Welding Consumables Market Worth $29.29 billion by 2031

As per the report published by The Brainy Insights, the global welding consumables market is expected to grow from USD 17.99 billion in 2023 to USD 29.29 billion by 2031, at a CAGR of 6.28% during the forecast period 2023-2031. The welding consumables market is anticipated to grow at the highest rate, 9.17%, in Europe. European countries are beginning to try to balance their economic trade, which is expected to expand maritime activities in the region. A rise in shipbuilding activity is also anticipated due to the growing tourist sector, which is predicted to enhance demand for marine leisure products. This will probably benefit the development of welding enterprises. The increasing demand for electric and hybrid vehicles throughout the projection period is expected due to consumers' shifting preferences toward affordable, energy-efficient plug-in automobiles.

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Welding Consumables Market Size by Technology (Resistance Welding, Laser Beam Welding, Arc Welding, Oxy-Fuel Welding, Others), Type (Solid Wires, Saw Wires and Fluxes, Stick Electrodes, Flux-Cored Wires, Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2023 to 2031

Leading companies in the industry include Arcon Welding Equipment, Kemppi Oy, Tianjin Bridge Welding Materials Co., Ltd., Fronius International GmbH, Denyo Co., Ltd., Illinois Tool Works Inc., Voestalpine AG, The Lincoln Electric Company, Hyundai Welding Co., Ltd., Colfax Corporation, Obara Corporation, Air Liquide, Panasonic Corporation among others, offer more significant opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.

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The global welding consumables market has been segmented based on technology, type, and region. The technology segment is divided into resistance welding, laser beam welding, arc welding, oxy-fuel welding, and others. The segment for oxy-fuel welding is anticipated to expand at the highest CAGR of 10.52% over the forecast period. This technology is rapidly developing due to the growing use of oxy-fuel welding in industrial manufacturing applications. Due to the excellent cost-efficiency of the selected welding tools and materials, this technology can be used to weld fillet, and lap joints with objects up to 5mm in thickness. The type of segment is divided into solid wires, saw wires and fluxes, stick electrodes, flux-cored wires, and others. The segment for solid wires is anticipated to grow at the highest CAGR of 10.97% throughout the anticipated period. The flexibility and robustness of solid wires make them more helpful in applications like breadboards and residential electrical wiring that need more flexible lines.

The demand for global welding consumables has increased significantly over the past year due to technical improvements and the need for cost-effective, durable materials for several industrial applications. The automotive and transportation industries mainly drive this growth. The steady expansion of the global market for welding consumables is caused by the use of general fabrication and marine/shipbuilding across sectors to improve manufacturing.

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