The global welding consumables market is estimated to be valued at US$ 15.92 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Welding consumables are products such as electrodes, filler materials and fluxes used in different welding processes like arc welding, resistance welding and oxy-fuel welding. They play an important role in welding processes by facilitating joining or bonding of metals through localized coalescence. Welding consumables provide economical, durable and high strength joints making them suitable for widespread industrial applications.
Market key trends:
One of the key trends in the welding consumables market is the growing demand from manufacturing industries. There is increasing use of welding in industries such as automotive, fabrication, shipbuilding, energy and construction. Further, increasing repair and maintenance activities in these industries is also fueling the demand. Emerging technologies such as 3D printing also use welding consumables. Rising investments in infrastructure and focus on renewable energy generation is driving the construction and energy sectors which in turn is positively impacting the welding consumables consumption. Furthermore, increasing use of advanced welding techniques such as laser welding and hybrid welding is expected to open new growth opportunities for welding consumable manufacturers over the forecast period.
SWOT Analysis
Strength: Welding consumables have wide applications in automotive, construction, shipbuilding, and other heavy industries which drives their demand. They provide durable and reliable joints which improves production efficiency.
Weakness: Frequent technological advancements in welding technologies require constant updation of skills and equipment. This increases operational costs. Stringent regulations regarding use of alloying elements also restrict the usages of certain consumables.
Opportunity: Growing infrastructure development and automotive production Especially in Asia Pacific provides huge growth opportunities. Development of advanced welding techniques such as laser welding and 3D printing widens scope for innovative consumables.
Threats: Volatility in prices of raw materials adversely impacts production costs. Threat from substitution by other joining techniques such as adhesives poses competition. Trade barriers and geopolitical conflicts disrupts international supply chains.
Key Takeaways
The global welding consumables market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing investments in infrastructure development and automotive production worldwide. Asia Pacific dominates the global market owing to presence of emerging economies with growing manufacturing industries.
Regional analysis: Asia Pacific is the fastest growing as well as the largest market for welding consumables globally with China and India being the major markets. This is attributed to expansion of end use industries and government initiatives for infrastructure development in the region. Europe and North America are also significant markets driven by automotive, shipbuilding and machinery manufacturing industries.
Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. Major players focus on new product launches, acquisitions and geographical expansion to increase market share.
