Newark, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 17.99 billion in 2023 welding consumables market will reach USD 29.29 Billion by 2031. The need for affordable, durable materials for various industrial applications and technological advancements has caused global welding consumables to rise quickly over the past year. The automobile and transportation industry accounts for the largest share of this growth. The use of general fabrication and marine/shipbuilding across sectors to enhance the manufacturing process is fueling the steady growth of the global welding consumables market.
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Key Insight of the Welding Consumables Market
Europe to account for the fastest CAGR of 9.17% during the forecast period
Europe is expected to have the fastest CAGR of 9.17% in the welding consumables market. European nations are attempting to balance their economic trade, which is anticipated to increase the region's maritime operations. Additionally, it is expected that the expanding tourism industry will increase demand for marine leisure products, increasing shipbuilding activity in the area. This will likely have a positive impact on the expansion of welding businesses. Throughout the forecast period, the automotive industry is anticipated to be driven by the rising demand for electric and hybrid vehicles due to consumers' shifting preferences toward reasonably priced, energy-efficient plug-in cars.
The oxy-fuel welding segment is anticipated to grow at the highest CAGR of 10.52% over the forecast period.
Over the projection period, the oxy-fuel welding segment is expected to grow at the highest CAGR of 10.52%. Due to the increasing use of oxy-fuel welding with applications related to industrial production, this technology is expanding significantly. This technology's usage in lap, butt joints, and welding fillets with objects up to 5mm in thickness is made possible by the high cost-efficiency of the welding tools and materials utilized.
However, other techniques include laser hybrid welding, induction welding, electron beam welding, flow welding, and electro-slag welding. These techniques are used in numerous industries, including manufacturing heavy plates, switchgear devices, shipbuilding, storage tanks, and railroad tracks.
The solid wires segment is anticipated to grow at the highest CAGR of 10.97% over the forecast period.
Over the projected period, the segment for solid wires is expected to increase at the highest CAGR of 10.97%. Solid wires' flexibility and toughness boost their usefulness in home breadboards and electrical wiring applications, which demand more flexible cables.
A considerable part of the market's expansion is fueled by other welding consumables, such as MIG wires, aluminium MIG, thermal spray wires, stainless steel alloys, metal-cored wires, and TIG. These materials are widely used because of their distinctive mechanical characteristics and affordable price.
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Market Dynamics
Driver: Increasing usage of welding consumables in the automotive and construction sector
Welding consumables are used to create durable, lightweight vehicle parts in the automobile industry. Increased car sales have driven the growth of the welding consumables market due to improvements in safety features and evolving automotive designs. Many housing and development projects have also been launched, which has boosted the building industry in developing countries like China, India, and South Africa. Additional factors supporting market expansion include industrialization, urbanization, a rise in foreign direct investments (FDI), and technological advancements. Because the construction and automotive industries have experienced rapid growth, it is projected that the global market for welding consumables will expand over the forecast period. Welding, which can take many forms, including arc welding, laser beam welding, friction welding, resistance welding, and ultrasonic welding, is one of the essential processes in the construction and automotive sectors. With the help of various welding procedures, metals are permanently connected. The use of welding in the maintenance and repair of automobiles has also raised the need for welding equipment. The popularity of welding consumables has increased due to industrialization and growing urbanization. Therefore, it is anticipated that the quickly growing construction and automotive industries will be the primary drivers of market expansion during the projected period.
Restraint: Lack of product adoption in emerging economies
The lower adoption rate of cutting-edge welding methods will likely restrain the growth of the global market for welding consumables over the forecasted period. The slow acceptance of modern welding technologies in developing countries like China and India is projected to impact the market's growth. Another problem preventing market expansion in these countries is cost sensitivity. Emerging economies have not embraced these cutting-edge welding processes as much as industrialized ones have due to their high cost. Examples include laser and electron beams.
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Some of the major players operating in the welding consumables market are:
• Arcon Welding Equipment
• Kemppi Oy
• Tianjin Bridge Welding Materials Co., Ltd.
• Fronius International GmbH
• Denyo Co., Ltd.
• Illinois Tool Works Inc.
• Voestalpine AG
• The Lincoln Electric Company
• Hyundai Welding Co., Ltd.
• Colfax Corporation
• Obara Corporation
• Air Liquide
• Panasonic Corporation
Key Segments cover in the market:
By Technology:
• Resistance Welding
• Laser Beam Welding
• Arc Welding
• Oxy-Fuel Welding
• Others
By Type:
• Solid Wires
• Saw Wires and Fluxes
• Stick Electrodes
• Flux-Cored Wires
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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