U.S. Welding Consumables Market: Introduction
Transparency Market Research delivers key insights on the U.S. welding consumables market. In terms of volume, the U.S. welding consumables market is projected to expand at a CAGR of ~4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the U.S. welding consumables market.
The welding consumables market in the U.S. is expanding at an exponential rate. Welding consumables are widely used for the purpose of fabrication. The fabrication industry is centered on manufacturing components that are vital for the assembly of large machines and structures. Comprising metal, plastics, and wood fabrication, fabrication products are used in a wide range of applications in building & construction, automotive & transportation, power generation, and mining industries. Welding consumables are also employed in critical maintenance applications. Welding consumables offer superior physical characteristics vis-à-vis other methods of joining such as riveting.
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U.S. Welding Consumables Market: Dynamics
Welding is a sculptural process, wherein thermoplastics or metals are joined together with the help of coalescence. Filler metals are used during the course of welding. Flux is commonly employed to produce a shield of gas around the weld. This prevents oxidation of metals. Electrodes, filler metals, and fluxes are collectively known as welding consumables. Rapid expansion of end-use industries such as construction, manufacturing, automotive & transportation, oil & gas, and power generation is anticipated to drive the welding consumables market. The expansion of the welding consumables market in the U.S. is projected to be further driven by Foreign Direct Investment (FDI) in construction as well as other industries. Evolving automobile designs coupled with the addition of new safety features in them is offering lucrative opportunities to manufacturers to employ new welding techniques, thereby fueling the welding consumables market. There exists high potential for welding consumables in wind and solar energy industries. The wind energy industry offers immense growth opportunities for manufacturers of welding consumables. The demand for wind power is constantly increasing across the globe due to environmental concerns, stringent regulations regarding carbon emissions, and footprint reduction initiatives.
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The high consumption of steel has been the major factor driving the U.S. economy, since the past few years. After trade restrictions were imposed in the U.S., steel imports declined to their lowest level since 2011. This helped increase domestic steel production, thus benefitting the steel mills in the U.S. Construction and automotive industries are the leading consumers of steel in the U.S. The per capita consumption of steel has increased gradually in the country over the years. Thus, growth in steel consumption is estimated to create significant demand for welding consumables during the forecast period. Welding consumables such as flux-cored wires, stick electrodes, and SAW flux and wires are key materials required for fabrication of steel components. One ton of steel approximately requires 5 kg of welding materials; hence, rise in usage of steel is projected to positively impact the demand for welding consumables in the U.S.
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Manufacturing processes and technologies have been constantly evolving in aircraft and aerospace industries. Lighter metals are being used in the construction of aircraft. New processes and methods of welding of these metals are also being developed. The aerospace industry in the U.S. is considered the largest in the world. It is expected to manufacture large units of aircraft in the near future, leading to higher utilization of welding materials. This is estimated to propel the U.S. welding consumables market during the forecast period.
Space Exploration Technologies Corp., the U.S.-based aerospace manufacturing and space transportation services company had launched more than 700 satellites into the orbit up to October 2021. It plans to release a total of 12,000 satellites by 2026. The specialized welding process involved in the manufacture of these satellite is expected to propel the U.S. welding consumables market.
U.S. Welding Consumables Market: Key Players
Key players operating in the U.S. welding consumables market are ESAB, KOBE STEEL, Ltd., Air Liquide, Illinois Tool Works Inc., The Lincoln Electric Company, voestalpine Böhler Welding GmbH, Welding Alloys Group, and Mitco Weld Products Pvt. Ltd.
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