Welding Consumables Market Gearing for Growth Strategies for Exploiting Future Market Size Trends
Allied Market Research published a report, titled, “Welding Consumables Market By Type (Electrodes, Flux, Shielding Gas, Filler Metals, Others), By Welding Technique (Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser-Beam Welding, Others): Global Opportunity Analysis And Industry Forecast, 2023-2032". According to the report, the welding consumables market valued for $16.1 billion in 2022 and is estimated to reach $27.5 billion by 2032, exhibiting a CAGR of 5.5% from 2023 to 2032.
Demand for welding consumables is closely tied to infrastructure development projects, such as construction of buildings, bridges, highways, and pipelines. As countries invest in infrastructure development, there is a growing need for welding to join and fabricate structural components.
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Prime determinants of growth
The global welding consumables market is driven by robust demand from automotive and transportation sector. Welding is an integral part of the automotive and transportation industry for manufacturing vehicles, trailers, and components. As this industry evolves with new technologies and materials, the demand for welding consumables, including specialized ones for aluminum and high-strength steel continues to grow. Thus, driving the demand for welding consumables. However, competition from welding alternatives may restrain the growth of the welding consumables market.
The electrodes segment to maintain its lead position during the forecast period
Based on type, the electrodes segment accounted for the largest share in 2022, contributing to nearly one-third of the global welding consumables market revenue. As urbanization and infrastructure development continue to rise globally, there is a growing demand for welding in the construction of buildings, bridges, roads, and other infrastructure projects. Electrodes are commonly used in various welding processes to join structural components, reinforcing the demand for electrodes. Furthermore, many industries, including automotive, aerospace, shipbuilding, and manufacturing, rely heavily on welding processes to fabricate and assemble components. The expansion of these industries leads to increase in need for electrodes for various welding application thus, fueling the market growth.
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The arc welding segment to maintain its lead position during the forecast period
Based on the welding technique, the arc welding segment accounted for the largest share in 2022, contributing to nearly one-third of the global arc welding market revenue. Arc welding is a versatile process that can be applied to a wide range of materials, including carbon steel, stainless steel, aluminum, and various alloys. Its versatility makes it suitable for a broad spectrum of applications across different industries. Furthermore, arc welding is often considered a cost-effective welding process. The equipment and consumables required for arc welding are relatively affordable as compared to some other welding methods, making it an attractive option for many businesses. Moreover, while mastering any welding process requires training and skill development, arc welding is often considered more accessible for beginners as compared to some of the more complex processes. This accessibility makes it a popular choice for training programs and welding schools. These factors are expected to drive the welding consumables market for arc welding technique to witness a significant growth.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global welding consumables market and is projected to register the highest CAGR of 6.0% during the forecast period. The ongoing industrialization and urbanization in countries such as China and India are the major drivers of the welding consumables market. Increase in construction, manufacturing, and infrastructure development activities contributes to the market growth. Moreover, infrastructure projects, including the construction of buildings, bridges, roads, railways, and energy facilities, drive the demand for welding consumables.
Leading Market Players: -
THE LINCOLN ELECTRIC COMPANY
KOBE STEEL, LTD.
ESAB
DANDH SCHERON
VDM METALS
WELDCOM ELECTRODES PVT. LTD.
ROYAL ARC
ESS AAR INDUSTRIES
SENOR METALS PVT. LTD.
SHARP ELECTRODES (P) LTD.
The report provides a detailed analysis of these key players in the global welding consumables market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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