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Welding Consumables Market Analysis, Size, Share, Growth, Trends And Forecast To 2033
Welding Consumables Market Analysis
As per the report, 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 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%.
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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.
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 welding consumables market covered in this report is segmented -
1) By Type: Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires And Fluxes
2) By Consumables: Stick Electrodes, Gases, Strip Cladding Electrodes, Submerged Arc wires and Fluxes, Wires, Other Consumables
3) By Welding Type: Arc Welding, Energy Beam Welding, Plasma Arc Welding, Submerged Arc welding, Electro Slag Welding, Resistance Welding, Other Welding Types
4) By Application: Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, Other Applications
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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.
Contents of the report:
1. Executive Summary
2. Welding Consumables Market Report Structure
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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