South Korea Welding Equipment Market Research Report, 2028

South Korea Welding Equipment Market Research Report, 2028

Actual Market Research 31-03-2023 68 Pages Figures : 7 Tables : 26 Region : Asia-Pacific Country : United Arab Emirates Category : Manufacturing & Industry Machinery, Parts & Equipment

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In South Korea, the construction and automotive industries are major consumers of welding equipment and consumables. The demand for welding equipment and consumables is expected to rise in tandem with the rise in demand for infrastructure and automobiles. Furthermore, the shipbuilding industry is a major consumer of welding equipment and consumables in South Korea. With the increasing demand for ships, the shipbuilding industry is expected to grow, which will, in turn, drive the demand for welding equipment and consumables. Moreover, the demand for energy in South Korea is increasing, leading to an increase in the number of power plants being built. This is expected to drive the demand for welding equipment and consumables used in the construction of power plants. Furthermore, the automotive and aerospace industries in South Korea are increasingly using lightweight materials such as aluminum and carbon fiber. This has led to an increase in demand for welding equipment and consumables that are capable of effectively welding these materials. In addition, South Korea has a strong manufacturing base, with companies involved in a wide range of industries. This has led to a steady demand for welding equipment and consumables used in various manufacturing processes. According to the research report "South Korea Welding Equipment and Consumable Market Research Report, 2028," published by Actual Market Research, the South Korea Welding Equipment and Consumable market is expected to add USD 487.50 Million by 2028. The market is divided into two sections based on product type: welding equipment and welding consumables. The welding equipment segment will hold a dominant position in this market in terms of market share during the forecast period, owing to the rising trend of automated machines used in various industries such as automotive and construction to join thermoplastics, metals, and others. The welding consumables segment has the highest CAGR during the forecast period. The high demands for customised solutions for joining dissimilar and non-metallic materials, as well as the rise in steel consumption, are all factors. Furthermore, this industry is now emphasising the use of simple and cost-effective solutions to protect the work piece from the outside environment. Consumables are gaining traction in this scenario because the raw materials used to manufacture them include copper, rutile, and aluminium, all of which have high tensile strength and antioxidant properties. According to consumable, the market is divided into Stick electrodes, Solid Wires, Flux-cored wires, SAW wires and Fluxes, and Others (gases, rods, etc.). Among them, in 2022, the stick electrodes product segment held the most market share. Stick electrodes are becoming increasingly popular for welding a diverse range of components due to their ability to increase welding strength as well as their high corrosion resistance and tensile strength. During the forecast period, flux-cored wires have the highest CAGR. Flux-cored wires have greater deposition rates than other welding consumables, making them ideal for high-speed welding applications. This makes them popular in industries where productivity and efficiency are critical, such as automotive, construction, and shipbuilding. Based on by Technology, the market is divided into Arc weldings and oxy-fuel welding . Arc welding is expected to gain prominence in the coming years due to the increasing adoption of fusion processes and the use of high-strength low-alloy (HSLA) across various industries because it is a flexible and cost-effective process. Oxy-fuel welding technology has the highest CAGR from 2023 to 2028. Its growing use in industrial manufacturing applications The welding equipment and products used in this technology are highly cost-efficient, which promotes their implementation in welding fillet, butt, and lap joints with object thicknesses up to 5mm. Based on end users, the automotive segment will hold a dominant position in this market in terms of market share during the forecast period as the automotive industry is focusing on reducing the weight of vehicles by replacing metal parts with plastic, which requires high precision. Based on equipment, electrodes and filler metal equipment have the largest market share. Electrodes and filler metal equipment are widely used in various industries, including automotive, construction, shipbuilding, and aerospace. They are essential for welding and joining different materials such as steel, aluminium, and stainless steel. The oxy-fuel welding industry has the highest CAGR during the forecast period. Oxy-fuel welding equipment is lightweight and portable, which makes it ideal for use in remote locations where electricity is not available. However, oxy-fuel welding produces a high heat input, which allows for quick welding and efficient fusion of the workpieces. This makes it suitable for welding thicker materials. South Korea is a leader in electric vehicle (EV) adoption, and the government has set a target of having EVs account for 30% of all new car sales by 2025. This presents an opportunity for manufacturers of welding equipment and consumables to develop and supply products used in the production of EVs. Furthermore, the welding industry in South Korea is also undergoing digital transformation, with the adoption of advanced technologies such as artificial intelligence, cloud computing, and the Internet of Things (IoT). This has led to the development of smart welding equipment and the integration of welding processes with digital systems. Furthermore, Collaborative robots or "cobots" are becoming increasingly popular in the welding industry in South Korea, as they offer a safe and efficient way to work alongside human operators. This has led to the development of new cobot welding solutions, as well as the integration of welding processes with other robotic systems. In addition, the rise of the Internet of Things (IoT), smart welding solutions are becoming more popular in South Korea. These solutions leverage sensors and other connected devices to monitor welding processes in real time, providing valuable data on performance and quality that can be used to optimize operations. The main organization in the welding industry in South Korea is the Korean Welding and Joining Society (KWJS). The society is committed to promoting the advancement of welding and joining technologies in South Korea, as well as supporting the professional development of its members through training, education, and networking opportunities. Some others organization include Korea Welding Machinery Association (KWMA), Korea Welding Industry Cooperative (KWICO), Korea Welding Material Association (KWMA), Korea Welding Society (KWS) and many more. There are some welding schools and training centres in South Korea, including the Korea Welding Skills Testing Centre (KWTC), the Korean Welding and Joining Society (KWJS), the Korea Polytechnic University, the Korea Industrial Complex Corp. (KICOX), the Korea Welding Institute (KWI), and many more. The welding equipment and consumables market in South Korea is heavily dependent on key industries such as shipbuilding, automotive, and construction. Any downturn in these industries can have a significant impact on the demand for welding equipment and consumables, leading to reduced market growth. Furthermore, South Korea is heavily reliant on exports, and any trade tensions or protectionist policies from key trading partners could impact the demand for welding equipment and consumables. This could result in reduced market growth for local manufacturers and suppliers. Furthermore, despite being a major player in the global welding equipment and consumables market, South Korea's investment in research and development is relatively low compared to other countries. This can limit innovation and technological advancement in the industry, leading to reduced market growth. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Welding Equipment & Consumables market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type: • Welding Equipment • Welding Consumables By Equipment: • Electrodes & Filler Metal Equipment • Oxy-fuel Gas Equipment • Other Equipment By Consumable: • Stick electrodes • Solid wires • Flux-cored wires • SAW wires and Fluxes • Others (gases, rods, etc.) By Technology: • Arc Welding • Oxy-fuel Welding • Others (Resistance welding, Laser beam welding, plasma arc welding, electron beam welding) By end- Users: • Automotive • Fabrication • Building & Construction • Marine • Power • Oil & Gas • Others (Shipbuilding, Maintenance & Repair, Offshore, Pipe Mill, Pipeline, Aerospace, etc.) The approach of the report: This report consists of a combined approach of primary and secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in it. The secondary research consists of third-party sources such as press releases, annual reports of companies, government-generated reports, and databases. After gathering the data from secondary sources, primary research was conducted by making telephone interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this; we have started doing primary calls to consumers by equally segmenting them in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations and organizations related to the 3D printing industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing and presentations, it will also increase competitive knowledge about the industry.

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