Welding Consumable Market To Reach USD 16.3 Billion by 2023

The global welding consumables market is predicted to flourish significantly at a CAGR of 5.4% over the forecast period i.e. 2016-2023. Moreover, the market of welding consumables accounted for USD 11.2 Billion in 2015 and anticipated to garner USD 16.3 Billion by 2023. The arc welding segment market accounted for USD 7.6 Billion in 2015 and it is expected to grow significantly during the forecast period.
The welding consumables market of Asia-Pacific is estimated to dominate the market with 33.5% share of revenue by the end of 2016. Moreover, the market accounted the largest revenue share of 31.5% in 2015 in overall welding consumables market across the globe.
On the other hand, Latin-America welding consumables market is expected to be the fastest growing market over the forecast period across the globe due to rapid growth in automobile industries and rising adoption of advanced welding techniques in the region.

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Growth Drivers and challenges

Rapid growth in industrial automation and automobile industries, increasing building infrastructure in emerging economies, rise in use of metal, thermoplasts, alloy equipment and assemblies in order to provide better strength to the structures and are some of the major key factors further anticipated to trigger the demand for welding consumables in near future.
In addition to this, factors such as introduction of advanced welding techniques, technological advancements in construction and automobile sector, going-on researches to provide efficient welding consumables, rising demand of stick electrode owing to its wide scale application are expected to fuel the demand for welding consumables market over the forecast period i.e. 2016-2023.

Moreover, presence of eminent elements in welding consumables such as nickel, aluminum, copper, etc.; to provide high strength and increasing load bearing capacity of the joints is one of the vital factors growing the demand for welding consumables in various industries.

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However, lack of skilled labor in production sector, slow adoption of advanced welding techniques in developing nations across the globe are some of the factors hindering the growth of welding consumables market globally.
Demand Analysis By Market Segmentation
Our in-depth analysis segmented the global welding consumables market in the following segments:
By Technology
Arc Welding
Resistance Welding
Oxy-fuel Welding
Ultra-sonic Welding
Others (laser beam welding, etc.)
By Equipment
By welding electrode and filler metal equipment
Stick Welders
TIG Welders
Others (MIG Welders)
By oxy-fuel gas equipment
Oxy-fuel welding guns and torches
Oxy-fuel welding hoses
Oxy-fuel welding tips
Oxy-fuel welding other equipment

Welding is a permanent joint which is used to join various metal and thermoplastic components. Welding process includes reaction of oxides and generation of flux which further melts the welding consumables such as stick electrodes in order to develop a permanent join between the components and parts.

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This release was published on openPR.