A technique wherein metal is welded by heat generated by an electric arc struck between two electrodes or between one electrode and the metal work piece. Flux is commonly used to produce a shield of gas around the weld pool for preventing the oxidation of hot metals.
The global welding consumables market size spans welding technique, welding consumable type, end-use industry, and region. On the basis of welding technique, the global market size spans Arc welding, Resistance welding, Oxyfuel welding, Ultrasonic welding, Others (laser beam welding, etc.).
The arc welding technology is projected to grow at the fastest CAGR and its dominance is expected to continue owing to its wider application area. Resistance welding and oxy fuel welding cover narrow market size owing to its specific applications. These technologies are projected to witness significant growth due to advantages such as deep weld penetration and minimum weld area.
Skilled labor shortage in manufacturing industries coupled with high labor cost is expected to act as a barrier to global welding products market size and pose challenges to industry participants over the forecast period. Innovations and technological advancements in welding technology in order to develop techniques for wider application area is anticipated to create immense opportunities for industry participants over the forecast period.
On the basis of welding consumables type, the global market size spans Stick electrodes, Solid wires, Flux-cored wires, SAW wires, Fluxes, Others (including gases, etc.). In 2014, the “stick electrode” segment witnessed dominance in the global welding consumables market, with the largest market size, which is then followed by solid wire segment. Stick electrodes and solid wires are the key welding consumables produced by a majority of welding companies in India. Stick electrodes are designed for usage in mild and low alloy steel welding applications. They are preferred to the other consumables due to their low cost and extensive applications in end-use industries. Solid wires are mostly employed for metal inert gas welding (MIG) applications in various end-user industries. However, the solid wires and stick electrodes segment are predicted to lose share in the global welding consumables market size. That’s why Flux-cored wires and SAW wires segment is expected to grow during forecast period with maximum market size in terms of revenue. This is due to increasing demand from several end-use industries.
On the basis of end-use industry, the global market size spans Automotive & transportation, Building & construction, Marine, Power, Oil & gas, Others (including maintenance and repair, etc.). The “construction” segment all across the globe is expected to be one of the major aspects stimulating the development and expansion of the worldwide welding consumables market.
The rise in the construction activities globally is projected to lead high demands for welding consumables in the construction industry, fueling the growth of the global welding consumables market over the forecast period from 2014 to 2025; whereas, marine segment is expected to grow gradually during the forecast period from 2014 to 2025 with maximum market shares.
Geographically, the global market is segmented into North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), Japan. Asia Pacific excluding Japan accounts for the largest market share of welding consumables market in terms of value in 2016. This is due to its large population and its growing demand for the construction, automobile, steel, and marine (oil and gas) industry. The market is expected to be dominant throughout the forecast period by 2025.
Europe and North America are completely developed markets for welding consumables providers and are expected to show consistent market growth over the forecast period. Whereas, the region of Middle East & Africa is predicted to experience a substantial growth due to increasing demand for automobile industry and accessibility of raw materials in automobile & transportation sector in this region.
The key players are Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy, Arcon Welding Equipment.
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