Overview and Scope
Welding consumable refer to any material used for making or protecting a weld. The welding consumables are used to join the thermoplastics and metals utilizing coalescence. These are used in different applications to make them a final product in different industries. A welding consumable produces a fume composition that contains 14% chromium as Cr (III), and it is overalloyed with 2–4% Ni to encourage the formation of austenite in the weld metal and to maintain the phase balance.
Sizing and Forecast
The welding consumables market size has grown strongly in recent years. It will grow from $15.79 billion in 2023 to $16.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in industrialization, infrastructure development, increase in construction, manufacturing, and infrastructure development activities, multiple applications of welding technology, rise in automotive industry.
The welding consumables market size is expected to see strong growth in the next few years. It will grow to $22.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of the electric vehicle industry, lightweight materials, digitalization and industry 4.0, growth of the renewable energy sector, infrastructure upgradation. Major trends in the forecast period include laser and electron beam welding, digital welding management, automation and robotics, environmentally friendly consumables, rise in investment in research and development.
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Segmentation & Regional Insights
The welding consumables market covered in this report is segmented –
1) Welding Consumables Market By Type: Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires And Fluxes
2) Welding Consumables Market By Consumables: Stick Electrodes, Gases, Strip Cladding Electrodes, Submerged Arc wires and Fluxes, Wires, Other Consumables
3) Welding Consumables Market By Welding Type: Arc Welding, Energy Beam Welding, Plasma Arc Welding, Submerged Arc welding, Electro Slag Welding, Resistance Welding, Other Welding Types
4) Welding Consumables Market By Application: Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, Other Applications
Top Major Players
Lincoln Electric Holdings Inc.
Illinois Tool Works Inc.
Air Liquide S.A.
Hyundai Welding Co Ltd.
WB Alloy Welding Products
Asia-Pacific was the largest region in the welding consumables market in 2023. The regions covered in the welding consumables market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The growth of the construction industry is contributing to the growth of the welding consumables market. The construction industry mainly involves building and repairing structures. Building construction mainly uses welding in the creation of structural frameworks from metal components. Welding has been used for connecting steel I-beams, trusses, columns, and footers, to support the walls, roof, and floors of a building. For instance, according to the FMI Corporation, a US-based management consulting company, in comparison to 2021, engineering and construction investment will increase by 5% in 2022. Therefore, the growth of the construction industry is driving the growth of the welding consumables market.
Key Industry Players
Major companies operating in the welding consumables market include Lincoln Electric Holdings Inc., Illinois Tool Works Inc, Air Liquide S.A., Hyundai Welding Co Ltd., WB Alloy Welding Products Limited, Hermann Fliess & Co. Gmbh, Voestalpine Ag, FSH Welding Group, Industrial Welding Corporation, Gedik Welding Inc., Italfil Spa, Precision Weldarc Limited, Welmet Technologies Private Limited, Yenitek Corporate Group, ESAB Welding & Cutting Products, The Harris Products Group, Kobe Steel Ltd., Ador Welding Limited, TATA Steel Company, Fronius International GmbH, Hilarius Haarlem Holland B.V., Welding Alloys Group, Walter Surface Technologies, Cor-Met Inc., Select-Arc Inc., AMPCO METAL S.A., Techalloy Company Inc., SAN-ARC Inc., Alcotec Wire Corporation, Washington Alloy Company Inc., D&H Sécheron Electrodes Pvt. Ltd.
The welding consumables market report table of contents includes:
1. Executive Summary
2. Welding Consumables Market Characteristics
3. Welding Consumables Market Trends And Strategies
4. Welding Consumables Market – Macro Economic Scenario
5. Global Welding Consumables Market Size and Growth
…..
32. Global Welding Consumables Market Competitive Benchmarking
33. Global Welding Consumables Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Welding Consumables Market
35. Welding Consumables Market Future Outlook and Potential Analysis
36. Appendix
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