The size of the global market for Welding Consumables is expected to reach 2.39 by 2028, expanding at a compound annual growth rate (CAGR) of 2.3%.
The global welding consumables market was valued at >USD 13 billion in 2018 and is expected to grow by more than CAGR 5.0% over the forecast period. Welding is a cost-effective, precise, high-tech, and secure process for efficiently joining materials, such as metals and alloys, into various manufacturing industries. Such consumables are materials used in the welding industry for flux & filler and are commonly used in arc welding processes. Such consumables liquify when combining metals and help to form a solid joint. They also shield molten welds from contaminants in the atmosphere. Nickel, copper, rutile, ilmenite, iron, and steel are some of the raw materials used to manufacture the consumables for welding.
Growth in the market for welding consumables is driven primarily by the growth of end-user industries like automotive, aerospace, building, marine, oil, and defense. With the development of residential and commercial buildings in many developed countries, the construction industry has reported reasonable growth in the last few years. Government efforts for the modification of public infrastructure followed by the rising tourism industry are expected to improve public-private partnerships in the construction sector over the coming years, which in turn is expected to increase welding consumables market concentration over the coming years.
Key Segment Of The Welding Consumables Market
Technology, 2021-2028 (USD Million)
• Arc Welding
• Resistance Welding
• Oxy-fuel Welding
• Laser Beam Welding
Product, 2021-2028 (USD Million)
• Stick Electrodes
• Solid Wires
• Flux-cored Wires
• Saw Wires & Fluxes
Regional Overview, 2021-2028 (USD Million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The global welding consumables market is competitive in nature. Numerous domestic and international manufacturers are present in the welding consumables industry. Some prominent players are Kemppi, Kobelco, Panasonic, Lincoln Electric, Air Liquide, Bohler Welding, Hyundai, Fronius International, ARCON Welding, Denyo, Tianjin Bridge Welding Materials Group, and Illinois Tool Works. Manufacturers operating in this industry are adopting new product development, mergers & acquisitions, and research & development activities to form strategies to gain market competitiveness and strengthen their geographical reach. For instance, in October 2017, ESAB Welding & Cutting Products, engaged in the production of cutting and welding equipment and consumables announced the acquisition of Sandvik Materials Technology. Furthermore, in November 2018, Colfax Corporation, a leading American company engaged in manufacturing medical devices and welding equipment acquired DJO Global Inc.
Increasing penetration of new welding technologies such as ultrasonic welding and laser welding has opened new opportunities for welding consumables over the coming years. High performance and benefits have increased the adoption of these technologies in many end-user industries over the past few years and the trend is expected to continue over the coming years. The performance advantages of these welding methods made them ideal for many applications. These methods are favored in various end-user sectors where precision and accuracy in joints such as automobile parts, electrical equipment, and robotic equipment are of eminent importance.
By the end-user segmentation, the welding consumables market is segmented as aerospace & defense, automotive, construction, marine, and others. In 2018, the aerospace & defense end-user segment accounted for more than 20% of the overall market share. Increasing penetration of different welding technologies in the construction of aircraft parts is expected to increase welding consumables market concentration over the coming years.
Apart from aerospace & defense, the welding consumables adoption in the manufacturing of automotive parts has significantly increased over the past few years and the trend is expected to continue over the projected period. The global automotive sales decreased slightly in 2018 & 2019 and are expected to decline further in 2020 and 2021 by the impact of coronavirus all over the world. However, it is projected to gain pace after 2021 and will create demand for welding consumables.
In terms of types, the global welding consumables market size is categorized as stick electrodes, solid wires, flux-cored wires, and saw wires & fluxes. The increased popularity of the flux-cored wires in the shipbuilding and construction industry is expected to increase their demand in the near future. Additionally, the production of clean & strong welds, efficiency in delivering work, and the high deposition rate are expected to increase its adoption among new companies entering into the welding industry.
North America and Europe accounted for the majority of the market share in the global welding consumables industry. However, increasing construction activities, rising automotive demand, and increasing manufacturing of aerospace & defense parts is expected to offer potential opportunities for welding consumables in the Asia Pacific and the major countries in Middle East & Africa over the coming years.
The European construction industry is growing on the back of good economic growth and low-interest rates. The declining unemployment rate, growing manufacturing industry, and well-established healthcare industry are expected to strengthen the European economy over the coming years. The growing population followed by increasing per capita spending is expected to increase demand for residential as well as commercial construction over the coming years, which in turn is expected to increase welding consumables market penetration over the coming years.
In the Middle East and North Africa area, approximately two million commercial and passenger vehicles were sold in 2018. The Middle East & African economies have the lowest motor vehicle sale rate. Nonetheless, the outlook for the Middle East and North Africa automotive industry shows growth potential in terms of both sales and production.
For example, the United Arab Emirates, an oil-rich country not only wants to import high-end vehicles and sports cars but also wants to develop itself in the near future as a production center for luxury sports cars. Investing in developing and supporting manufacturing, emerging technology, and R&D represents a significant step towards diversifying the Gulf Cooperation Council sub-region economy. It will bind the area further with the global economy where an important factor for a country's economic performance is the automotive industry.