by 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Welding consumables are materials such as filler metals, fluxes, gases and electrodes that are used in the welding process. Welding consumables have applications across various end-use industries such as construction, automotive, oil & gas and shipbuilding. The growing construction activities and repair & rehabilitation of aging infrastructure are driving the demand for welding consumables. Moreover, increasing automotive production is also fueling the growth of this market.
Market Dynamics:
The key drivers fueling the growth of welding consumables market are- rising construction activities and investments in infrastructure development projects across the globe. Rapid urbanization and growing population are propelling the need for construction of residential & commercial buildings which in turn is boosting the welding consumables market growth. Furthermore, aging infrastructure in developed nations is also driving the market as it is generating need for repair and rehabilitation activities. This is positively impacting the demand for welding consumables. Growing automotive production globally is another factor augmenting the market growth. However, fluctuation in raw material prices may hinder the market growth over the forecast period.
Segment Analysis
Arc welding is the dominating segment in the welding consumables market. Within arc welding, gas metal arc welding (GMAW) accounts for the largest market share. GMAW allows for high deposition rates and is easy to use, making it suitable for high-volume manufacturing and repair and maintenance applications. This has resulted in its widespread adoption across industries such as automotive, construction, shipbuilding, and others.
PEST Analysis
Political: Stringent regulations regarding workplace safety and emission control will positively influence the market. The adoption of internationally accepted welding standards and codes also favors market growth.
Economic: Growing infrastructure development and automation across industries will drive demand. Investments in oil & gas pipelines and power plant construction boost the manufacturing sector’s demand.
Social: Emphasis on workplace safety and a shortage of skilled welders are leading to technical advancements and training programs. Increased adoption of robotic welding addresses safety concerns and skill shortages.
Technological: Developments in gasless flux cored welding, additive manufacturing, and 3D printing techniques are expanding applications. Use of sensing technology, artificial intelligence, and virtual reality enable improved efficiency and quality.
Key Takeaways
The Global Welding Consumables Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing investments in infrastructure and automation. The market size for 2023 is estimated to be US$ 16.84 Bn.
Regional analysis: The Asia Pacific region dominates the global market with a sizeable share. Growth drivers are large manufacturing sectors, upcoming projects such as high-speed rail networks, and power plant construction in China and India. Western Europe is the second largest region due to focus on automotive manufacturing.
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. These companies are focusing on product expansion through mergers/acquisitions and technological advancements to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
