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Welding Consumables Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | Lincoln Electric Holdings Inc., Illinois Tool Works Inc, Air Liquide S.A., Hyundai Welding Co Ltd
Welding Consumables Market Size
The Business Research Company offers in-depth market insights through Welding Consumables Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The welding consumables market size has grown strongly in recent years. It will grow from $15.79 billion in 2023 to $16.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in industrialization, infrastructure development, increase in construction, manufacturing, and infrastructure development activities, multiple applications of welding technology, rise in automotive industry.
The welding consumables market size is expected to see strong growth in the next few years. It will grow to $22.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of the electric vehicle industry, lightweight materials, digitalization and industry 4.0, growth of the renewable energy sector, infrastructure upgradation. Major trends in the forecast period include laser and electron beam welding, digital welding management, automation and robotics, environmentally friendly consumables, rise in investment in research and development.
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Market Segmentation:
The main types of welding consumables are stick electrodes, solid wires, flux-cored wires, saw wires, and fluxes. Stick electrodes have a high depth of penetration and can dig through corrosion, oil, paint, and dirt. For root welding passes on a pipe, many skilled pipe welders use these all-position electrodes. The different types of consumables include stick electrodes, gases, strip cladding electrodes, submerged arc wires and fluxes, wires, other consumables and involve various welding types such as arc welding, energy beam welding, plasma arc welding, submerged arc welding, electro slag welding, resistance welding, other welding types. These are used in heavy engineering, automotive and transportation, railways, construction, shipbuilding, and other applications.
Major Driver - Construction Industry Expansion Fuels Growth Of Welding Consumables Market
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.
Competitive Landscape:
Major companies operating in the welding consumables market include 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, Gedik Welding Inc., Italfil Spa, Precision Weldarc Limited, Welmet Technologies Private Limited, Yenitek Corporate Group, ESAB Welding & Cutting Products, The Harris Products Group, Kobe Steel Ltd., Ador Welding Limited, TATA Steel Company, Fronius International GmbH, Hilarius Haarlem Holland B.V., Welding Alloys Group, Walter Surface Technologies, Cor-Met Inc., Select-Arc Inc., AMPCO METAL S.A., Techalloy Company Inc., SAN-ARC Inc., Alcotec Wire Corporation, Washington Alloy Company Inc., D&H Sécheron Electrodes Pvt. Ltd.
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Top Trend - Product Innovations Transforming The Welding Consumables Market
Major companies operating in the welding consumables market are developing new welding wire and electrodes to gain a competitive edge in the market. Product innovations in welding consumables refer to the development of new and improved materials, designs, and technologies used in welding processes to enhance efficiency, quality, and safety. For instance, in May 2021, SSAB AB, a Sweden-based steel manufacturing company launched three new additions to its Duroxite overlay solutions, namely Duroxite AP ELECTRODE, Duroxite AP WIRE, and Duroxite CR-ZERO WIRE. These products enhance the versatility of the Duroxite range for wear part manufacturers and industries involved in wear part maintenance and repairs. Duroxite AP ELECTRODE and Duroxite AP WIRE are all-position welding materials, ideal for various welding orientations, offering excellent durability against metal-to-metal wear, metal-to-earth wear, abrasion, and impact.
The Table Of Content For The Market Report 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 Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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