welding consumables market is forecasted to register a 5.5% CAGR and generate absolute $ opportunity of US$ 8,295.4 Mn during the forecast period 2016-2026
The lack of skilled labour for fabrication welding processes is expected to trigger the need for welding automation technology and generate mounting demand for welding consumables. The growth of the global welding consumables market is also expected to be driven by the rapid industrialisation, the surging real estate sector and the rising number of end-use welding applications. On the contrary, the stagnant adoption levels of advanced welding technologies in developing countries is anticipated to curb the overall growth of the global welding consumable market.
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Based on the type of welding consumables, the global market is anticipating a stellar growth by the stick electrodes consumables. The stick electrode segment will continue the dominance in terms of the global market share and account for over 40% by the end of 2016. However, the segment is expect to contend with stiff competition from flux-cored wires and solid wires due to their cost-effectiveness.
Based on the welding techniques, the arc welding segment will continue to dominate the global market and account for US$ 8,256.4 Mn revenues by 2016-end. On the other hand, the booming automotive industry and the growing production of multipart machineries will incite the use of resistance welding and oxy-fuel welding in 2016 and beyond.
By applications, the use of welding consumables will be elevated in the building & construction industries and the automotive& transportation sector. Also, the soaring consumption of welding consumables in marine applications is anticipated to develop additional growth opportunities for the global welding consumables market.
In 2016, Asia Pacific excluding Japan (APEJ) is projected to be the most lucrative region for the growth of the global welding consumables market and will exhibit more than 30% of the global market share. The booming real estate sector in APEJ countries such as China and India will drive the demand for welding consumables in the construction industries. North America and Latin America are also expected to favour the growth of the welding consumables market, owing to the rising adoption of advanced welding technologies in manufacturing industries.
The increasing need for automating the welding processes has influenced the business expansion of major welding consumable manufacturers. Hyundai Welding Co., Panasonic Corporation, Fronius International GmbH, The Lincoln Electric Company, Denyo Co. Ltd., Kemppi Oy, Tianjin Bridge Welding Materials Co. Ltd., Colfax Corporation, Air Liquide, voestalpine AG, Arcon Welding Equipment, and Illinois Tool Works Inc., among others, represent the key players of the global market for welding consumables.
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Long-term Outlook: In terms of market value, the global welding consumables market is forecasted to register a 5.5% CAGR and generate absolute $ opportunity of US$ 8,295.4 Mn during the forecast period 2016-2026. APEJ region will continue to be the most lucrative region, expanding at a CAGR of 6.7% over the forecast period.
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