Pune, India, April 13, 2023 (GLOBE NEWSWIRE) -- The global welding consumables market size was valued at USD 12.2 billion in 2021. As per the report, the market is projected to grow from USD 12.6 billion in 2022 to USD 16.7 billion by 2029, exhibiting a CAGR of 4.1% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Welding Consumables Market, 2022-2029.”
Key Industry Development:
June 2021: Lincoln Electric presented the novel Torchmate 4400 and 4800 CNC Plasma Cutting Tables deployed with dependable and sturdy table mechanics as well as easy CNC software.
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COVID-19 Impacts:
Low Steel Demand & Disrupted Manufacturing Operations Limited the Market
The dynamics of manufacturing and other industries were dramatically fluctuated by the coronavirus pandemic, which also had a significant impact on the labor market and the global economy. The COVID-19 pandemic had an influence on economies and companies in several countries as a result of lockdowns, travel prohibitions, and business closures. The supply chains, technology events, and workplace bans were only a few among the notable disorders that impacted the industrial sectors.
Segments:
Solid Wires Segment Holds Major Share due to Increasing Utilization in Various Applications
Based on type, the market is classified into solid wires, flux-cored wires, stick electrodes, and SAW wires & fluxes. Solid wires are frequently used in many end-user industries for metal inert gas welding (MIG).
Arc Welding to Have Substantial Growth Due to Rising Smart Factories & Industry 4.0
Based on welding technique, the market is further categorized into arc welding, resistance welding, oxy-fuel welding, solid state welding, and others (electron beam welding). Arc welding to exhibit a substantial growth during the forecast period.
Heavy Engineering Industry to Grow Significantly Due to Rising Smart Factories & Industry 4.0
Based on application, the market is further divided into automotive, building & construction, heavy engineering, railway & shipbuilding, oil & gas, and others (aerospace).
Due to building of factories that are high-end, such as smart factories, Industry 4.0, broad use of robotic welding across different industries, and the evolution of new technologies, heavy engineering is predicted to increase at a modest rate in the next few years.
The report's scope comprises five major regions, North America, Europe, Asia Pacific, the Middle East &Africa, and Latin America.
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Report Coverage:
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders.
Drivers and Restraints:
Smart Material Use in Welding Sector to Support the Welding Consumables Market Growth
The market is gaining traction for smart materials that are both environmentally responsible and energy-efficient. The ability to combine two dissimilar metals without affecting their strength, corrosion resistance, or other performance properties is made possible by advances in our understanding of how materials behave at the atomic level. The smart material also includes a built-in computer chip that tracks weld life and offers a multifunctional design.
Regional Insights:
Asia Pacific to Dominate Backed by Presence of Major Players
Due to the presence of mature and developing enterprises operating predominantly in China, India, and South Korea, Asia Pacific currently has the biggest welding consumables market share and is anticipated to grow at the fastest rate over the course of the projection period.
Due to the presence of important manufacturers in these areas, North America is projected to continue to develop at a steady rate after Asia Pacific. Additionally, businesses in these sectors are concentrating on technical advancements, aftermarket services, and higher expenditure on R&D activities, all of which are contributing to market expansion.
Throughout the projection period, Europe's market is likely to continue to grow, owing to the completely formed markets for welding consumables suppliers in the area.
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Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent welding consumables players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
List of Key Players Mentioned in the Report:
- Lincoln Electric (U.S.)
- KOBE STEEL, LTD (Japan)
- ESAB (U.S.)
- CS HOLDINGS CO., LTD. (Korea)
- Hyundai Welding Co., Ltd (U.S.)
- Panasonic Corporation (U.S.)
- Fronius International GmbH (Austria)
- RME MIDDLE EAST (UAE)
- voestalpine BÖHLER Edelstahl GmbH (Austria)
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)
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Major Table of content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Welding Consumables Key Players Market Share Insights and Analysis, 2021
- Global Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
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- Key Findings
- By Type (USD Bn)
- Stick Electrodes
- Solid Wires
- Flux-cored Wires
- SAW Wires & Fluxes
- By Welding Technique (USD Bn)
- Arc Welding
- Resistance Welding
- Oxy-Fuel Welding
- Solid State Welding
- Others (Electron Beam Welding, etc.)
- By Application (USD Bn)
- Automotive
- Building & Construction
- Heavy Engineering
- Railway & Shipbuilding
- Oil & Gas
- Others (Aerospace, etc.)
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
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