The global welding consumables market revenue was around US$ 12.98 billion in 2022 and is estimated to reach US$ 19.28 billion by 2031, growing at a compound annual growth rate (CAGR) of 4.5% during the forecast period from 2023 to 2031.
Welding consumables are filler and flux metals used during the welding process. Filler metals are melted to create a solid bond between two metals while flux protects hot metals from oxidizing in the process. These consumables are made with a variety of basic minerals, including nickel, copper, rutile, ilmenite, and aluminum.
Market Driving Factors
Improvements in welding technology and procedures drive the demand for welding consumables market. For instance, the use of cutting-edge welding methods like robotic welding, friction stir welding, and laser welding necessitates the need for specialized consumables designed for these processes. In response, the market releases cutting-edge and effective welding consumables.
The rising demand from automotive industry is creating a positive impact on the market. In recent years, welding fabrication has been used more and more in the automotive industry's manufacturing processes. The welding processes are luring the car makers with their strong joints, more flexible and pliable structure, and effective improvement in the structural quality of the welded procedures. The well-known global automakers are investing in setting up operations out of welding shops that have been set up in several locations. Therefore, this factor propels the market.
Due to a lack of qualified workers and the retirement of skilled employees, the welding consumables business is experiencing difficulties and limiting market growth.
Regional Analysis
Asia Pacific dominates the market and is estimated to expand at a rapid rate during the projection period. This is due to the presence of welding consumables firms in developing and developed nations like India, China, and South Korea. Furthermore, a significant intake of capital and widespread use of intelligent technologies, such as robotic welding, are also driving the market in the region. According to the India Brand Equity Foundation (IBEF), leading domestic companies in the construction, manufacturing, and technology sectors are investing abroad, which will support market growth in the future. For instance, Larson & Turbo (L&T) is continuously investing in the production of power equipment while Bharat Heavy Electrical Limited (BHEL) plans to sell its products to Vietnam and Syria.
Europe is projected to dominate the market during the projection period. This is due to its completely developed markets for consumables suppliers. The European Union is adopting tough measures to reduce the region's rising pollution levels, which is leading to the production of environmentally friendly goods. This is encouraging businesses that manufacture consumables to create effective products that will assist to lower pollution levels in the future and increase their market globally.
Segmentation Insights
Type Insight
The solid wires segment is expected to dominate the market. This segment is anticipated to be the top choice for new entrants due to its high deposition rate, effective job execution, and ability to produce strong and clean welds. Solid wires are often utilized in a wide variety of end-user sectors for Metal Inert Gas (MIG) welding. The welding consumables industry is currently concentrating on straightforward and affordable welding solutions to shield workpieces from the outside environment.
The flux-cored wires segment is predicted to grow at a promising rate due to the rising demand from numerous end-use sectors. In addition, increasing demand for cored wires in the shipbuilding and construction industries is estimated to surge the demand for these wires globally.
Application Insight
The automotive segment is estimated to offer a significant increase in the sales of welding consumables. This is due to the growing adoption of automated welding solutions, robotic, provided by reputable welding solution providers. Moreover, the transformation of automotive manufacturers towards Industry 4.0 and significant modifications to manufacturing facilities are all supporting the expansion of welding used in the automotive industry.
Prominent Companies
Segmentation Outline
The global welding consumables market segmentation focuses on Type, Welding Technique, Application, and Regions.
By Type
By Welding Technique
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL WELDING CONSUMABLES MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: WELDING CONSUMABLES MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL WELDING CONSUMABLES MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL WELDING CONSUMABLES MARKET, BY TYPE
5.1 OVERVIEW
5.2 STICK ELECTRODES
5.3 SOLID WIRES
5.4 FLUX-CORED WIRES
5.5 SAW WIRES & FLUXES
6 GLOBAL WELDING CONSUMABLES MARKET, BY WELDING TECHNIQUE
6.1 OVERVIEW
6.2 ARC WELDING
6.3 RESISTANCE WELDING
6.4 OXY-FUEL WELDING
6.5 SOLID STATE WELDING
6.6 OTHERS
7 GLOBAL WELDING CONSUMABLES MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 AUTOMOTIVE
7.3 BUILDING & CONSTRUCTION
7.4 HEAVY ENGINEERING
7.5 RAILWAY & SHIPBUILDING
7.6 OIL & GAS
7.7 OTHERS
8 GLOBAL WELDING CONSUMABLES MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL WELDING CONSUMABLES MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 LINCOLN ELECTRIC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 KOBE STEEL LTD
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 ESAB
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 CS HOLDINGS CO. LTD
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 HYUNDAI WELDING CO. LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 PANASONIC CORPORATION
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 FRONIUS INTERNATIONAL GMBH
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 RME MIDDLE EAST
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 VOESTALPINE BÖHLER EDELSTAHL GMBH
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 TIANJIN GOLDEN BRIDGE WELDING MATERIALS GROUP CO. LTD
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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