. The market is also expected to benefit from the introduction of advanced welding technologies, such as robotic welding and laser welding, which can improve productivity and reduce labor costs.

However, the market is also facing several challenges, including the high cost of advanced welding equipment and the shortage of skilled welders. The industry must address these challenges by investing in training programs and apprenticeships and developing cost-effective welding technologies.

Overall, the future outlook for the welding market is positive, with several growth opportunities in emerging markets and the renewable energy industry. The industry must continue to innovate and adapt to meet the changing needs of its customers and remain competitive in the global market.