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Increasing Disposable Income and Infrastructural Development Activities to Augur Well for the Global Welding Torch and Wear Parts Market: TMR
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.
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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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.
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.
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