Pune, May 27, 2020 (GLOBE NEWSWIRE) -- The global welding consumables market is set to gain traction from the rising adoption of welding equipment worldwide. Welding consumables are also experiencing high demand for the manufacturing and fabrication sectors. Fortune Business Insights™ published this information in a recent report, titled, “Welding Consumables Market Size, Share & Industry Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and Others) and Regional Forecast, 2019-2026.” The report further states that welding consumables market size was USD 7.35 billion in 2018, and is projected to reach USD 12.41 billion by 2026, thereby exhibiting a CAGR of 6.8% during the forecast period.
Key Highlights of This Report:
- Extensive analysis of the factors that would obstruct the growth of the market.
- The growth of the market across various regions.
- Accurate estimation of the market size.
- Elaborate information about the changes and trends in consumer behaviour.
- Thorough analysis of the vendors operating in the market.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Drivers & Restraints-
Rising Demand for Construction Projects to Drive Growth
The demand for new construction projects in the developed, as well as developing nations is surging day by day. In India, for instance, the persistent rise in population, rapid urbanization, and industrialization are increasing the popularity of welding consumables. As per our research, the construction sector in this country provides employment to around 14% of the total working population of India. It is hence, considered to be the second-largest economic activity. However, the unavailability of skilled labours may hamper the welding consumables market growth in the near future.
Segment-
Solid Wires Segment to Grow Rapidly Owing to Rapid Urbanization
In terms of type, the market is divided into SAW wires & fixes, flux-core wires, solid wires, and stick electrodes. Amongst these, the stick electrodes segment held 28.5% welding consumables market share in 2018. The solid wires segment is set to grow at a fast pace backed by the rapid urbanization and expansion of the building & construction industry.
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Regional Analysis-
Asia Pacific to Remain at the Forefront Stoked by Usage of Latest Technologies
Asia Pacific generated USD 2.38 billion in 2018 in terms of revenue and is set to dominate the market in the coming years. This growth is attributable to the presence of a large number of unregistered and registered enterprises in the region producing welding consumables. Besides, the adoption of advanced technologies, such as laser welding, robotic welding, stud welding, and orbital TIG welding would augment growth in this region. North America is likely to showcase moderate growth fueled by the rising investments in the manufacturing sector in the U.S.
Competitive Landscape-
Key Companies Aim to Introduce Environmentally-friendly Products
The companies operating in the market are persistently engaged in research and development activities to introduce environmentally-friendly welding consumables to cater to the rising demand from the growing consumer bases. Below are a couple of the latest industry developments:
- September 2019: Lincoln Electric unveiled its latest welding consumable called GTAW (TIG) cut lengths. It is available in high silicon formulations and in three stainless steel alloys. The innovative process enables premium-quality clean welds with reduced welding fume and spatter.
- July 2019: Thermal Dynamics introduced its new series of unique performance plasma cutting consumables. It is called Cutmaster Black Series that is capable of extending the operating life by 60%, as compared to the standard electrodes.
Fortune Business Insights™ provides a list of all the welding consumables manufacturers present in the market. They are as follows:
- Fronius International GmbH
- Colfax Corporation
- Ador Welding Ltd.
- The Lincoln Electric Company
- Arcon Welding Equipment
- Hyundai Welding Co. Ltd.
- Denyo Co., Ltd.
- ESAB
- Panasonic Corporation
- Obara Corporation
- Other key market players
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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends of Market
- Key Insights
- Macro and Micro Economic Factors
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Porter’s Five Forces Analysis
- Global Welding Consumables Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Sizing Estimations and Forecasts – By Type (Value)
- Stick Electrodes
- Solid Wires
- Flux-cored Wires
- SAW Wires & Fluxes
- Market Sizing Estimations and Forecasts – By Application (Value)
- Heavy Engineering
- Automotive and Transportation
- Railways
- Construction
- Shipbuilding
- Others (Oil & Energy, Aerospace & Defense, etc.)
- Market Analysis, Insights and Forecast – By Geography (Value)
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
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Have a Look at Related Research Insights:
Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026
Welding Market Size, Share & Industry Analysis, By Product Type (Welding Equipment and Welding Consumables), By Welding Type (Arc Welding, Spot Welding, MIG/TIG Welding, Laser Welding and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2019-2026
Metal Fabrication Service Market Size, Share & Industry Analysis, By Service Type (Punching, Stamping, Forming, Welding, Cutting, Polishing, Others), By Material (Steel, Aluminum, Other), By End-User Industry (Oil and Gas, Construction, Aerospace, Marine, Automotive, Military, Others) and Regional Forecast, 2019-2026
Engine Driven Welders Market Size, Share and Industry Analysis By Welding Current (Less Than 300 Amp, 300-500 Amp, 500 Amp and above), By Engine Brand (Kubota, Kohler, Perkins, and others), By End Use Application (Mining, Pipeline, Construction, and Others), and Regional Forecast, 2019-2026
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