METAL JOINING SERVICES MARKET ANALYSIS

Market Challenges And Opportunities

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.