US Welding Consumables Market to reach US$ 3,510.5 mn by 2023; Extensive Demand for Steel for Building & Construction Sector a Boon for Market

Featuring a highly consolidated vendor landscape, the U.S. welding consumables market is majorly held by a few multinational and domestic players, notes Transparency Market Research (TMR) in a new report. With a strong product portfolio, there exists intense competition among the topnotch players in this market. Top companies to name The Lincoln Electric Company, ESAB, Illinois Tool Works Inc., and voestalpine Böhler Welding GmbH held close to 50% of the overall market in 2014. Key players in the U.S. welding consumables market are investing heavily in R&D to innovate new grades of welding consumables to further consolidate their position.

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As per the TMR report, the U.S. welding consumables market is predicted to expand at a moderate 4.3% CAGR for the forecast period between 2017 and 2023, for the market to be worth US$ 3,510.5 mn by 2023-end. The market stood at a valuation of US$2,719.1 mn in 2017. Flux-cored wires, among the key product types, is a key segment in the U.S. welding consumables market. By end-use, vis-à-vis volume, the others segment is likely to hold the leading 28.8% share of the U.S. welding consumables market in 2023. However, power sector is anticipated to display significant growth due to green energy statutes coming into place in the country.

Extensive Demand for Steel for Building & Construction Sector a Boon for Market

Primarily fuelling the U.S. welding consumables market is increasing demand for steel coupled with revival of the construction sector post the economic slump of 2008. Building and construction sector displays huge demand for steel across several stages in the construction of residential, commercial, and industrial buildings. Welding consumables are extensively used in the making of steel for building and construction undertakings. On the other hand, the decline in construction GDP in 2008 in the U.S. adversely affected ancillary industries such as welding consumables. In this context, The American Iron and Steel Institute (AISI) has laid out environmental standards by which steel is a sustainable component in the construction of bridges, highways, and residential buildings.

In addition, growth of the industrial sector on an ongoing basis leading to increasing construction of industrial units is boosting the U.S. welding consumables market.

In the U.S., increasing depletion of conventional energy sources has led tapping into renewable sources for energy generation. Hydropower, geothermal, municipal solid waste, landfill gas, biomass, solar, and wind are key renewable sources that heavily rely on welding consumables at various stages right from the manufacture of power generation unit to operations to maintenance. Welding consumables are extensively used for joining materials for the fabrication of structural components and machinery in the power sector.

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Price Fluctuations and Uncertain Availability Scenario of Raw Materials Challenges Growth

On the flip side, however, price volatility of raw materials is challenging the growth of U.S. welding consumables market. Heavy dependence on imports for minerals and metal alloys used as raw materials that are subject to availability uncertainties and price fluctuations are challenging the growth of U.S. welding consumables market to some extent. Moreover, due to extensive demand for these raw materials across a host of end-use industries, their prices have been fluctuating over the past few years. This is having a negative impact on the U.S. welding consumables market.

The review presented here is based on the findings of a TMR report, titled “Welding Consumables Market (Product- Stick Electrodes, Solid Wires, Flux-cored Wires, SAW Wires and Fluxes; End-user – Automobiles & Transportation, Building & Construction, Marine Applications, Power sector, and Oil & Gas) – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 -2023.

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This release was published on openPR.