Arc Welding Torch Market worth $3.5 billion by 2029 Globally, at a CAGR of 4.7%, says MarketsandMarkets™

/EIN News/ -- Chicago, April 16, 2024 (GLOBE NEWSWIRE) -- The Arc Welding Torch Market size is projected to grow from USD  2.7 billion in 2024 and is projected to reach USD 3.5  billion by 2029, at a CAGR of 4.7%, as per the recent study by MarketsandMarkets™. The global arc welding torch market has seen substantial growth, driven by factors like the expanding steel industry, rising demand from key sectors such as automotive and construction, and the increasing capacities of offshore wind power generation. Arc welding, a process that uses an electric arc to join metals, is crucial for various applications in these industries. Emerging economies like China and India, with their rapid urbanization and industrialization, have significantly contributed to the market's growth. Additionally, the shift towards renewable energy, particularly offshore wind farms, has boosted the demand for arc welding equipment. As industrial activities continue to expand, arc welding technology is expected to remain essential, ensuring further market growth.

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269 - Market Data Tables

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List of Key Players in Arc Welding Torch Market:

1. The Lincoln Electric Company (US)
2. ESAB Corporation (US)
3. Illinois Tool Works Inc. (US)
4. Linde Plc (Ireland)
5. Panasonic Corporation (Japan)
6. Fronius International GmbH (Austria)
7. ABICOR BINZEL (Germany)
8. Kemppi Oy (Finland)
9. Tokin Corporation (Japan)
10. Migatronic A/S (Denmark)

Drivers, Opportunities and Challenges in Arc Welding Torch Market:

1. Drivers: growth in steel industry
2. Restraint: Safety concerns associated with welding
3. Opportunity: Development of lightweight and portable torches
4. Challenge: Shortage of skilled welders

Key Findings of the Study:

1. Electrodes segment is estimated to be the largest wear part segment of arc welding torch
2. Air-cooled segment of the arc welding torch market is expected to register the highest CAGR during the forecast period.
3. Automotive segment is estimated to be the 2nd largest end-use industry segment of arc welding torch.
4. North America accounts for the 2nd largest share in terms of the value of the arc welding torch market

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Based on wear part, contact tips are the 2nd largest wear part segment of arc welding torch. Contact tips are essential components in arc welding torches that facilitate the transfer of current to the welding wire. They play a crucial role in maintaining a stable arc and ensuring consistent weld quality. The demand for contact tips is expected to increase in the future due to several factors. As industries continue to adopt automation and robotics in welding processes, there will be a growing need for high-quality, durable contact tips to withstand the demands of these advanced systems. Additionally, the increasing focus on productivity and efficiency in welding operations will drive the demand for contact tips that can provide reliable performance over extended periods, further contributing to their market growth.

Based on cooling type, Water-cooled welding systems use water as a coolant to dissipate heat generated during welding, offering superior cooling efficiency compared to air-cooled systems. They are the second-largest cooling method in the arc welding market due to their ability to maintain stable temperatures, prolonging the life of welding equipment and ensuring consistent weld quality. The demand for water-cooled systems is expected to increase in the future due to several factors. Firstly, as welding technology advances, the need for higher welding currents and longer duty cycles increases, necessitating more effective cooling solutions. Secondly, industries such as automotive, aerospace, and manufacturing are demanding higher quality welds with tighter tolerances, driving the need for more efficient cooling methods. Additionally, water-cooled systems are becoming more compact and easier to install, making them more accessible to a wider range of users. These factors are expected to fuel the growth of the water-cooled welding market in the coming year.

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Based on end-use industry,  As the automotive industry continues to evolve with advancements in design, materials, and production techniques, the demand for arc welding torches is expected to rise steadily. This is primarily due to the indispensable role of arc welding in assembling vehicle components, including chassis, body frames, and engine parts. Moreover, as automotive manufacturers strive for lightweighting and structural integrity, there's a growing preference for materials like aluminium and high-strength steel, which necessitate precise and efficient welding processes—where arc welding shines. Additionally, the increasing adoption of electric vehicles (EVs) and hybrid vehicles entails the welding of new types of materials and components, further driving demand for specialized arc welding solutions. As automotive production scales up globally and technology continues to advance, the demand for arc welding torches is poised to experience a sustained upward trajectory.

The arc welding torch market has been categorized into several key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific notably dominated the market in 2023 in terms of value. The arc welding torch market in the Asia Pacific region is propelled by the concurrent growth of industrialization, burgeoning infrastructure development, expanding offshore wind power generation capacities, and the flourishing automotive industry. As industrialization gains momentum across the region, there's an increasing demand for arc welding torches in various manufacturing processes, such as construction, shipbuilding, and fabrication. Moreover, the rapid expansion of infrastructure projects, including roads, bridges, and commercial complexes, necessitates the use of welding technologies, further driving market growth. Additionally, the rising deployment of offshore wind farms in countries like China and Japan fuels the demand for arc welding torches for assembling and maintenance purposes. Furthermore, the thriving automotive industry in countries like South Korea, Japan, and India contributes significantly to the market, as welding is integral to vehicle manufacturing processes. These combined factors indicate a promising trajectory for the arc welding torch market in the Asia Pacific region, with sustained growth anticipated in the foreseeable future.

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