Metal joining is a part of the mechanical manufacturing process. Methods of metal joining include welding, brazing, soldering, and adhesive bonding. Producing a complete component by casting process is very difficult and hence metal joining process is used. Industries that benefited from metal joining process include automobile, aerospace, construction, defense and others, as these industries extensively use metal joining process for manufacturing components.
Factors Driving Growth of the Metal Joining Services Market:
Demand for electronics components is increasing, owing to rising consumption of consumer electronics products. Metal joining process such as Laser Beam Welding (LBW) is extensively used in manufacturing electronic products such as Integrated circuit (IC). Increasing manufacturing of electronics component is driving factor for global metal joining services market growth over the forecast period. For instance, according report published Indian Brand Equity foundation (IBEF), consumer electronics consumption in India was US$ 31.48 billion in 2018 and it is expected to reach around US$ 48.37 billion in 2022. Apart from consumer electronics, metal joining process is also used in automobile industry. Automobile industry is shifting from internal combustion (IC) engine to electric vehicles.
However, high initial equipment cost, and lack of research and development in the metal joining industry are factors that may hamper growth of the metal joining services market over the forecast period.
Metal Joining Services Market Trend:
Advancement in robotics technology has enabled use of robots in metal joining industries. Less skilled labors and increasing labor cost are driving companies to deploy industrial service robots in their manufacturing plants. For instance, according to a report by International Federation of Robotics (IFR), in September 2019, China had the largest number of industrial service robots in the world with share of 36% and the industrial service robotics market in the country is expected to grow in the forecast period.
Metal Joining Services Market: Regional Insights
The metal joining services market is segmented on the basis of six regions namely, North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. Asia Pacific region held major share in the metal joining services market, owing to presence of large number of local players that are offering metal joining services across the region. For instance, according to Coherent Market Insights’ analysis, more than 53% of the metal joining service offering companies are local companies, present in India.
Asia Pacific is expected to remain the dominant region in the forecast period, owing to rising investment by government and private companies in the manufacturing sector and government initiatives to expand manufacturing sector. For instance, according to a report published by Indian Brand Equity Foundation (IBEF), in October 2019, during 2018–19, the Cumulative Foreign Direct Investment (FDI) in India’s manufacturing sector was valued at about US$ 44.36 billion.
Key Players in the Metal Joining Services Market:
Key players operating in the market include Prince & Izant Company, Johnson Matthey, Lucas Milhaupt Inc., Bodycote Plc., Solar Atmospheres, ThermoFusion Inc., Bluewater Thermal Solutions LLC, Keith Company, and others.
Metal Joining Services Market: Taxonomy
On the basis of type, the metal joining services market is segmented into:
On the basis of application, the metal joining services market is segmented into:
On the basis of region, the metal joining services market is segmented into: