The global Welding Consumables Market is estimated to be valued at US$ 16.84 Bn 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 Overview:
Welding consumables refer to welding wire, welding rods, welding electrodes, and filler metals that are used for joining dissimilar or similar metals through the process of welding. Welding wire is the fastest growing segment within welding consumables market primarily due to its ease of use and high deposition rate of welding during the welding process. The growing infrastructure and manufacturing sector is fueling the demand for welding consumables globally.
Market key trends:
One of the key trends witnessed in the market is the growing demand for advanced welding consumables including flux-cored wires and metal-cored wires. These advanced welding consumables result in improved weld quality, high productivity, and cost-effectiveness. They find wide application in fabrication of pressure vessels, bridge construction, shipbuilding, and manufacturing. The rising demand from end-use industries and development of advanced metal alloys is driving research and development for advanced welding consumables. Moreover, development of 3D printing of advanced metal alloys using arc welding-based 3D printing technology is also providing opportunities for growth of welding consumables market during the forecast period.
Segment Analysis
The global welding consumables market is segmented by type, welding technique, and end use industry. Based on type, the market is segmented into stick electrodes, solid wires, flux-cored wires, and saw wires. Among these, the stick electrodes segment dominated in 2022 owing to its low cost and minimal requirement of skill to operate the electrode. The stick electrodes are extensively used in construction, automotive and shipbuilding industries.
Key Takeaways
The Global Welding Consumables Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing infrastructural development and industrialization. Asia Pacific dominates the global market and is expected to grow at the fastest rate due to rapid urbanization and increasing automotive production in China and India.
Regional analysis: Asia Pacific market accounted for over 35% of the global welding consumables market share in 2023 owing to large manufacturing sector and growing construction industry in the region. China dominates APAC due to low labor costs and favorable policies attracting foreign investments. Europe and North America are also major markets driven by established automotive and machinery industries.
Key players: 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. Major players are focusing on new product launches and mergers acquisitions to strengthen their market position.
