The welding consumables market is estimated to be valued at US$ 16.84 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
The welding consumables market is estimated to witness high growth owing to increasing demand from the automotive industry. Welding consumables such as electrodes, filler wires and fluxes are widely used in automotive manufacturing in processes like welding of car bodies, frames, and exhaust systems. The growing automotive production around the world is expected to fuel the demand for welding consumables during the forecast period.
Market Overview
Welding consumables refer to materials such as electrodes, filler wires and fluxes that are used for welding and cutting processes. Arc welding is the most commonly used welding process in various end-use industries. The electrodes used in arc welding come in various forms such as stick electrodes, TIG electrodes and MIG welding wires based on the welding technique. These consumables protect the weld from oxidation and contamination during welding.
Market Dynamics
The welding consumables market is expected to grow at a significant rate owing to increasing demand from end-use industries such as automotive, construction, shipbuilding and others. Growth in the automotive industry is one of the key factors driving the market as welding finds extensive application in vehicle manufacturing. Moreover, rising construction activities around the world are also contributing to the growth of the market.
However, availability of alternative joining processes such as adhesive bonding is expected to hinder the market growth. On the other hand, development of advanced welding techniques and consumables is expected to present lucrative growth opportunities for market players over the forecast period.
SWOT Analysis
Strength: The welding consumables market has wide applications across various end-use industries such as automotive, construction, shipbuilding, and oil & gas. Advances in welding technology and equipment have led to improved productivity and reduced costs. Major players are focusing on developing innovative welding consumables and technologies.
Weakness: Fluctuations in raw material prices can adversely impact the margins and profitability of welding consumable manufacturers. Stringent government regulations pertaining to workplace safety and emissions may increase compliance costs.
Opportunity: Growing infrastructure development activities in developing regions provide new areas of growth. Investment in upgrading aging infrastructure in developed nations will drive demand. Adoption of advanced welding techniques such as laser beam, plasma arc, and friction stir welding opens up opportunities.
Threats: Availability of low-cost alternatives and the growing popularity of adhesive bonding over welding reduces market potential. Trade barriers and geopolitical tensions impact cross-border collaborations and supplies.
Key Takeaways
The Global Welding Consumables Market Size is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing investments in infrastructure development and growth of the automotive industry.
Regional analysis: Asia Pacific accounted for the largest share of over 35% in 2023 and is estimated to dominate the global market till 2030. Rapid industrialization and infrastructure growth in China, India, and Southeast Asian countries are driving the welding consumables demand. North America and Europe are also significant markets owing to ongoing pipeline projects, power plant construction, and shipbuilding activities.
Key players: Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others.
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