New York, March 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Welding Equipment, Accessories, and Consumables Global Market Report 2022" - https://www.reportlinker.com/p06248263/?utm_source=GNW
, Lincoln Electric, Linde Group and Matheson Tri-Gas Inc.
The global welding quipment, accessories and consumables market is expected to grow from $21.47 billion in 2021 to $23.08 billion in 2022 at a compound annual growth rate (CAGR) of 7.52%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $31.17 billion in 2026 at a CAGR of 7.80%.
The welding equipment, accessories, and consumables market consists of sales of welding equipment, accessories, and consumables by entities (organizations, sole traders, and partnerships) that refer to a set of activities used in the welding industry.The welding is the process of joining metals and thermoplastics for creating strong joints between two or more parts by means of coalescence.
The Filler metals melt during the process and Flux is used as a deoxidizer. These flux and filler metals together are known as welding consumables and are used in variousapplication and industry such as automotive Industry.
The main technologies used in welding equipment, accessories, and consumables market are arc welding, oxy-fuel welding.The Arc Welding is a type of welding process which uses an electric arc to create heat to melt and join metals and in consumable it does not only act as a filler during the heating but also helps in stabilizing the flame.
The various types of equipment used are welding electrode, filler metal and oxy-fuel gas. The welding equipment, accessories, and consumables are used by end users such as in automotive, building and construction, heavy engineering, railway & shipbuiding, oil & gas and others.
Asia Pacific was the largest region in the Welding Equipment, Accessories, and Consumables market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing demand for the steel industry is expected to propel the growth of the welding equipment, accessories, and consumables market.The increased demand for welded metals in the fabrication industry and the use of welding equipment is used for applications such as stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding.
For instance, according to the American Iron and Steel Institute, as of January 2022, in the United States, the domestic raw steel production stood at 1,803,000 net tons while the capability utilization rate was 81.9%. Also, according to IBEF, in FY2021, in India, the production of crude steel and finished steel stood a 102.49 MT and 94.66 MT, respectively. Therefore, the growing demand for the steel industry is driving the growth of the welding equipment, accessories, and consumables market.
Technological advancements is a key trend gaining popularity in the welding equipment, accessories, and consumables market.Technological advancement is a discovery of knowledge that advances technology.
For instance, in February 2021, Lincoln Electric, a US-based manufacturer of welding, cutting, and brazing products have introduced the new diesel engine-driven welder named Vantage 441X.The Vantage 441X welder/generator is loaded with features to help keep job sites welding at peak performance.
It has been equipped with a 41hp, turbocharged Perkins diesel engine, 100% duty cycle DC welding output that provides enhanced power and performance along with fuel efficiency.
In March 2020, Voestalpine Bohler Welding, a Germany-based manufacturer of welding consumables acquires Selco s.r.l. for an undisclosed amount. Through this acquisition, Voestalpine Böhler Welding is expected to further expand its market position after the successful launch of the welding machine series. Also, the acquisition would strengthen Voestalpine’s position as a full welding solution provider in the welding industry, which would enable its customers to carry out best-in-class welds. Selco s.r.l. is an Italy-based manufacturer and distributor of welding machines.
The countries covered in the Welding Equipment, Accessories, and Consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06248263/?utm_source=GNW
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