Overview:
Resurgence in the automotive industry post economic recession is identified as the major factor driving the global friction stir welding demand. In addition, advancements in technology concerned with friction stir welding processes are also expected to boost demand for FSW equipment globally, especially for manufacturing lightweight boats, trains, airplanes, and all structures where high strength, low weight, good toughness and excellent fatigue life are required. These factors are expected to contribute towards a CAGR of 5.9% during the forecast period 2023 – 2030.
Product Segmentation Analysis:
Based on product type, the global friction stir welding market is segmented into following categories
As of 2020, the overall friction stir welding (FSW) market worldwide was dominated by the fixed friction stir welding segment. Fixed friction stir welding equipment being the traditional and most widely known welding equipment variants across multiple end-use industries, account for majority of the market revenue share. The trend shall prolong and the segment is presumed to retain its dominance, witnessing steady and regulated growth during the forecast period 2023 – 2030. Although fixed friction stir welding equipment are expected to remain largest revenue contributors to the global market, adjustable friction stir welders are poised to register maximum growth during the forecast period 2023 – 2030. The growth in demand for adjustable friction stir welders can be majorly credited to their ability to weld materials of varied thickness with precision and less manual work.
In 2020, automotive segment held the largest share in the overall friction stir welding market worldwide. Welds produced by friction stir welders have higher strength and formability due to low welding temperatures compared to fusion welding processes. Friction stir welding has provided a cost-effective and automated method to meet the welding demands of today’s automotive producers. Aerospace is anticipated to grow at a highest growth rate during the forecast period 2020 - 2030. In the aerospace industry, large tanks for launch vehicles are manufactured from high-strength aluminum alloys using friction stir welders. Weight is one of the biggest challenges for aircraft manufacturers. Using FSW to join aluminum alloy stringers to skins for aircraft wings and fuselage structures will reduce weight by the removal of thousands of rivets, and any overlapping aluminum material.
In the base year 2020, Asia Pacific was the largest friction stir welding market in terms of both revenue and unit shipments. The region accounted for 35.1% of the global friction stir welding market revenue in the same year. The strong demand for friction stir welding equipment is reflective of huge fabrication and automotive industry in the region. The trend shall prolong and the region is presumed to hold on to its leading position, witnessing robust growth during the forecast period. China represented the largest individual friction stir welding market in Asia Pacific followed by India and Japan. On the other hand, after a period of sluggish growth during economic recession, the automotive, shipbuilding, and aerospace industries in developed economies (North America and Europe) have shown signs of recovery, thereby driving replacement of obsolete friction stir welding equipment with the state-of-the art equivalents.
Report Scope
This report analyzes the global friction stir welding market in terms of equipment type, end-use application, and geography. Based on equipment type, the global friction stir welding market is segregated into fixed friction stir welding, adjustable friction stir welding, and self-reacting friction stir welding. Similarly, on the basis of end-use application, the global market for friction stir welding is further classified into automotive, ship building and off-shore, railways, aerospace, and fabrication among others. The geographical distribution of the global friction stir welding market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
In 2020, automotive segment held the largest share in the overall friction stir welding market worldwide. Welds produced by friction stir welders have higher strength and formability due to low welding temperatures compared to fusion welding processes. Friction stir welding has provided a cost-effective and automated method to meet the welding demands of today’s automotive producers. Aerospace is anticipated to grow at a highest growth rate during the forecast period 2023 - 2030. In the aerospace industry, large tanks for launch vehicles are manufactured from high-strength aluminum alloys using friction stir welders. Weight is one of the biggest challenges for aircraft manufacturers. Using FSW to join aluminum alloy stringers to skins for aircraft wings and fuselage structures will reduce weight by the removal of thousands of rivets, and any overlapping aluminum material.
In the base year 2020, Asia Pacific was the largest friction stir welding market in terms of both revenue and unit shipments. The region accounted for 34.7% of the global friction stir welding market revenue in the same year. The strong demand for friction stir welding equipment is reflective of huge fabrication and automotive industry in the region. The trend shall prolong and the region is presumed to hold on to its leading position, witnessing robust growth during the forecast period. China represented the largest individual friction stir welding market in Asia Pacific followed by India and Japan. On the other hand, after a period of sluggish growth during economic recession, the automotive, shipbuilding, and aerospace industries in developed economies (North America and Europe) have shown signs of recovery, thereby driving replacement of obsolete friction stir welding equipment with state-of-the-art equivalents.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Friction Stir Welding market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Equipment
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Applications
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
