The global welding electrodes market is anticipated to grow astonishingly backed by the rising utilization of unique welding processes, such as short-circuit MIG in several industries to enhance the performance efficiencies and user training programs. This information is provided by Fortune Business Insights™ in a newly published report, titled, “Welding Electrodes Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes and Coiled Wires), By Industry (Automotive, Building & Construction, Oil & Gas and Others), and Regional Forecast, 2021-2027.” The report further states that this market size was USD 3.02 billion in 2019 and is projected to reach USD 3.79 billion by 2027, exhibiting a CAGR of 3.0% during the forecast period.
The outbreak of the COVID-19 pandemic is persistently causing heavy losses for numerous organizations. Unless a vaccine is found, the end of this difficult phase is unpredictable. The governments are implementing social distancing and other measures to control the spread of this infection. Our reports would provide in-depth analysis of the strategies that you can use to cope up with the ‘new normal.’
To get to know more about the short-term and long-term impact of COVID-19 on this market, please click: https://www.fortunebusinessinsights.com/welding-electrodes-market-103457
This Report Answers the Following Questions:
- What are the market drivers, dynamics, and hindrances?
- Which segment is expected to dominate the market?
- How will the companies surge sales amidst COVID-19?
- Which region is likely to remain dominant in the coming years?
Drivers & Restraints-
Introduction to Smart Factories will Bolster Growth
The demand for welding electrodes is expected to surge worldwide in the near future fueled by the increasing number of transportation projects, such as the construction of new airports, seaports, and railway networks. Besides, the development of new residential and commercial projects would contribute to the welding electrodes market growth. Nowadays, the introduction of industry 4.0 is further causing a high demand for smart factories. Therefore, the manufacturers are planning to deploy robots to perform vital operations. Coupled with this, the retrofitting of offshore natural gas and oil exploration equipment and tools, such as pipes, boilers, and vessels would raise the popularity of these electrodes.
However, the outbreak of the COVID-19 pandemic is causing huge economic losses. The overall supply chain ecosystem is experiencing disruptions owing to frequent lockdown. According to the U.N. Department of Economic and Social Affairs (DESA), the coronavirus crisis is unsettling international trade. Hence, a large number of industries, such as building & construction, automobile, and others are going through a rough phase. These industries are the major adopters of welding electrodes. It may hinder the market growth.
Building & Construction Segment to Grow Steadily Backed by Expansion of Construction Industry
Based on industry, the market is segregated into oil & gas, building & construction, automotive, and others (fabrication). Out of these, in China, the building & construction segment earned a welding electrodes market share of 41.7% in 2019. This growth is attributable to the increasing implementation of foreign direct investments, as well as the rapid expansion of the construction industry across the globe.
Rising Number of Construction Activities to Favor Growth in Asia Pacific
In 2019, Asia Pacific procured USD 997.1 million in terms of revenue. The region is likely to showcase the fastest growth in the coming years owing to the high demand for these type of electrodes from the commercial and residential sectors, as well as the increasing number of construction activities. Additionally, the presence of a large number of unorganized and organized Chinese manufacturers in the region would contribute to the market growth. North America and Europe, on the other hand, are set to exhibit considerable growth stoked by the rising adoption of various technologies, such as resistance spot welding (RSW), plasma arcs, and lasers in a wide range of industries.
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Key Players Focus on Acquiring Other Reputed Enterprises to Expand Presence
The market houses numerous renowned welding electrodes producers that are currently acquiring other local enterprises for reaching out to a large consumer base and broadening their geographic footprints. Below is one of the latest industry developments:
- May 2019: Lincoln Electric Holdings, Inc. announced its acquisition of 49.6% interest in Kaynak Tekniği Sanayi ve Ticaret A.Ş. This would aid Lincoln in expanding its geographic presence. Since 1998, it has owned the latter’s 50% interest.
Fortune Business Insights™ lists out the names of all the manufacturers present in the global market. They are as follows:
- Lincoln Electric (Ohio, United States)
- KOBE STEEL, LTD (Hyogo, Japan)
- ESAB (Maryland, United States)
- ZULFI (Al Zulfi, Saudi Arabia)
- KISWEL CO., LTD. (Seoul, Korea)
- CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, Korea)
- RME MIDDLE EAST (Dubai, UAE)
- voestalpine BÖHLER Edelstahl GmbH (Linz, Upperaustria)
- capilla (Leopoldshöhe, Germany)
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (Tianjin, P. R. China)
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Click here to get the short-term and long-term impact of COVID-19 on this Market.
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