Welding Equipment and Supplies Market Size, Share, Growth, And Industry Analysis, By Type (MIG Welding Machine, TIG Welding Machine, SPOT Welding Machine, and Plastic Welding Machine), By Application (Shipbuilding, Automotive Industries, Construction Industries, Mechanical Industries, and Other Application) Regional Insights and Forecast to 2031

Updated On: 06 May 2024

Welding Equipment and Supplies Market Report Overview

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The global Welding Equipment and Supplies market size was USD 32200 million in 2022 and will reach USD 41840 million by 2028, at CAGR expansion of 4.5% during the forecast period. 

Welding equipment and supplies refer to the tools, machinery, and consumables used in the process of welding, which is a fabrication or joining process that involves melting and fusing materials, typically metals, to form a strong bond. Welding is widely used in various industries, including construction, manufacturing, automotive, aerospace, and more. 

The industrial joysticks market is likely experiencing growth for several reasons. The demand for welding equipment and supplies is closely tied to the overall industrial growth. Sectors such as construction, manufacturing, automotive, shipbuilding, and infrastructure development heavily rely on welding for joining and fabrication processes.

COVID-19 Impact: Market Faced a Fall in Demand Due to Reduced Industrial Activities During the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering, with the Welding Equipment and Supplies market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Many industries that heavily rely on welding, such as automotive, construction, and aerospace, experienced a slowdown in operations. This led to decreased demand for welding equipment and supplies as projects were delayed or put on hold.

Latest Trends

"Digitalization and IoT Integration to Make Market More Efficient"

The Welding Equipment and Supplies market is as dynamic as any other market. Welding equipment is increasingly being integrated into the Internet of Things (IoT) ecosystem. This allows for real-time monitoring of welding processes, predictive maintenance, and data-driven insights to optimize performance and efficiency.

Welding Equipment and Supplies Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into MIG welding machine, TIG welding machine, SPOT welding machine, and plastic welding machine. 

In terms of service, MIG welding machine is the largest segment. MIG welding, also known as Gas Metal Arc Welding (GMAW), uses a consumable wire electrode and a shielding gas, typically a mixture of argon and carbon dioxide. The electrode is continuously fed through the welding gun, and the arc created between the wire and the workpiece melts and fuses the materials. TIG welding, or Gas Tungsten Arc Welding (GTAW), uses a non-consumable tungsten electrode to produce the arc. A separate filler rod may be used, and a shielding gas (usually argon) is employed to protect the weld area. TIG welding offers precise control and produces high-quality welds. Spot welding is a resistance welding process that involves applying pressure and passing an electric current through the metal sheets to be joined. The heat generated causes the metal to melt and form a weld at the desired spot. Spot welding is commonly used for joining sheet metal in automotive and appliance manufacturing. Plastic welding machines are used for joining thermoplastic materials. Various techniques exist, including hot air welding, ultrasonic welding, and extrusion welding. These methods involve heating and melting the plastic to create a bond.

• By Application Analysis

Based on application, the market can be divided into shipbuilding, automotive industries, construction industries, mechanical industries, and other application.

In terms of services, automotive is the largest segment. Welding is extensively used in the construction of ship hulls and superstructures. Various welding processes, including MIG, TIG, and submerged arc welding, are employed for joining steel plates and sections. Welding is integral in the assembly of automotive bodies and frames. Spot welding is commonly used for joining sheet metal components in car bodies. Welding is fundamental in the construction of buildings, bridges, and other structures. Structural steel components are welded together using processes such as stick welding and MIG welding. Welding is essential in the fabrication of machinery and equipment used in manufacturing processes. Various welding techniques are applied depending on the materials and design requirements.

Driving Factors

"Infrastructure Development has Increased Demand in the Market"

Increased investments in infrastructure projects, such as construction of bridges, roads, airports, and buildings, drive the demand for welding equipment and supplies. Infrastructure development is a significant driver for the Welding Equipment and Supplies Market. Several factors within infrastructure development contribute to the demand for welding equipment, as welding plays a crucial role in the construction and maintenance of various infrastructure components. As infrastructure development projects continue to grow, the demand for welding equipment and supplies rises concurrently. The versatility of welding processes allows for the fabrication of diverse structures and components needed for the construction and maintenance of infrastructure across various sectors. The expansion and modernization of infrastructure contribute significantly to the sustained demand for welding equipment in the market.

"Automotive Industry Expansion has Influenced the Demand in the Market"

The automotive industry is a major consumer of welding equipment for the assembly of vehicle components. As the automotive sector expands or undergoes technological changes, the demand for welding solutions increases. The growth of the automotive industry is a significant driver for the Welding Equipment and Supplies Market. Welding plays a crucial role in the manufacturing and assembly of vehicles, contributing to the structural integrity and durability of automotive components. As the automotive industry experiences growth, expansion, and technological advancements, the demand for welding equipment and supplies remains robust. The industry's evolution toward new materials, innovative designs, and sustainable practices further contributes to the continued importance of welding in automotive manufacturing. In this way this factor resulted in Welding Equipment and Supplies market growth. 

Restraining Factor

"Cost Pressures lead to a Declining Trend in the Market "

The welding industry is sensitive to changes in the prices of raw materials, such as steel and other metals. Fluctuations in material costs can impact the overall cost of welding equipment and supplies, potentially affecting market growth.

Welding Equipment and Supplies Market Regional Insights

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"North America Region Dominates the Market owing to Robust Industrial Base"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America has the largest Welding Equipment and Supplies market share as it has a well-established and diverse industrial base, including manufacturing, automotive, aerospace, construction, and energy sectors. These industries heavily rely on welding for fabrication, assembly, and maintenance processes. The presence of major automotive and aerospace industries in North America, particularly in the United States, contributes significantly to the demand for welding equipment. These industries require precise and high-quality welding for the assembly of vehicles and aircraft. North America has experienced consistent construction and infrastructure development, driving the demand for welding equipment. The construction of buildings, bridges, highways, and other infrastructure projects relies on welding processes. The oil and gas industry, which is prominent in North America, requires welding for the fabrication and maintenance of pipelines, drilling equipment, and various infrastructure components. The region has been at the forefront of technological advancements in welding processes and equipment. Investments in research and development contribute to the availability of advanced welding technologies in the market.

Key Industry Players

"Key Players Focus on Research & Development and Product Innovation for Market Expansion"

Key players in the Welding Equipment and Supplies Market are influential companies that operate at a significant scale and have a substantial market presence. These companies engage in various activities to maintain their position, drive innovation, and cater to the evolving needs of the industry. Key players invest heavily in research and development to innovate and introduce new welding technologies, equipment, and consumables. This includes developing advanced welding processes, improving efficiency, and addressing environmental concerns. Continuous product development and innovation are crucial for staying competitive. Key players introduce new and improved welding machines, consumables, and accessories to meet the changing demands of end-users and industries. Key players often have a global presence and expand their operations into emerging markets. This includes establishing manufacturing facilities, distribution networks, and service centers to reach a broader customer base.

List of Market Players Profile

• Lorch(India)
• Lincoln Electric(U.S.)
• Shanghai Hugong Electric(China)
• Shenzhen JASIC Technology(China)
• Amada Miyachi(U.S.)

INDUSTRIAL DEVELOPMENT

October 2022: Lincoln Electric Holdings, Inc. has announced the completion of its acquisition deal with Fori Automation, Inc. This strategic move is aimed at accelerating the company's automation growth strategy by incorporating new complementary capabilities, expanding scale, and extending global reach.

Report Coverage

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Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape.