According to a new market report published by Transparency Market Research titled “Welding Consumables Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2026,” the global welding consumables market is expected to reach a value of US$ 25,245.37 Mn by 2026 at a CAGR of 10.6%. The Asia Pacific welding consumables market is projected to observe the highest growth during the forecast period.The market witnessed considerable growth due to increased demand in construction, manufacturing industries etc.
The welding consumables market is influenced by market dynamics with the prime driving factor of increase in rapid growth of end-use industries such as construction, manufacturing, automotive & transportation, oil & gas, and power generation. Additionally, evolving automobile designs coupled with the addition of new safety features in them is offering significant opportunity to new welding techniques, thereby driving the welding consumables market.
On the other hand, slow growth of advanced welding technologies and consumable products in developing countries is one of the main challenging factors affecting the welding consumable industry. However, there is high potential for welding consumables in wind and solar energy industries.
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In 2017, based on product type, stick electrodes accounted for market value of around US$ 3,422.76 Mn at a CAGR of approximately 11% in the global welding consumables market due to its widespread application in end-use industries. This factor is expected to showcase growth potential for welding consumables. In terms of welding technique, oxy-fuel segment is anticipated to expand at a CAGR of more than 10% in terms of value.
Based on end-use, usage of welding consumables in construction and manufacturing industries is anticipated to grow at a faster rate due to increasing urbanization in developing as well as in developed regions. By geography, Asia Pacificis expected to continue its dominant share in the welding consumables market with more than 38% share. Across the Asia Pacific region, China holds highest market share in the welding consumables market.
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Key players operating in the global welding consumables market includes voestalpine Bohler Welding GmbH, Hyundai Welding Co., Ltd., Illinois Tool Works Inc., The Lincoln Electric Company, Colfax Corporation, Hilarius Haarlem Holland B.V., Sandvik Materials Technology, EWM AG, Kobe Steel Ltd.,and Tianjin Bridge Welding Materials Group Co., Ltd.
