Welding Torch and Wear Parts Market to Expand at a CAGR of ~4%

 

  • According to Transparency Market Research’s latest research report on the global welding torch and wear parts market for the historical period 2018–2019 and the forecast period 2020–2030, rising demand from the automotive industry is expected to boost the global welding torch and wear parts market during the forecast period
  • In terms of revenue, the global welding torch and wear parts market is projected to exceed value of US$ 7.4 Bn by 2030, expanding at a CAGR of ~4% during the forecast period

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Growth in Number of Vehicles: A Key Driver of Welding Torch and Wear Parts Market

  • The welding torch and wear parts market is experiencing exponential growth in the last couple of years, owing to rise in demand for passenger and commercial vehicles. Increase in disposable income and growing road connectivity are prime factors responsible for the rising demand for four-wheeler and two-wheeler vehicles. In the international automotive industry, in 2019, passenger car production experienced growth of 2.4% from the previous year. This is anticipated to boost the welding torch and wear parts market to a significant extent.
  • Additionally, as per the data published by International Organization of Motor Vehicle Manufacturers, total commercial vehicle production worldwide stood at 25 million units, of which, the U.S. accounted for a highest share of ~33% followed by China with 17% in 2019. Thus, the demand for welding torches and wear parts is anticipated to grow with the rising number of passenger and commercial vehicles worldwide, thereby leading to the expansion of the welding torch and wear parts market during the forecast period.

Expansion of Construction and Manufacturing Industries to Drive Welding Torch and Wear Parts Market

  • Construction and manufacturing industries are experiencing unprecedented growth. Rapid urbanization and industrialization in developing countries are factors leading to the growth of construction projects, which, in turn, is expected to fuel the expansion of the welding torch and wear parts market.
  • Welding torches used by skilled operators are usually designed according to pre-defined mandates and a set of compliance rules to ensure that the joints are strong and immune to jostling and rust. Ranging from metal active gas to submerged arc to manual metal arc, various welding processes are used at construction sites around the world to serve unique needs. All these factors are anticipated to boost the demand for welding torch and wear parts.

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Unskilled Labor: A Restraining Factor of Market

  • One of the major issues hindering growth of the welding torch and wear parts market is the abundant unskilled labor. Problems can occur in the event of lack of proper welding training. Welders should have proper knowledge of reducing the welding current and arc length to avoid spatter, along with increasing the torch-to-plate angle. Welders should also ensure that welding torches have no leaks and make sure the torch to plate angle is the correct size to avoid porosity. Thus, lack of skills is anticipated to hamper the growth of the welding torch and wear parts market.
  • Moreover, the person performing the welding activity has to ensure that the welding torch and wear parts are in good condition. For this purpose, it is crucial that the technician has adequate knowledge of the process. The welder should be able to deal with changing welding positions. All these factors restrict the growth of the welding torch and wear parts market.

Rising Prospects in Untapped Markets: An Opportunity for Market

  • The welding torch and wear parts market in North America and Europe is mature, due to high automation levels and stringent laws & regulations
  • Asia Pacific, Middle East & Africa, and South America are experiencing robust growth in the demand for welding torches and wear parts, owing to increasing demand for passenger and commercial vehicles. Rise in disposable income and growth in construction and manufacturing as well as in sports are augmenting the welding torches and wear parts market.

Increase in Automation Levels and Compact Size of Welding Torches: A Key Trend in Market

  • Manufacturers are looking for continual upgrade of technology with increasing automation levels. They are focusing on flexible machines, which are smaller in size with higher efficiency and productivity. Compact torches are extensively demanded in the commercial sector, and have the same features and advantages as the original torch; it fits in approximately half the space with cost advantage. This is one of the key trends in the welding torch and wear parts market from the demand side.

Growth in Number of New Product Launches: Another Key Trend in Welding Torch and Wear Parts Market

  • Rising number of new product launches is another key trend in the welding torch and wear parts market from the demand side. The welding industry regularly introduces new product lines with a short product-development cycle. Each new product cycle brings increased performance requirements and enhancements in product quality. At the same time, there is pressure for new products to be more affordable, both in their initial production costs and in overall life-cycle costs.

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Welding Torch and Wear Parts Market: Competition Landscape

  • Detailed profiles of manufacturers in the welding torch and wear parts market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global welding torch and wear parts market include
    • Ador Welding Ltd
    • Colfax Corporation
    • ABICOR BINZEL
    • Harris Products Group
    • American Torch Tip
    • Panasonic Industry
    • Bernard, Dinse
    • EWM AG
    • Fronius International GmbH
    • Migatronic A/S
    • Oximig
    • Parweld Ltd, Riconlas
    • SKS Welding Systems
    • Sumig
    • TBi Industries GmbH
    • Welding Engineers
    • The Lincoln Electric Company
    • Trafimet Group Spa
    • Uniarc
    • Tokin Corporation

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