Wilmington, Delaware, United States, March 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global welding consumables market stood at US$ 13.4 Bn in 2022 and is predicted to attain value of US$ 21.7 Bn by 2031. Industry growth is projected at a CAGR of 5.5% between 2023 and 2031. Key manufacturers are increasing their product lines in the welding consumables market as demand for steel has surged in various end-use industries. This is leading welding technologies to exhibit attributes of high quality & efficiency, labor savings, low cost, and a slew of functionalities. As a consequence of technological advancements and optimization of material performance, the market for welding consumables is expected to move in a positive direction.
Structural materials need to possess a wide spectrum of attributes depending on various factors such as design, usage environment, and assembly method. The same is true for material weld joints. Metals must adhere to a wide variety of exacting quality criteria for welded construction.
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Consumables are the resources that are utilized while welding. They include fluxes, cables, electrodes, and rods. These components need to be updated on a regular basis since they wear out during routine gouging or cutting operations. There are many different materials for welding consumables, and each has a unique combination of qualities that render it appropriate for particular purposes. For instance, certain consumables can withstand heat and rust better than others, whilst others are highly resistant to breaking.
Utilization of welding materials is closely linked to increase in consumption of steel globally. The World Steel Association estimates that 1951 million tons of steel is produced worldwide. For suppliers and producers of welding consumables, recent advancements and improvements in welding gas technology are opening up a wide range of opportunities. Development of Coreshield 71T-8 OS by ESAB Welding & Cutting Products is one such technology that can be used by market players to their advantage. It is a self-shielded flux-cored wire for important structural applications including TKY joints in storage tanks, bridges, pipe structures, and offshore construction. Such innovations are expected to bolster market development in the near future.
Makers of welding consumables in Asia Pacific are concentrating on developing novel, low-fume, and low-toxicity welding supplies. Laws limiting welding emissions are likely to become more stringent. Understanding the environmental effect of major components and auxiliary materials would be essential for the growth of the global welding consumables market.
Key Findings of Market Report
- In the next few years, a major increase in the number of renewable energy facilities is expected, particularly wind-based facilities, which would drive market demand for welding consumables across the globe. Welding consumables are extensively used as joining materials for the production of large structural parts and heavy machinery & equipment in power generation plants. Hence, development of the renewable energy sector for power generation is anticipated to propel the global industry from 2023 to 2031.
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Global Welding Consumables Market: Growth Drivers
- Surge in number of initiatives undertaken by stakeholders and manufacturers for adoption of robotic technology is expected to drive demand for welding consumables. For instance, the Austrian company, Fronius International GmbH introduced its Fronius welding torches for manual Tungsten Inert Gas (TIG) welding in March 2020. These torches can be adjusted to the welder's requirements and the welding work. Technological improvements are likely to boost the global market and open up possibilities for other sectors to use automated systems in the workplace.
Global Welding Consumables Market: Regional Landscape
- Based on region, Asia Pacific held close to 42.3% market share in 2022. It is anticipated that this trend would continue between 2023 and 2031. New Zealand, Australia, China, and Japan are the four highly developed industrialized countries in the region. There are also several developing or emerging countries. A major rise in demand for welding consumables is expected in Asia Pacific during the forecast period.
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Global Welding Consumables Market: Key Players
Some of the key players in the global welding consumables market are;
- Voestalpine Bohler Welding Germany Gmbh
- Nippon Steel Welding Co Ltd.
- Atlantic China Welding Consumables, Inc.
- General Electric Company
- ESAB Corporation
- Adore Welding Ltd
Global Welding Consumables Market: Segmentation
Product
- Flux-core Wires
- Stick Electrodes
- Solid Wires
- Saw Wires
- Rod Electrode
- Others
Welding Technology
- Arc Welding
- Gas Welding
- Resistance Welding
- Laser Welding
- Others
End-use
- Automotive & Transportation
- Building & Construction
- Marine Power Generation
- Oil & Gas
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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