The global Welding Consumables Market is estimated to be valued at US$ 16.84 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 materials that are used to join similar or dissimilar materials through the process of welding. Some common types of welding consumables include welding electrodes, filler metals, gases and fluxes. Welding consumables find widespread application across various end-use industries such as automotive & transportation, building & construction, marine applications and others. The global welding consumables market is driven by the growing demand for welding from various end-use industries. Welding provides advantages such as high joint strength, versatility of joints and cost-effectiveness over other joining processes.
Market key trends:
One of the key trends gaining traction in the welding consumables market is the rising adoption of welding automation solutions. Automated and robotized welding systems offer advantages such as improved productivity, precision and reduced operational costs. Furthermore, developments are underway in the field of advanced joining materials. Materials such as laser welding wire and axial ultrasonic welding are gaining popularity owing to benefits such as enhanced weld penetration and quality. Sustainable manufacturing practices have also prompted manufacturers to develop welding consumables from green materials with lower environmental footprint.
Porter’s Analysis
Threat of new entrants: The Welding Consumables Market has moderate threat of new entrants due to high cost involve in setting up new manufacturing plants for welding consumables and dominance of established players.
Bargaining power of buyers: The bargaining power of buyers is moderate owing to presence of various options from key players and differentiation in product quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as suppliers have limited presence in the market whereas buyers have high bargaining power due to availability of raw material and gas suppliers in the market.
Threat of new substitutes: There is low threat of substitute products due to absence of close substitutes for welding consumables and loyalty of customers towards established brands.
Competitive rivalry: High due to presence of various international and domestic players leading to competition based on product quality, innovation, and price.
Key Takeaways
The Global Welding Consumables Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing manufacturing activities and infrastructure development projects across the globe.
Regional analysis: Asia Pacific dominates the Welding Consumables Market and is estimated to grow with the highest CAGR during the forecast period. Growing industrial sector and rapid urbanization in emerging economies of China and India are fueling the demand for welding consumables in the region.
Key players: 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. Voestalpine AG and Colfax Corporation account for majority market share owing to their huge production capabilities and widespread distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
