Press release
Welding Consumables Market 2021 Reach Valued At $ 15.15 billion And Grow At A 3.3% CAGR Forecast To 2028 | Fortune Business Insights.
Welding Consumables Market 2021-2028
New study report " Welding Consumables Market 2021 Global Market Opportunities, Challenges, Strategies, and Forecasts 2028" has been added to Fortune Business Insights.
Market Overview-
The global welding consumables market size is projected to reach USD 15.15 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Development of robotic welding systems is expected to propel the growth of this market in the near future, finds Fortune Business Insights™ in its report, titled “Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-corded Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027”. A few key industry leaders such as ABB and ESAB have been constantly innovating and coming up with novel robotics solutions for welding applications. For example, ABB has been researching and developing a next-gen welding solution called “flying start”, which will save precious milliseconds per weld. Robotic welds will be embedded with a flying-start mode that will enable turning on the power source for the weld before it arrives on location. KUKA AG, a leader in industrial robotics, released its ready 2_grind robotic solution in 2017 that can be utilized for blending and grinding applications across multiple industries, where welding is a core activity. These innovations are expected to fuel the welding consumables market growth in the forthcoming years.
Key Players-
The key players have an essential part to play in fostering the product improvement as per the demand of the consumers with ample supply in particular regions. The well-known brands are also acknowledged and aware of the potential links with the global Welding Consumables Market 2021-2028 for showing a prominent place to the key players in the market.
Top Key Players in this market are:
Miller Electric Mfg. LLC (Wisconsin, United States)
capilla (Leopoldshöhe, Germany)
RME MIDDLE EAST (Dubai, UAE)
KISWEL CO., LTD. (Seoul, South Korea)
ESAB (Maryland, United States)
Lincoln Electric (Ohio, United States)
Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)
voestalpine BÖHLER Edelstahl GmbH (Austria)
CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, South Korea)
ZULFI (Al Zulfi, Saudi Arabia)
KOBE STEEL, LTD (Hyogo, Japan)
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COMPETITIVE LANDSCAPE:
Focused Spending on Innovation to Produce Favorable Results for Players
Key players in the market for welding consumables are directing their investments smartly towards innovation, which is enabling them to not only diversify their offerings but also to cement their market position. With a view to expand global footprint, companies are also strategically acquiring entities and bolstering their international and regional presence.
Market Restraint:
Massive Shortage of Skilled Welders to Inhibit Market Growth
One of the major roadblocks impeding the welding consumables market growth is the severe shortfall of skilled welding professionals across different industries. In India, for instance, the Indian Institute of Welding estimates that the country currently faces a shortage of 1.2 million welding professionals, which is likely to swell to 1.35 million over the next three years. Similarly, the American Welding Society predicts that the deficit of welding workers will reach 400,000 by 2024. Moreover, the lack of skilled welding professionals is hampering the quality of products. For example, in June 2018, Ford had to recall 12,000 of its models owing to defects in the pump welds. In another instance, the UK was forced to delay the launch of its nuclear missiles in August 2018 after it was discovered that the missile tubes had cracks. Thus, deficiency in skilled welders is likely to stymie the demand for welding consumables in the coming years.
REGIONAL INSIGHTS:
Increasing Penetration of Smart Welding Technologies to Augment the Asia Pacific Market
Asia Pacific, with a market size of USD 3.94 billion, dominated the welding consumables market share in 2019 and is expected to continue its dominance during the forecast period. The primary factor enabling the region to maintain its leading position is the steady penetration of advanced welding technologies such as robotics. In addition, some of the top domestic players such as Bharat Heavy Electrical Limited are developing welding consumables and aggressively exporting them to less developed countries such as Vietnam.
The market in North America and Europe is anticipated to experience lucrative opportunities as these regions are increasingly adopting Industry 4.0 technologies and setting up smart factories, which is opening a new expansion avenue for this market.
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The report also offers the following:
Careful segmentation of the market and piece-meal study of each segment;
Comprehensive insights into the regional developments occurring in the market;
Tangible research into the market drivers, trends, and challenges; and
Granular assessment of the competitive landscape of the market.
Table of Content:
1.Introduction
2.Executive Summary
3.Market Dynamics
4.Competition Landscape
5.Key Market Insights and Analysis, By Segments
6.Global Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
7.North America Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
8.Europe Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
9.Asia Pacific Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
10.Middle East & Africa Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
11.Latin America Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2027
12.Profiles of Key Players (Would be provided for 10 players only)
Continue….
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Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
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About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
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