Welding Consumables Market Revenue is expected to reach US$ 8,295.4 Mn by 2026
Posted by pradnya86 on June 27th, 2017
Flux and filler metals broadly constitute what are known as welding consumables. Welding consumables melt while joining two metals to help form a strong joint and protect molten weld from atmospheric containments. Welding consumables are mainly used in arc welding and oxy-fuel welding process. In arc welding technology, consumables are widely used in shielded metal arc welding (SMAW), gas metal arc welding (GMAW), flux-cored arc welding (FCAW), and submerged arc welding (SAW). Moreover, shielded gases are primarily used in oxy-fuel welding, gas tungsten arc welding (GTAW), and gas metal arc welding (GMAW). The global welding consumables market is estimated to be valued at US$ 11,835.8 Mn by 2016 end and expand at a CAGR of 5.5% over the forecast period.
Drivers and Trends
Growth in the construction industry, especially in emerging economies such as China and India, is expected to be the key factor driving demand for welding consumables. Industrialisation and rapid urbanisation in developing countries are factors leading to the rise in construction projects, which in turn is expected to result in high demand for welding consumables. Rapid growth in the automobile and construction industry is the primary factor driving growth of the global welding consumables market. Growth of the global welding products and consumables market is expected to be fuelled by increasing number of end-use applications, in which different types of welding techniques can be used. Slow adoption of advanced welding technologies in developing countries such as China and India are the major restraints for growth of the welding consumables and techniques market in APEJ.
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Increasing need for welding automation technology in fabrication is expected to be one of the major trends fuelling growth of the global welding consumable and technique market in the coming years. In developed countries, demand for welding automation technology for fabrication and manufacturing purposes is increasing owing to increasing shortage of skilled labour.
On the basis of welding consumables, the global welding consumables market can be segmented into stick electrodes, solid wires, flux cored wires, SAW wires & fluxes, and others. Stick electrodes segment accounted for 40.5% value share in 2016 and is expected to expand at a significant CAGR over the forecast period.
On the basis of welding technique, the global welding consumables market can be segmented into arc welding, resistance welding, oxy-fuel welding, laser-beam welding, ultrasonic welding and others. Arc welding segment accounted for 41.9% value share in 2016 and is expected to expand at a CAGR of 5.6% over the forecast period.
On the basis of application, the global welding consumables market can be segmented into automotive & transportation, building & construction, marine applications, and others. Building & construction segment accounted for 16.8% value share in 2016 and is expected to expand at a CAGR of 5.9% over the forecast period, due to increasing building & construction activities in emerging countries such as China and India.
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On the basis of geography, the global welding consumables market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan, Middle East and Africa and Japan. Asia Pacific excluding Japan is estimated to dominate the market with 32.4% value share in 2016 and anticipated to be dominant throughout the forecast period. Growth of the automotive sector and steel structure in Latin America is expected to drive growth of welding consumables. Thus, welding consumables market in Latin America is expected to witness significant growth over the forecast period. MEA is expected to emerge as the most lucrative region in terms of CAGR over the forecast period.
Key players in global welding consumables market include voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy, Arcon Welding Equipment.
Welding Consumables Market to reach US$ 8,295.4 Mn by 2026
Supply quality welding materials welding wires welding electrodes
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