LONDON--(BUSINESS WIRE)--The global welding accessories market is projected to grow at a CAGR of nearly 5% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global welding accessories market for 2017-2021. Based on the end-users, the market is divided into automotive, construction, aerospace and defense, and marine segments.
| The global welding equipment market is expected to witness a steady growth during the forecast period. The majority of the demand is expected from the automotive and construction sectors. The demand for welding equipment is also expected to increase due to the anticipated revival of the aerospace and defense sector and the increasing number of air passengers. |
Technavio’s research study segments the global welding accessories market into the following regions:
- APAC
- Americas
- EMEA
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Welding accessories market in APAC
“APAC has the leading market share in the global welding accessories market and will continue to grow faster than the other segments. The growth will be driven by the improving economic conditions from the flourishing end-user industries such as automotive, aerospace and defense, shipbuilding, and railways,” says Gaurav Mohindru, a lead analyst at Technavio for engineering tools research.
With China gradually moving toward a more consumption-oriented economy to revive its economic situation, there will be ample demand for new modes of transportation from the transportation sector. Also, due to the economic power shift from the west to the east and the growing Asian economy and urbanization, the region will witness large-scale developments in the transport infrastructure. These two factors will create ample demand for welding accessories.
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Welding accessories market in the Americas
The welding accessories market in the Americas is majorly steered by the US, which is currently witnessing a significant revival in its aerospace and automotive sectors. Closely following the US in automotive production in North America is Mexico. The availability of cheap labor, land, and close vicinity to major export destinations have attracted major OEMs, such as Toyota, General Motors, Chrysler, and Ford to this country.
Additionally, multiple upcoming projects in the Americas are expected to fuel the welding accessories market. For instance, the Hurontario-Main light rail line project in Ontario, Canada, is expected to be completed by 2022. Shipbuilding is another key stakeholder for the welding accessories market, with most of the demand arising from Navy ships that are being manufactured in the region.
Welding accessories market in EMEA
“European countries, such as Germany, the UK, and Italy, are the primary consumers of welding equipment and services in the region, which is attributed to the growing investment in the regional automotive and aerospace industries. The market in this region, especially in Europe, is mature and a moderate growth is expected during the forecast period,” says Gaurav.
The welding accessories market in EMEA will primarily be driven by the automotive and aerospace sectors in Europe. Another sector that extensively uses friction stir welding equipment is the aerospace industry. The growth of the global commercial aviation sector has led to the rise in orders for more aircraft from European aircraft manufacturing companies, such as France's Airbus Industry, resulting in capacity expansion activities in these industries and the demand for metal heat treatment equipment and services in Europe's aerospace industry.
The top vendors in the global welding accessories market highlighted in the report are:
- Colfax
- Fronium International
- Illinois Tool Works
- The Lincoln Electric Company
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