TIG Torch Market: Overview and Dynamics
TIG Torch is the welding equipment that joins the primary and secondary metal by supplying the heat from it. This process is done by using shielding gas with or without adding any filler metal. Shielding gas is used typically for the protection of electrodes from contamination.
Further, TIG Torches creates clean welds because the heat input is controlled by foot pedal. Most of the developed regions are looking for the automation of welding activities due to labor shortages. The IOT based welding can detect the measured voltage, welding usage and sends data for monitoring
The demand for welding torches and other equipment market will increase in automobile, constructions which leads to piggybank market growth in most regions. The welding torch market possess a value of US$ 31 billion and will grow at an annual rate of 6% by 2030.
Moreover, TIG Torch are of two types, air-cooled and water-cooled. The large size of torches with lots of power are generally water-cooled TIG Torch with the length of weld time being high, whereas, for a smaller sized weld, both types of torches can be preferred. Air cooled torch holds dominant share in the market and is poised for exponential growth owing on its wide scale use across industries.
TIG Torches are mostly used for welding thin sections of stainless steels and non-ferrous metals like magnesium, copper alloys and aluminium. However, the TIG torch market is expected to have a higher growth rate till 2030 attributed to shifting towards the inclination of market players and consumer needs towards providing great products with a higher degree of protection in a single package.
To sum up, TIG torch market is poised for exponential growth over the forecast period with amplified use of TIG torch welding across multitude of industries owing to high quality and precision provided by TIG torch welding .
COVID-19 Impact Insights on TIG Torch Market:
The COVID-19 pandemic has attacked humanity and the global economy of the TIG torch market. This lockdown meant ceasing almost all economic activity by shutting down businesses and locking millions of citizens to their homes. Because of this Covid-19 virus, all the consumer market has started to show very low interest in buying TIG Torches. TIG Torch Market to clients from crude materials of this industry is shut down deductively. Due to this pandemic, stakeholders, customers, chemical players, raw material suppliers, channel partners have seen a compelling impact and a slowdown in industrial and transportation activity. TIG Torch market has been shut down in Asia, Europe, South America, and North America during pandemic leading to economic losses. Manufacturing disruption in the US and China had significant fall in the TIG Torch market.
Moreover, workplace safety and increasing demand for TIG torches would help the TIG torch market recover strongly by the end trimester of 2020. This pandemic caused Lincoln Electric Company to fall its market by -5.8% during the fourth quarter of 2020. However, consistently updating safety measures and COVID-19 guidelines would help the TIG torch market to come back strongly in the next few years.
The market is expected to regain its momentum as the restrictions on travel and trade are eased by the governments. Once industries and manufacturing plants start functioning with maximum efficiency, the market for TIG torch market will surely bounce back and regain its stabilized position
Segmentation Analysis of TIG Torch Market
The global TIG Torch market is bifurcated into six major segments: by type, by operation, by materials, by sales channel, by the end-user and by region.
Based on type, TIG Torch Market has been segmented as follows:
Air-cooled torches are more suitable for lower ampere applications whereas, water-cooled torches are more suitable for more than 200 amps. Water-cooled TIG torches are mostly used. ESAB launches two new water-cooled TIG torches in 2020. XCT-B 400w and SR-B 21, having a small size torch with neck to head dimension to enable higher bead placement and provides good grips in tight spaces.
Based on the amperage, the TIG Torch Market has been segmented as follows:
- Below 100 Amp
- 100 – 200 Amp
- Above 200 Amp
Based on operations, the TIG Torch market has been segmented as follows:
Based on the sales channel, the TIG Torch market has been segmented as follows:
- Company Website
- Third Party Online
TIG Torches are widely available for its procurement via offline and online channels. Resellers like Lampton, Matheson Tri gas, Knapp Electric and arc zone allows you to place the orders online directly from their website.
Based on end-users, the TIG Torch market has been segmented as follows:
- Automotive Industries
- Electronics Industries
- Marine Industry
In the automotive industry, car bodies are made of light-weighted materials like corrosion-resistant steels and aluminium are used in the components for wheel rims, motorcycle frame. These bodies are welded by TIG torches with less heat input. Further, automotive industry is expected to contribute significantly in TIG torch market and is projected to carry dominant share in the market.
Based on geographic regions, the TIG Torch market is segmented as
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
TIG Torch Market: Regional Outlook
North America is leading in the TIG Torch market as the country with its rich historical background was amongst the early users of TIG troch and with the regions constant push for innovation and constant backing in the market. Europe is also expected to lead the regional TIG Torch market due to its increasing exertion in the automotive and electronics industries.
China, which is regarded as the world's manufacturing hub, is poised to dominate the TIG torch market in the coming decade as a result of extensive manufacturing cluster establishment within the region, which is looking forward to utilizing TIG torch for their widespread application creating an exponential demand for TIG torch market. The regional TIG torch market of the Middle East and Africa are expected to rise on similar lines on account of economic development in South Africa and countries of GCC.
However, regional clusters including Asia and Africa backing the local manufacturers are presenting challenges to global players offering their products at higher price points which in turn is significantly disturbing the overall TIG Torch market revenues.
TIG Torch Market: Key Players
- The Lincoln Electric Company
- Sumig USA Corporation
- TBi Industries GmbH
- Fronius International GmbH
- ABICOR BINZEL USA, Inc.
- American Torch Tip
- Huarui Welding & Cutting Machinery
- SKS Welding systems
- Tokin Corporation
- Weld Craft
These key players have conserved some organic and inorganic plans to keep their shares in the TIG Torch market. They are also targeting the use of advance technologies in TIG Torches. In 2020, Fronius International has partnered with Bax Metal for the manufacturing of 28 new Fronius welding systems. The Lincoln Electric company marked its revenue for 3.08B$ in 2019.
The Lincoln Electric Company and Sumig USA Corporation also holds strong position in the TIG torch market. Tokin Corporation, The Lincoln Electric Company, Sumig USA Corporation and Fronius International are amongst the prominent players in the TIG Torch market for accounting for a total of 75% of market revenue.
Market whoopers are consistently putting efforts to come up with innovations in TIG torch market has been identified as a key trend in the industry. For instance, The Lincoln electric company, Miller Electric, Sumig Corporation, Fronius International amongst others are looking to launch some new updates in TIG Torches products with minimal material utilization claiming to have not just joined properties but electrical hazard protection and shock absorption as well.
The research report presents a comprehensive assessment of the TIG Torch market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The TIG Torch market report provides analysis and information, according to market segments by product type, by product size, by material, by operation, by sales channel, by distributors, by end-user and by region.
The TIG Torch Market Report Covers Exhaustive Analysis On:
- TIG Torch Market Segments
- TIG Torch Market Dynamics
- TIG Torch Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
The TIG Torch Market Regional Analysis Includes:
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (UK, Germany, Spain, France, BENELUX, Italy, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia & Oceania (India, ASEAN, Australia and New Zealand, Rest of South Asia & Oceania)
- The Middle East and Africa (GCC Countries, South Africa, Northern Africa, Turkey, Rest of MEA)
The TIG Torch Market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The TIG Torch Market report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The TIG Torch Market report also maps the qualitative impact of various market factors on market segments and geographies.
The TIG Torch Market Report Highlights:
- A detailed overview of the TIG torch market
- Changing TIG Torch market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments for TIG torch market
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on TIG torch market performance
- Must-have information for TIG torch market players to sustain and enhance their market footprint
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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