India Welding Consumables Market - Construction of New Oil and Gas Manufacturing Facilities to Boost Market | By 2020

Demand for welding consumables in India has been experiencing significant growth due to the constant technology advancements and substantial growth in the end-use industries. The key end-use industries driving the Indian welding consumables market include automobile, building & construction, and oil & gas. Welding technology is associated with almost every step of automobile manufacturing.

Welding is used in the manufacture of automobile parts such as engines, transmission components and fuel injectors. Automobile and transportation was the largest application sector of welding consumables with more than 25% share in 2013. Moreover, demand for welding consumables is likely to rise during the forecast period due to increasing investments in the oil & gas industry. However, factors such as unavailability of raw materials, and growing competition from other Asian countries, specifically South Korea, may hamper the growth of this industry.

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The welding consumables market in India is expected to rise from INR 34,478.2 mn in 2015 to INR 45,366.6 mn by 2020. On the basis of product, the stick electrodes segment is expected to lead and account for 46.6% of the market by 2020 in terms of volume. The self-shielding property of stick electrodes helps cut down on the cost of the equipment and this is driving their demand. By application, the automobile and transportation segment will lead and account for 26.9% of the market by volume. This is because welding technology is used in almost every step of automobile manufacturing. Furthermore, the number of vehicles has increased in the country due to a rise in the disposable income, thus driving the growth of this segment.

The increasing investments in the oil and gas industry are leading to the construction of new gas manufacturing facilities and new pipelines. This is expected to create a demand for welding consumables in India. The repair of existing oil infrastructure will also aid in the growth of the market. Similarly, a surge in infrastructural development activities will help drive the welding consumables market in India. The construction of residential and commercial buildings in the future is expected to create heightened demand for welding consumables. The automotive industry is also witnessing a growth in the past few years owing to growing population and improved lifestyles, translating into higher demand for automobiles. This is fueling the demand for welding consumables in India.

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The power industry is expected to emerge as one of the promising application segments in the coming years. As the demand for wind power is increasing due to environmental concerns, the construction of wind turbines in large numbers is likely to occur, driving the Indian welding consumables market. Flux-cored wires have advantages such as high deposition rate, clean and strong welds, and suitability for outdoor work. Hence, stick electrodes have begun to lose their share to other growing product types, for instance, solid wires, flux-cored wires, and SAW fluxes.

The key market players have developed their own distribution networks, as distribution is a critical success factor in this industry. For instance, ESAB, Voestalpine, and Lincoln Electric have a network of independent distributors and wholly owned subsidiaries to supply finished consumables to end-users in the country.

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