The global welding pen market is experiencing a significant growth, and is expected to grow considerably during the forecast period. Welding is a process of fabrication, in which two or more parts are fused together by the application of heat and pressure, which melts the applied region; thus, forming a joint as the melted region cools. Welding is usually applicable to metals and thermoplastics. A welding pen is a tool used for the purpose of applying heat to a particular region of the required part. A welding pen has a controlled combustion velocity and a high combustion temperature which makes it suitable for processes like repairs, fabrications and modifications. Welding pens are an essential tool in the food & beverage sector, oil & gas sector and chemical processing industry. The wide range of applications of welding pens are a driver for the growth of the welding pen industry. Major players in the industry have adopted advanced technology to improve the efficiency and durability of welding pens to sustain the growing competition on the welding pen market.
The welding pens use electricity and its electrode tip for generation of high temperature which melts the required parts to create a joint. These welding pens are light weight and easy to use which make it applicable for works such as plastic repairs, boat fabrication and repairs and quick repairs of gas and water supply pipes. Welding pens can also be used for delicate work such as soldering. Thus, wide range of applications, make the welding pen market certain of significant growth in throughout forecast period.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down the production of various products in the welding pen industry attributed to the lockdown in countries worldwide. This has hampered the growth of welding pen market from the last few months and is likely to continue during 2021.
- COVID-19 has already affected the sales of welding pens since second quarter of 2020 and is anticipated to cause a negative impact on the market growth throughout the 2021.
- The major demand for welding pen was previously noticed from countries including the India, U.S., Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand.
- The decrease in routine maintenance activities in various sectors such as ship building, water supply paired with a decrease in metal works sector due to the restrictions laid by the government on the account of COVID-19 has negatively impacted the growth of welding pen industry.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Welding pen manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies.
- With the increasing number of vaccinations and leniency in restrictions laid by the government, the welding pens market has shown signs of recovery.
Top Impacting Factors
The rising number of refineries and supply systems in the oil and gas sector as well as water treatment and supply facilities are the major drivers for the growth of global welding pen market. The easy usability as well as low dead weight of welding pens are an attraction for potential welding pen buyers. The multifunctionality of welding pens for joining metals as well as thermoplastics further adds to the growth of welding pen market. The increasing industrialization and rise in the number of small-scale metal works industry also adds to the demand for welding pens. The rise in the use of soldering for products such as mother boards has increased the demand of welding pens. The emission of harmful greenhouse gases during the process of welding which contribute to the rising temperature of earth are major restraints in the growth of welding pens market. The rapid development in the infrastructure, increasing efficiency and multi functionality are the key factors that ensure significant growth of welding pen market throughout the forecast period.
- The increasing demand in the automotive industry for light weight and high-performance vehicle parts to meet the latest safety and efficiency regulations has increased the use of welding as a manufacturing process, thus being a driver for the welding pens market.
- The introduction of several projects in the infrastructure as well as industrial sector in emerging economies such as China, India and South Africa has fueled the demand for welding pens.
- The industry leaders have adopted to increased investment in research to make the weld stronger and also to reduce the per unit cost of the weld.
- Welding Technology & Training Center which is a state-of-the-art training center, set up by The Lincoln Electric Company. It is an internationally recognized foundation for the development of best practices in welding.
- Leister Technologies AG has focused on mergers and partnerships with regional players of the industry to increase its global footprint.
Key Benefits of the Report
- This study presents the analytical depiction of the welding pen industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the welding pen market share.
- The current market is quantitatively analyzed to highlight the welding pen market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed welding pen market analysis based on competitive intensity and how the competition will take shape in coming years.
Welding Pen Market Report Highlights
By Product Type
By End User Industry
By Business Type
Key Market Players
The Lincoln Electric Company, Polysoude, W.W. Grainger, Inc., ARCO Welding Supply Co.,, Colfax Corporation, Kemppi Oy., Leister Technologies AG, Fronius International GmbH, Swagelok Company, AMADA Co., Ltd.