The global welding consumables market is expected to witness significant growth over the forecast period. A technique wherein metal is welded by heat generated by an electric arc struck between two electrodes or between one electrode and the metal workpiece. Flux is commonly used to produce a shield of gas around the weld pool for preventing the oxidation of hot metals.
The global market size spans the welding technique, welding consumable type, end-use industry, and region. On the basis of the 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. The 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.
The 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 are 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 the 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 is 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 the 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 the 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 market over the forecast period from 2014 to 2025; whereas, the 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, the Asia Pacific excluding Japan (APEJ), Middle East & Africa (MEA), Japan. The Asia Pacific excluding Japan accounts for the largest market share of the 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 the Middle East & Africa is predicted to experience substantial growth due to increasing demand for the automobile industry and accessibility of raw materials in the 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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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.