As per the latest report by IMARC Group, titled “Welding Consumables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global welding consumables market size reached US$ 13.9 Billion in 2018. Welding consumables are flux and filler metals that are employed during welding. In this process, filler metals are initially melted to form a strong joint between two metals and the flux helps in preventing the oxidation of hot metals. As these consumables ensure cost-effective welding, aid in protecting the molten weld from contaminants present in the air and prevent the formation of porosity in the weld pool, they are widely employed in industries including energy, automobile, aerospace, construction and shipbuilding.
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Welding consumables are used in the manufacturing of lightweight and high-quality vehicle parts in the automotive industry. This can be attributed to the boosting sales of automobiles, continually improving designs and advancements in the safety features of vehicles. Apart from this, the launch of numerous development and housing projects, and the burgeoning construction industry is further spurring the demand for welding consumables worldwide. Other factors that are strengthening the market growth include urbanization, industrialization, increasing foreign direct investments (FDI) and technological advancements. Looking forward, the market value is projected to reach US$ 19.2 Billion by 2024, expanding at a CAGR of around 6% during 2019-2024.
Welding Consumables Market Summary:
- Based on the product, the market has been classified into stick electrodes, solid wires, flux cored wires, SAW wires and fluxes, and others. Amongst these, stick electrodes are the leading category of welding consumables across the globe.
- On the basis of the welding technique, the market has been segregated into arc, resistance, oxyfuel, ultrasonic and others. At present, arc welding accounts for the majority of the total market share.
- The market has been analyzed on the basis of the end use industries into construction, automobile, energy, shipbuilding, aerospace, industrial equipment and others. Currently, the construction sector exhibits a clear dominance in the market.
- Region-wise, Asia Pacific represents the largest market for welding consumables around the world. Other major markets include North America, Europe, Latin America, and Latin America.
- The competitive landscape of the market has been examined with some of the key players being Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy and Arcon Welding Equipment.
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