July 19, 2024
Welding Consumables Market

Welding Wire is the largest segment driving the growth of Welding Consumables Market

The global Welding Consumables Market is estimated to be valued at US$ 16.84 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Welding consumables refers to filler materials such as wire, rods, electrodes, and fluxes used in welding processes to join similar and dissimilar metals. Welding consumables plays a vital role in ensuring strength, durability and quality of welded joints. They are used in wide range of industries such as automotive, shipbuilding, construction, energy and fabrication among others.

Market key trends:

One of the key trend in the welding consumables market is the growing adoption of gas metal arc welding (GMAW) process. GMAW process uses consumables wire electrode with shielding gas and provides benefits such as high deposition rates, welder friendly and less spatter. It is finding increasing applications in automotive, manufacturing and construction industries. Another major trend is the development of advanced welding techniques and materials. Manufacturers are developing welding consumables with improved properties to cater to requirements of stringent applications and industries. For instance, development of welding consumables suitable for joining dissimilar and heat resistant alloys is a key area of focus.

Market key trends:

One of the key trends in the welding consumables market is the rising demand for flux-cored wires. Flux-cored wires provide higher deposition rates and are more cost-effective than gas-shielded wires. Furthermore, they don’t require gas shields and are easier to use, making them suitable for various on-site welding applications. The growth of end-use industries such as construction, automotive, and shipbuilding is expected to drive the demand for flux-cored wires during the forecast period.

SWOT Analysis

Strength: The welding consumables market benefits from the growing requirement for welding in various end-use industries. Rising industrialization and infrastructure development activities are positively impacting the market.
Weakness: Volatility in raw material prices can adversely impact profit margins for market players.
Opportunity: Developing economies are expected to increase their spending on infrastructure and manufacturing, presenting new growth avenues. Additionally, the trend of adopting advanced welding techniques provides opportunities.
Threats: Stringent environmental regulations regarding welding gas emissions pose challenges. Threat of substitution from new joining technologies.

Key Takeaways

The Global Welding Consumables Market Size was valued at US$ 16.84 Bn in 2023. The market is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing investments in the construction and infrastructure sectors across developing nations.

The Asia Pacific region dominated the global market in 2023 and is expected to continue its dominance during the forecast period. This can be attributed to the high growth of the building & construction and automotive industries in China, India, and other Southeast Asian countries.

Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it