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Welding consumables refer to the materials such as wires, gases, fluxes etc. used in different welding processes. These consumables play a key role in ensuring quality, consistency and reliability of welds. They offer advantages such as extended service life, increased productivity and joining of dissimilar metals. Welding finds extensive usage in industries such as automotive, shipbuilding, construction, oil and gas pipelines among others for joining metal components. The growing manufacturing sector is driving increased adoption of welding technologies which in turn is fuelling demand for consumables.
The global Welding Consumables Market is estimated to be valued at US$ 15.92 Bn 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 key trends:
One of the key trends gaining traction in the market is the use of advanced filler metals and shielding gases. Manufacturers are focusing on developing welding consumables that offer higher deposition rates, less spatter and smoother bead appearance for improving process efficiency. Further, innovative product formulations that reduce fumes and improve operator safety are witnessing increasing demand. There is also a rising preference for consumables that allow joining of advanced, high-strength steel grades. This has spurred extensive R&D towards identifying suitable material compositions. Overall, technological advancements are positively impacting adoption of welding consumables across various industries.
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.
Regional analysis: The Asia Pacific welding consumables market accounted for more than 35% of the global market share in 2021 and is expected to maintain its dominance during the forecast period owing to increased industrialization and infrastructure development projects in countries such as China, India.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the welding consumables market is moderately high due to high capital requirements for manufacturing welding wires and fluxes. However, the market is fragmented with presence of many regional players.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of many players providing similar products. Buyers can easily switch between brands based on pricing and quality.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are few raw material suppliers for welding consumables manufacturing. However, availability of substitutes balances supplier power.
Threat of new substitutes: Threat from substitutes is low as welding technology has limited substitutes for joining metals. However, advance adhesive bonding technology poses low threat.
Competitive rivalry: The competitive rivalry in the market is high due to presence of many domestic and international players competing on pricing and product differentiation.
Key Takeaways
The global Welding Consumables Market is expected to witness high growth.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
