COVID-19 impact on global welding materials market

94
science-technology

Summary

The increasing spending on the building & construction market, development of manufacturing sectors, and growing repair & maintenance activities are likely to drive the welding materials market.

Press Release

The Welding Materials Market is projected to grow from USD 13.6 billion in 2020 to USD 17.3 billion by 2025, at a CAGR of 4.8% during the forecast period. The welding materials market has grown considerably in recent times due to the development of the transportation industry and growth in the building and construction activities in emerging economies such as China and India. This is expected to remain a key driving factor for the market over the next five years. However, environmental impact of welding materials shortage of skilled labor and high labor cost restrain the growth of the market.

Browse 73 market data Tables and 41 Figures spread through 148 Pages and in-depth TOC on “Welding Materials Market by Type (Electrodes & Filler Materials, Fluxes & Wires, Gases), Technology (Arc, Resistance, Oxy-Fuel Welding), End-use Industry (Transportation, Building & Construction, Heavy Industries), & Region – Global Forecast to 2025”

COVID-19 impact on global welding materials market

The welding materials industry was majorly impacted by COVID-19. In the initial stages of the pandemic, factories in several countries were forced to shut down as the governments implemented strict lockdowns to stop the spread of the virus. After the lockdown was lifted and restrictions were eased, welding material manufacturers were allowed to resume factory operations but at a limited capacity and under several rules and regulations.

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Illinois Tool Works Inc. is one of the leading producers of various ranges of industrial products, consumables, and equipment. The company manufactures arc welding equipment, metal arc welding, consumables, metal jacketing, and other insulation products that are further used in various welding equipment and technologies. The company’s welding segment designs and produces value-added equipment and specialty consumables with superior technology and is recognized for its innovation to meet the need of customers. It operates in seven business segments, namely, Automotive OEM, Test & Measurement and Electronics, Food Equipment, Polymers and Fluids, Welding, Construction Products, and Specialty products. The company operates with 84 locations in 55 countries and supplies products to a large number of industries in North America, Europe, the Middle East & Africa, APAC, and South America. ITW’s welding materials are marketed by subsidiaries; Miller, Hobart, Tregaskiss, and Bernard.

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