The global welding products market to grow to $25.1 billion by 2019.
Wellesley, Mass (PRWEB) January 21, 2014
According to a new technical market research report, Welding Equipment and Supplies: The Global Market, from BCC Research (http://www.bccresearch.com), the global welding products market was valued at nearly $18.4 billion in 2013 and is expected to increase to $19.3 billion in 2014. BCC Research projects the market to grow to $25.1 billion by 2019, and register a five-year compound annual growth rate of 5.3% from 2014 to 2019.
The welding equipment market is a very mature one. However, with the growing trend toward welding automation and rising demand from end-user industries, increased growth is expected. Indeed, an increasing number of industries are automating their production and robot welding is becoming a standard feature. Consequently, the market for welding robots is growing at a higher rate than any other type of industrial robots. In addition, the market for safety and protective equipment is growing steadily with safety regulations being enforced more stringently in developing countries.
Of the applications for the various types of welding, automotive applications are by far the fastest-growing segment. In addition to the automotive industry, there are other segments of the industry (e.g., the aeronautical industry and white goods industry) that are increasing their share of the welding equipment and consumables market.
The fastest-growing market for welding equipment and consumables is in the Asia- Pacific region, with China taking the lead. With many major companies from North America and Europe relocating to this region as well as setting up new joint ventures in various manufacturing fields, the Asia-Pacific market is booming.
A steadily improving economy--particularly in Asia and emerging economies—increasing R&D spending, and technological advances will shape steady growth in this market for the foreseeable future.
This technical market research report from BCC Research provides an overview of the global market for welding products and related consumables. As such, it provides analyses of global market trends, with data from 2012 and 2013, estimates for 2014, and projections of CAGRs through 2019. Information pertaining to machinery, filler materials, and accessories for various welding processes is also included. In addition, this study looks at how the value of shipments at the manufacturing level fluctuates with the volume of metals consumed in the global industry and provides insight concerning the fact that new technologies and methods are being introduced in the market at a very fast rate.
This report is intended to help marketing managers identify newer market opportunities and develop targeted promotion plans for appropriate welding equipment and consumables; research and development professionals to stay apprised of competitor initiatives and explore the demand for welding equipment in new applications, and to develop new technologies, equipment, and consumables; and advertising agencies working with clients in the welding industry to understand the products and to develop messages and images that will influence consumers to purchase these products. It will also benefit business development executives by helping them to understand the dynamics of the market and identify possible new markets.