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New Product Launches, Expansions & Investments, Contracts & Agreements, and Mergers & Acquisitions in Welding Equipment, Accessories, and Consumable Market
MarketsandMarkets projects that the welding equipment, accessories, and consumables market size will grow from 19.57 USD Billion in 2016 to 24.0 USD Billion by 2021, at a CAGR of 4.23%. The demand in this market is growing in accordance with the construction, automobiles and steel industry. Factors such as public expenditure from governments, private construction industry output, consumer spending, and increase in car sales in the automobiles industry are the main drivers for the welding equipment, accessories, and consumables market.
The global market for welding equipment, accessories, and consumables market is dominated by large players such as Colfax (ESAB) (Maryland, U.S.), Illinois tool works Inc. (U.S.), Lincoln electric holdings Inc. (U.S), and Air liquid S.A. (France). Other players in this market include GCE holding AB (Sweden), Koike Aronson, Inc. (U.S.), Fronius International GMBH (Australia), THE LINDE GROUP (Germany), and Messer Group (Germany). These players adopted various strategies to expand their global presence and increase their market share. New product launches, expansions & investments, contracts & agreements, and mergers & acquisitions were some of the key strategies adopted by the market players to achieve growth in the market.
The growth of this market was largely influenced by mergers & acquisitions in the past five years. Companies such as Colfax (ESAB) (U.S.), Illinois tool works Inc. (U.S.), Lincoln electric holdings Inc. (U.S.) and Air liquid S.A. (France) were the key players who adopted strategies such as mergers & acquisitions, and new product launches to expand their geographical reach and product portfolios. This market witnessed several new product launches in 2016 as well.
Colfax (ESAB) (U.S.), a subsidiary of Elektriska Svetsnings aktie bolaget (ESAB), global manufacturer of welding products, accessories, and consumables, completed the acquisition of Charter International plc, for 2.4 USD billion, which was to help the company to strengthen its footprints in the field of air and gas handling along with welding and cutting solutions provided by the two divisions Howden and ESAB, in September 2011. It also acquired Victor Technologies Holdings, Inc. (U.S.), in February 2014 for 947.3 USD million, which was a pre-eminent global manufacturer of cutting, gas control and specialty welding solutions, thus complementing Colfax's fabrication technology platform.
Lincoln Electric Holdings Inc. (U.S.), fully acquired Vizient Manufacturing Solutions for 40 USD million, with a moto to help the company to complement its current offerings in terms of automated arc welding systems for general and heavy fabrication application. This acquisition helped the company to strengthen its business in the European market. Lincoln Electric partnered with Skip Barber Racing School (U.S.), with which the company would provide new welding equipment and training at three base locations, thus, expanding its footprint in the motorsports and automobiles industry.
Welding Equipment, Accessories, and Consumables Market by Technology (Arc Welding and Oxy-Fuel Welding), Equipment Type (Welding Electrode, Filler Metal, and Oxy-fuel Gas), Accessory, Consumable, End-Use Industry, and Region - Global Forecast to 2021
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