The welding materials market is projected to grow from USD 13.6 billion in 2020 to USD 17.3 billion by 2025, at a CAGR of 4.8% during the forecast period. The welding materials market has grown considerably in recent times due to the development of the transportation industry and growth in the building and construction activities in emerging economies such as China and India. This is expected to remain a key driving factor for the market over the next five years.
The increasing number of new housing units and huge investments in the infrastructural sector are also fueling the demand for welding materials in this region. According to the World Bank, APAC is the fastest-growing region in terms of both population and economic growth. The region has experienced significant growth in the last decade and accounted for approximately 34% of the global GDP in 2019. According to the Population Reference Bureau, China, India, and other emerging APAC countries had a combined population exceeding 4 billion in 2019, which is projected to become an increasingly important driver for global consumption over the next two decades.
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The welding materials market is dominated by major players such as Colfax Corporation (US), Air Liquide S.A. (Framce), Air Products & Chemicals (US), Illinois Tool Works (US), Linde PLC (UK), Lincoln Electric Holdings (US), Tianjin Bridge Welding Materials Group (China), and Kobe Steel (Japan). These players have adopted growth strategies, such as acquisitions and expansions to further expand their presence in the global welding materials market. Aqcuisitions were the most dominating strategy adopted by major players from 2017 to 2020, which helped them to expand their global presence and broaden their customer base.
Colfax Corporation is into the gas & fluid handling technology & fabrication technology business. The company supplies its products to government and commercial consumers around the world. Its business operations are divided into three segments under the brand names, Howden, Colfax fluid handling, and ESAB. The main subsidiary of Colfax Corporation is ESAB, based in the UK. ESAB has 26 manufacturing plants in 4 continents and sales/support representatives in 80 countries. ESAB’s cutting and welding products include electrodes, cored and solid wires, and fluxes. The company provides fabrication technology equipment that ranges from portable welding machines to large customized cutting and automated welding systems. ESAB is recognized for its expertise in manufacturing products used in energy, machinery, power generation, fabrication, construction, shipbuilding, transportation, and other sectors. ESAB operates with over 10,000 employees across 35 facilities worldwide.
Illinois Tool Works Inc. is one of the leading producers of various ranges of industrial products, consumables, and equipment. The company manufactures arc welding equipment, metal arc welding, consumables, metal jacketing, and other insulation products that are further used in various welding equipment and technologies. The company’s welding segment designs and produces value-added equipment and specialty consumables with superior technology and is recognized for its innovation to meet the need of customers. It operates in seven business segments, namely, Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty products. The company operates with 84 locations in 55 countries and supplies products to a large number of industries in North America, Europe, the Middle East & Africa, APAC, and South America. ITW’s welding materials are marketed by subsidiaries; Miller, Hobart, Tregaskiss, and Bernard.
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