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A Comprehensive Analysis on Market Demand For Welding Consumables - Top Trends, Future Insights and Growth Rate Projections 2023-2032 || Lincoln Electric Holdings Inc., Illinois Tool Works Inc., Air Liquide S.A., Hyundai Welding Co. Ltd
Welding Consumables Market
Welding Consumables Market Size, Growth Rate, And Forecast
The global welding consumables market size grew from $14.71 billion in 2022 to $15.99 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The welding consumables market size is expected to grow to $20.37 billion in 2027 at a CAGR of 6.2%.
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Welding Consumables Market Drivers
The growth of the construction industry is contributing to the growth of the welding consumables market. The construction industry mainly involves building and repairing structures. Building construction mainly uses welding in the creation of structural frameworks from metal components. Welding has been used for connecting steel I-beams, trusses, columns, and footers, to support the walls, roof, and floors of a building. For instance, according to the FMI Corporation, a US-based management consulting company, in comparison to 2021, engineering and construction investment will increase by 5% in 2022. Therefore, the growth of the construction industry is driving the growth of the welding consumables market.
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Welding Consumables Market Segments
• By Type: Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires, and Fluxes
• By Consumables: Stick Electrodes, Gases, Strip Cladding Electrodes, Submerged Arc Wires and Fluxes, Wires, Other Consumables
• By Welding Type: Arc Welding, Energy Beam Welding, Plasma Arc Welding, Submerged Arc Welding, Electro Slag Welding, Resistance Welding, Other Welding Types
• By Application: Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, Other Applications
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the welding consumables market.
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Welding Consumables Market Key Players
Major competitors in the welding consumables market are Lincoln Electric Holdings Inc., Illinois Tool Works Inc., Air Liquide S.A., Hyundai Welding Co. Ltd., WB Alloy Welding Products Limited, Hermann Fliess & Co. Gmbh, Voestalpine AG, FSH Welding Group, Industrial Welding Corporation.
The Business Research Company's "Global Welding Consumables Market Report 2023" is a comprehensive report of the market, covering over 60 geographies and high level market segmentation per geography. The section on regional and country breakdowns examines the market in each geography as well as market size by region and country. Furthermore, it evaluates the market's historical and projected growth and identifies significant trends and strategies that businesses can use to expand their operations.
The Table Of Content For The Welding Consumables Market Include:
1. Executive Summary
2. Welding Consumables Market Characteristics
3. Welding Consumables Market Trends And Strategies
4. Welding Consumables Market - Macro Economic Scenario
5. Welding Consumables Market Size And Growth
………………
27. Welding Consumables Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Welding Consumables Market
29. Welding Consumables Market Future Outlook and Potential Analysis
30. Appendix
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