According to the latest report by IMARC Group, titled “Welding Consumables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global welding consumables market size reached US$ 16.1 Billion in 2022. Welding consumables refer to a range of flux and filler metals that are used for welding. In this process, filler metals are melted to form a firm joint between two metals. The flux, on the other hand, prevents the oxidation of hot metals. Welding consumables ensure cost-effective welding, help avoid the formation of porosity in the weld pool, and protect the molten weld from contaminants in the air. They are generally made of raw materials such as copper, nickel, ilmenite, rutile, and aluminum. As a result, they are extensively used across a wide range of applications in the automobile, construction, shipbuilding, energy, and aerospace industries.
Global Welding Consumables Market Trends:
The global welding consumables market is primarily driven by the widespread product utilization in different welding processes, such as arc, laser beam, friction, resistance, and ultrasonic welding, across the construction industry. Moreover, the large-scale use of welding to manufacture high-quality, lightweight vehicle parts and repair and maintain automobiles is acting as another growth-inducing factor. This is further supported by continuous improvements in designs and advancements in the safety features of vehicles. Furthermore, rapid industrialization and urbanization and increasing foreign direct investments (FDIs) are favoring the market growth. In addition to this, ongoing innovations in welding technology in terms of automation at different stages in the welding process, combined with the development of robots and automation software, are presenting remunerative opportunities for the market. In line with this, the advent of different welding technologies, such as resistance spot and plasma welding, and the increasing implementation of robotic welding solutions are positively impacting the market growth. Apart from this, the expanding use of welding in various end-use industries, such as marine, power generation, and oil & gas, is propelling the market demand. Looking forward, the market value is projected to reach US$ 21.3 Billion by 2028, expanding at a CAGR of 4.3% during 2023-2028.
- On the basis of the product type, the market is segregated into stick electrodes, solid wires, flux cored wires, saw wires and fluxes, and others. Currently, stick electrodes hold the largest market share.
- Based on welding technique, the market is categorized into arc, oxy-fuel, resistance, ultrasonic, and other welding. At present, arc welding represents the most popular segment.
- On the basis of end-use industries, the market has been divided into construction, automobile, energy, shipbuilding, aerospace, industrial equipment, and others. Amongst these, the construction sector is the biggest end-use industry.
- On a regional basis, the market has been segmented into Asia Pacific, North America, Middle East and Africa, Europe, and Latin America. Presently, North America enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy, Arcon Welding Equipment, etc.
|Base Year of the Analysis
||Product Type, Welding Technique, End-Use Industries, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy and Arcon Welding Equipment
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