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Welding consumables are materials used in various welding processes to join similar and dissimilar metal surfaces permanently. Welding electrodes are widely used consumables in shielded metal arc welding (SMAW). They provide an electrical path and heat source for welding due to its thermic properties. Welding wires are used in gas metal arc welding (GMAW) for various industrial applications where precision and quality are required. The increasing construction of roads, buildings, and other infrastructure development projects globally has fueled the demand for welding consumables in recent years.
The global Welding Consumables Market is estimated to be valued at US$ 15.92 Billion in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased infrastructure development has been a major driver for the welding consumables market in recent years. Various countries globally have undertaken massive investments in road construction, housing projects, and other civil infrastructure development. For instance, China’s Belt and Road initiative will invest over USD 1 trillion in constructing roads, railways, and ports across Asia, Africa, and Europe. Similarly, the US government has approved a USD 1 trillion infrastructure bill to rebuild bridges, roads, ports, airports and waterworks. All such large-scale construction activities require extensive welding operations, fueling the demand for welding consumables. Further increases in infrastructure spending are expected to accelerate the market growth over the coming years.
Segment Analysis
The global welding consumables market is dominated by the solid wires sub segment. Solid wires generated around 60% of the market share in 2023 owing to their low cost and ease of use in several end use applications like automotive and shipbuilding. These wires offer high weld strength and are made of materials like mild steel which enables smooth welding.
Regional analysis: The Asia Pacific region currently dominates the welding consumables market with a share of over 35% in 2023. China, Japan and India are major markets in the region driving demand. Rapid industrialization and growing manufacturing activity in sectors such as automotive, energy and construction has increased the use of welding equipment and consumables. The region is expected to retain its leading position throughout the forecast period owing to continued infrastructure investments under country development programs.
Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. The market is fragmented in nature with top five players accounting for under 35% share. Manufacturers are focusing on expanding their overseas operations and offering complete welding solutions to gain higher competitiveness.
Key Takeaways
The global Welding Consumables Market is expected to witness high growth over the forecast period of 2023 to 2030 supported by increasing infrastructural developments and recovery of end use industries from pandemic losses.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
