Everywhere in the Western world, it seems as though, according to Oxford Economics modelling, that the construction industry is finally growing once again after the market worked its way back from the Global Financial Crisis.
In 2009 it was noted that most industries, but especially contracting, had slowed to a halt and it took at least a half decade before any significant movement was noted.
With the economies of both the UK and US expected to continue growing in the foreseeable future, the forecast is good for the welding and soldering equipment market. Steady growth is expected, especially in the sale of welding equipment and safety gear such as the Speedglas welding helmet which is a product of Sweden. The UK and USA economies impact all Western nations and so Europe can likewise expect growth in this sector too.
How the welding and soldering market is impacted by construction
A large proportion of the work that welding contractors take on is in relation to the building industry. When construction is slow, there is a direct and proportionate impact on welding and soldering supplies and equipment. The reverse is also true. When construction is booming, so too does the welding industry do well. Of course not all welding and soldering is in relation to construction, but a boom in building is the first sign that the economy is back on an even keel once again.
Which products are likely to be in demand?
With an increase in the amount of work available, the type of welding equipment that is most in demand is safety gear. Bear in mind that contractors are adding significantly to their staff and as apprentices and journeymen are put on the job, they require tools of the trade as well as the safety gear previously mentioned. There is every reason to believe that the welding and soldering industry will continue to grow as stated in an article dated 20 July, 2016, and posted on the Press Release Rocket.
It is especially noteworthy that forecasts in the US call for the equipment sector of the welding industry to show the fastest growth initially. After that, the industry itself is expected to explode.
A bit of bounce is to be expected
After any decline in the economy there is always a bit of bouncing to be expected as the market begins to pick up speed. In the same article, it was noted that the US became dependent on foreign imports (as in the helmet mentioned above) and with an increase in imports stability began to re-establish itself in the sector.
From 2013 through 2015 there was a bit of up and down movement which had some analysts concerned, but for more than a year there has been an upward movement signalling continued growth.
With so many countries interdependent economically, it is sometimes difficult to project the market movement accurately but current indications are fairly clear. With improving conditions in the building and construction industry, which is highly dependent upon welding, it is expected that welding supplies and equipment will continue to boom as well.