Since the start of the COVID-19 outbreaks in early 2020, there have been many different levels of impact on various industries. Some of these impacts were predicted, while others were wholly unexpected. Many of the long-term effects were significantly underestimated as we still see substantial challenges to supply chains and distribution. However, even in the face of a global pandemic, manufacturers and engineers still continue the development of new technology, smarter designs, and more sustainable systems. Throughout 2020, 2021, and now, as we continue through 2022, the stud welding industry faces changes brought on by the pandemic. Despite the difficulties, many still foresee similar market growth to that first predicted in early 2020. For anyone working with stud welding operations on a large or small scale, Northland Fastening Systems has the supplies and tools needed to get the job done. We provide a wide selection of stud welding products, including tools for rent or purchase, welding studs, accessories, and the support of our own technicians.
Predicted Market Growth
The predicted market growth for stud welding products and the welding industry in general was marred by a sharp decrease of about 3.5% of the global GDP in 2020. That decline, though significant, was not the 5.2% shrinkage predicted by the World Bank Group, and currently, the World Bank predicts a global economic expansion of about 4% in 2022.
After the initial impacts of the coronavirus pandemic on the global economy, we seem to be entering the recovery period. By 2028, the market size will likely be far greater than its pre-pandemic equivalent.
Greatest Damage to Manufacturing
The greatest damage the pandemic did to the manufacturing world was the unanticipated severing of thousands of supply chains for multiple types of raw materials, parts, and other products. Illness among workers led to limited production time, forced plant delays, and decreased expertise, while government-mandated shutdowns over long periods of time severely lowered manufacturing, inventory, and distribution capabilities.
At the same time that government loans supported many companies, that assistance was not enough for some. Throughout 2020, mass layoffs and company closures led to almost 50 million people being unable to work. In 2021, that number dropped to around 8 million. As of now, the number of unemployed people in the U.S. is about 3.6%, which is the lowest since February of 2020.
Stud Welding Products
For the stud welding industry in particular, the most severe impacts of the pandemic are the supply chain shortages and delays we are still experiencing to some degree. At NFS, we’ve worked hard to continue to be a reliable resource for all our customers. We’re happy to say we’ve been able to keep supporting clients in the construction and industrial markets throughout the pandemic, and we plan to continue maintaining a comprehensive supply of stud welding products.
To learn more about our supplies and services, contact Northland Fastening Systems at (651) 730-7770. Request a quote online to get started with us today.