Welding equipment, accessories, and consumables market to be worth $24 billion by 2021

MarketsandMarkets, Pune, India, has published a report, "Welding Equipment, Accessories, and Consumables Market by Technology (Arc Welding and Oxy-Fuel Welding), Equipment Type (Welding Electrode, Filler Metal, and Oxy-fuel Gas), Accessory, Consumable, End-Use Industry, and Region - Global Forecast to 2021," that predicts the market size to grow from $19.57 billion in 2016 to $24 billion by 2021 at a CAGR of 4.23 percent.

Factors such as increased demand for welding equipment, accessories, and consumables in the Asia-Pacific market and increased demand from such industries as construction, automobiles, steel, and oil and gas are expected to contribute to the upswing.

The shielding gas segment dominated the market in 2015 and is projected to be the fastest-growing segment in the next five years as a result of the rising demand for argon gases by the industries to meet the demand. Furthermore, the oxyfuel segment is projected to be the second fastest-growing industry.

Arc welding is projected to grow at the fastest CAGR because of growth in demand from emerging countries such as China and India, which are ranked first and second, respectively, in the global welding equipment, accessories, and consumables market. The second fastest-growing sector is that of oxyfuel welding.