ALBANY, N.Y., Jan. 11, 2021
- Increased demand from automotive and construction industries is estimated to generate considerable revenue for companies in the welding torch and wear parts market
- Growing research and development in welding tools and processes present market participants with widened scope of growth, market to touch revenue of US$ 7.4 Bn by the end of 2030
ALBANY, N.Y., Jan. 11, 2021 /PRNewswire/ -- The demand for welding torches is anticipated to rise with increased production in sectors like shipyards transportation, yellow goods, energy, general fabrication, and automotive. Rising disposable income has generated increased demand for automotives, which has led to augmented production of commercial and passenger vehicles. There has been better road connectivity to ensure improved transport and commuting facilities. These factors are estimated to trigger growth of the global welding torch and wear parts market over the forecast timeframe, from 2020 to 2030.
Technological progress made in the welding torches, such as introduction of technologically advanced Flexlite torches by Finnish company Kemppi Oy is expected to work in favor of the market. New products are bringing in more comfort, precision, and speed, thereby favoring development of the global welding torch and wear parts market in the years to come. Besides, increased research and development activities to better convenience in the handling of robotic welding torches are likely to drive demand for these torches.
However, outbreak of global pandemic, Covid-19, has adversely affected almost all the industries across the globe. Welding industry has also felt the heat and hence the companies in the global welding torch and wear parts market are taking precautions, managing short-term effects, and making adjustments for future survival.
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Automotive and construction sectors are expected to play an important role in the growth of the global welding torch and wear parts market. Clocking ~4% CAGR, the market is estimated to reach US$ 7.4 Bn by 2030.
Key Findings of Welding Torch and Wear Parts Market Study
Technological Advancement to Open Up New Avenues of Growth
Manufacturers are coming up with new developments and innovations in welding torches and guns to support efficient welding. Increased availability of water and gas-cooled versions of MIG and TIG welding are offering alternative power classes, values, and lengths. As such, lightweight, balanced torches with reduced wrist loading make entry in the market. Adhering to welding safety standards, manufacturers are increasingly making use of various innovative materials. Such innovations and developments are likely to foster growth of the global welding torch and wear parts market in the forthcoming years.
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Rising Demand for Automotives to Present Lucrative Growth Opportunities
The growth of the global welding torch and wear parts market is primarily influenced by the rapid growth of the automotive industry. Rising disposable income has generated increased demand for both commercial and passenger vehicles, which is likely to fuel market growth. Besides, road construction work to ensure better road connectivity and infrastructural development is estimated to work in favor of the global welding torch and wear parts market.
Various end use sectors like heavy equipment manufacturing, construction, and automotives make use of high quality welds. These industries utilize advanced MAG welding torches to get their welding jobs done. As such, the welding torch and wear parts market is likely to gather considerable traction from these industries over the timeframe of analysis, from 2020 to 2030.
Explore 660 pages of superlative research, current market scenario, and extensive geographical projections. Gain insights into the Welding Torch and Wear Parts Market (Product Type: MIG/MAG [Wear Part and Torch[, TIG [Wear Part and Torch], and Plasmas [Wear Part and Torch]; Wear Part: MIG/MAG [Torch Body, Gas Nozzle, Nozzle Stock, Contact Tip, Insulation Ring, Spatter Guard, Inner Liner, and Others], TIG [Torch Body, Insulation Ring, Gas Nozzle Ceramic, Clamping Sleeve, Torch Cap, Gas Lens, Tungsten Electrode, Clamping Sleeve Case, and Others], and Plasmas [Torch Body, Plasma Nozzle, Gas Nozzle Ceramic, Clamping Sleeve, Torch Cap, Tungsten Electrode, and Others]; Cooling Method: Water Cooled and Gas Cooled; Mode of Operation: Manual and Automatic; End-use Industry: Automotive, Construction, Demolition & Scrap, Heavy Equipment Manufacturing, Oil & Gas, Yellow Goods, and Others; and Distribution Channel: Online and Offline) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 – 2030 at https://www.transparencymarketresearch.com/welding-torch-wear-parts-market.html
Product Diversification to Offset Dearth of Skilled Labor and Demand Shortage
There has been an augmented supply of welding torch and wear parts in the market. However, the demand has not been enough, which is why there is excess products available in the market. Besides, there exist issues in the maintenance of staff and dearth of adequately trained and skilled labor for this work. These factors are estimated to restrict expansion of the global welding torch and wear parts market over the tenure of assessment, from 2020 to 2030.
Analyze global welding torch and wear parts market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Welding Torch and Wear Parts Market: Key Driving Factors
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