Welding Equipment, Accessories & Consumables Market worth $32.5 Billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 30, 2021 /PRNewswire/ -- According to the new market research report "Welding Equipment, Accessories & Consumables Market by Equipment, Accessory, Consumable (Electrodes & Filler Materials, Fluxes & Wires Gases), Technology (Arc Welding, Oxy-Fuel Welding ), End-Use Industry, and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Welding Equipment, Accessories & Consumables Market is projected to grow from USD 25.9 billion in 2021 to USD 32.5 billion by 2026, at a CAGR of 4.6% during the forecast period.
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Innovations and technological advancements in the automotive industry to cater to the growing demand from customers is expected to create higher demand for welding products which is likely to drive the global welding equipment, accessories, and consumables market during the forecast period. APAC is the fastest-growing market for welding equipment, accessories, and consumables due to growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region
The Electrodes & Filler Metal Equipment segment is projected to lead the global welding equipment, accessories, and consumables market through 2026
Welding electrodes are used to weld two metals. In arc welding, a current is passed using electrodes to join two metal pieces together. Depending on the process that is adopted, the electrode is either consumable or non-consumable. Electrodes required for gas metal arc welding or shielded metal arc welding are consumable, whereas those for welding metals with gas tungsten arc welding are non-consumable Stick welding is generally used for metals such as mild steel, cast iron, and stainless steel. Stick welding is a manual arc process that needs consumable electrodes coated with flux to place the weld. Electrodes & Filler Metal Equipment widely used to create stronger joints with relative ease
The Gas filters segment is projected to grow at the highest CAGR during the forecast period.
The Gas filters, by accessory, is projected to grow at the highest CAGR during the forecast period. Gas filters are used to filter out dust and debris from the gas and allow the filtered gas to flow through the equipment. This property of gas filters prevents damage to solenoids and guns used for welding metals in welding equipment. The demand for Gas filters is expected to increase, due to the demand from end-use industries .
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The Asia Pacific is projected to hold the largest share in the welding equipment, accessories, and consumables market during the forecast period
APAC is the largest producer and consumer of Welding Equipment, Accessories, and Consumables across the globe, with almost all major manufacturers and end-use companies present in the region. It has witnessed tremendous growth in the last few years, driven by its growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region.
Key players operating in the welding equipment, accessories, and consumables market are Lincoln Electric Holdings, Inc (US), Colfax Corporation (US), Illinois Tool Works Inc. (US), Kobe Steel Ltd (Japan), and Air Liquide S.A( France). These players have adopted various growth strategies to expand their global presence and increase their market share.
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Browse Adjacent Markets: Equipment Machine and Tooling Market Research
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