Welding Consumables Market: Overview
- The U.S. welding consumables market is primarily rising on the back of huge demand for steel from the building & construction sector. As per statutes laid down by the American Iron and Steel Institute, steel is a sustainable material for the construction of bridges, highways, and residential buildings.
- The welding consumables market in the U.S. is growing at an exponential rate as a result of growth in many end-use industries such as construction, manufacturing etc. Government initiatives, along with many companies providing the platform for improving the welder’s knowledge regarding welding processes, latest technologies etc. are also anticipated to drive the growth of the welding consumables market.
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What are Key Growth Drivers of U.S. Welding Consumables Market?
- 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. Increase in construction of buildings with unique designs coupled with new construction techniques is anticipated to boost the welding consumables market.
- Evolving automobile designs coupled with the addition of new safety features in them is offering great opportunity to new welding techniques, thereby fueling the welding consumables market.
- Consumption of steel has been the major driving factor of the U.S. economy. After trade restrictions were imposed in the U.S., there was a meaningful decline observed in steel imports to lowest level since 2011, this helped in increasing the domestic production, thereby benefitting to U.S. steel mills. Construction and automotive industries are the top consumers of steel in the U.S.
- The per capita consumption of steel has increased gradually in the country over the years due to implementation of sustainable green technologies, especially in the key downstream markets of steel. Building & construction, automotive, energy, and equipment & machinery were some of the major downstream markets that were revived owing to the implementation of green technology.
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What are Key Challenges for U.S. Welding Consumables Market?
- Increasing depletion of renewable sources for power generation has led tapping into renewable sources.
- Industrial units that use renewable sources such as hydropower and geothermal for power generation heavily rely on welding consumables through various operational stages. Welding consumables are extensively used for joining materials for the fabrication of structural components and machinery in the power sector.
- However, heavy dependence on imports for raw materials of welding consumables that are subject to availability uncertainties and price fluctuations is hampering the growth of U.S. welding consumables market to some extent.
Lucrative Opportunities for Players in U.S. Welding Consumables Market
- Emergence of sustainable and high performance technological solutions for welding consumables and processes is estimated to provide ample growth opportunities to the welding consumables market in the U.S. during the forecast period
- Currently, there is rising need for cost-effective welding applications in key end-user industries such as automobile & transportation, building & construction, and power sectors, especially in developed economies such as the U.S. Consumption of welding consumables is estimated to be high in assembling and manufacture of boilers, pressure vessels, offshore rigs, and process piping in the industrial construction sector.
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Host of Applications of Welding Consumables Make Building & Construction Sector Significant
- Welding consumables are employed in critical maintenance applications in the building & construction industry. It offers superior physical characteristics vis-à-vis other methods of joining such as riveting. The welding process also produces stronger joints, making it applicable to critical operations in the building & construction industry.
- Rising consumption of steel coupled with the revival of the building & construction industry in the U.S. is expected to boost the demand for welding consumables in the country by 2027
- Kiswel Inc. manufactures self-shielded and gas-shielded flux-cored wires and hardfacing welding wires for commercial construction such as bridges and highways.
- Welding is used for fabrication and assembling of engine parts, fuel injectors, transmission parts, fuel filters, alternators, solenoids, and air conditioning equipment in the automobile & transportation industry
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