Rising demand of automated welding solution from end-use industries such as automotive, aerospace, construction, engineering and others are driving the market growth. Owing to the ability to achieve short cycle time, reduce post weld work and minimize downtime & reject rates are traits penetrating its demand in end-use industries. Booming construction and automotive sector in developing economies likely to propel the market growth in the forecast period. Increase application of welding consumables for repairing and maintenance is another factor boosting market growth. Rehabilitation of old oil refineries coupled with the construction of new gas manufacturing facilities to fulfill global demand is contributing significantly in the market growth.
The latest report by Value Market Research expects the Global Welding Consumables Market to reach USD 19,205.8 Million from the year 2017 to 2024 with CAGR of 5.9%.
STICK ELECTRODE LED THE PRODUCT SEGMENT
In 2017, stick electrode dominated the product segment owing to low cost, convenient and extensive usage in low and mild alloy steel welding is fueling the segment growth. As per the analysis, stick electrode is expected to reach USD XX.X Million by end of the year 2024.
AUTOMOTIVE & TRANSPORTATION SECTOR LED THE APPLICATION SEGMENT
Automobile & transportation sector dominated the application segment and is likely to continue the same and reach USD XX.X Million by 2024. Booming automotive sector followed by technological advancement is driving the welding consumables market growth. In addition, increasing expenditure on R&D by major manufacturers to provide better & comfortable vehicles is likely to fuel the market growth in the following years.
ASIA PACIFIC TO LED THE REGIONAL MARKET
Asia Pacific has led the regional segment and is presumed to continue and reach USD XX.X Million by 2024 with CAGR 6.7%. Booming construction and automotive in countries such as China and India are driving the regional market. Moreover, the rising industrial base of emerging economies is presumed to foster the regional market growth in the following years.
KEY PLAYER OF THE MARKET
Corodur Fülldraht Gmbh, Daihen Corporation, The Lincoln Electric Company, Esab, Tianjin Bridge Welding Materials Group Co., Ltd., Illinois Tool Works Inc., Air Liquide, Voestalpine Böhler Welding Group Gmbh, Kiswel Inc., Kobe Steel, Ltd., Obara Group Inc., Promax Welding, Royal Arc Electrodes Limited and Vorarc Welding Cc are the major players of the welding consumables market.
The global demand for Welding Consumables Market is presumed to reach the market size of nearly USD 20.89 BN by 2030 from USD 13.61 BN in 2022 with a CAGR of 5.5% under the study period 2023 - 2030.
Technically, welding is a sculptural process of joining various metals and thermoplastics together by means of coalescence. It is considered as an effective and economical method for making strong joints between two or more metal parts. In the welding process, flux and filler metals are two known welding consumables among others. Basically, flux acts as a deoxidizer by preventing the formation of porosity in the weld pool. Whereas, filler metals melt during the welding process to give a strong joint to the metal parts. Stick electrode, flux-cored wires, solid wires, SAW wires, and fluxes, etc. are some of the welding consumables employed during the welding process.
Market Dynamics
Rise in the automobile and construction industry is the prime factor fueling the growth of the global welding consumables market. Additionally, ongoing industrialization and rapid urbanization in developing countries are the factors leading to the rise in construction projects, which in turn is raising the demand for welding consumables across the various sector. The oil & gas industry is projected to be a major end-user of welding consumables. Rehabilitation of existing oil infrastructure and construction of new pipelines and gas manufacturing facilities are likely to increase due to rising demand for oil and gas in the energy markets globally. On the flip side, the dearth of skilled labor in manufacturing industries along with the high labor cost is expected to act as a restraint to global welding products market.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of welding consumables.
Market Segmentation
The broad welding consumables market has been sub-grouped into product and application. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Stick Electrodes
- Solid Wires
- Flux-Cored Wires
- Saw Wires & Fluxes
By Welding Technique
- Arc Welding
- Resistance Welding
- Oxy-Fuel Welding
- Solid State Welding
- Others (Electron Beam Welding)
By Application
- Automotive
- Building & Construction
- Heavy Engineering
- Railway & Shipbuilding
- Oil & Gas
- Others (Aerospace)
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for welding consumables in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Welding Consumables Market Share by Region (Representative Graph)
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the Welding Consumables market includes Lincoln Electric (U.S.), KOBE STEEL LTD (Japan), ESAB (U.S.), CS HOLDINGS CO. LTD. (Korea), Hyundai Welding Co. Ltd (U.S.), Panasonic Corporation (U.S.), Fronius International GmbH (Austria), RME MIDDLE EAST (UAE), voestalpine BÖHLER Edelstahl GmbH (Austria), Tianjin Golden Bridge Welding Materials Group International Trading Co. Ltd. (China). An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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