Global welding products market expected to reach $23.78 billion by 2020

A new market report from Albany, N.Y.-based Transparency Market Research, “Welding Products Market — Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020,” indicates that the global welding products market, valued at $17.47 billion in 2013, is expected to reach $23.78 billion by 2020, expanding at a CAGR of 4.5 percent from 2014 to 2020.

Increasing demand for welding products from the building and construction, automobile and transportation, and marine industries is expected to augment market growth during the forecast period. Building and construction was one of the largest application segments of welding products, accounting for more than 17 percent of the global market in 2013.

The wind industry is a potential growth area for the welding products market, especially in the emerging economies of Asia Pacific, with the construction of new wind turbines expected to generate higher revenues for the welding products market.

The shortage of skilled labor in the manufacturing industries is estimated to restrain market growth, especially in developed economies. Additionally, high labor costs have adversely affected the profit margins of manufacturing companies.

Arc welding accounted for slightly less than 40 percent of the welding products market in 2013, followed by resistance welding, oxyfuel welding, and laser welding. Stick electrodes was the largest consumable product segment, with more than a 40 percent share of the global market in 2013. Solid wires were the second-largest welding consumable product segment, followed by flux-cored wires, SAW wires, and fluxes.

The full report is available at http://www.transparencymarketresearch.com/welding-products.html.