Welding consumables are the ancillary products that are used in welding processes. The global welding consumables market 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.
The global welding consumables market is expected to reach around US$ 25,245.37 Mn by 2026. The welding consumables market is expected to grow in terms of value sales at a CAGR of 10.6% during the period 2016-2026. The Asia Pacific welding consumables market is expected to incur the highest market share, accounting for US$ 9,829.89 Mn in 2026. 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. Expansion in the market is expected to be further driven by Foreign Direct Investment (FDI) in emerging markets in construction as well as other industries. 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.
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Additionally,demand for welding consumables from emerging countries such as India, China, and South Africa is increasing rapidly. Various end-use industries such as automotive & transportation, building & construction, steel structure, and manufacturing are witnessing significant expansion in India, China, and South Africa.
One of the main challenging factors impacting the growth of the welding consumables market is slow adoption of welding technologies in developing countries which may restrain the growth of this market. Cost-sensitivity in developing countries is a factor hampering investments in advanced welding technologies. The welding industry in emerging markets is labor sensitive as compared to automation-driven economies. Advanced welding technologies, such as laser and electron beam welding, are being employed in developed countries for manufacturing purposes across various industries. However, usage of advanced welding technologies in developing countries such as India, China etc., is significantly lower due to high costs of these products and low investments.
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However, there is high potential for welding products and consumables from wind and solar energy industries. The wind energy industry offers potential growth opportunities for manufacturers of welding consumables and techniques. Demand for wind power is constantly increasing globally due to environmental concerns, stringent regulations regarding carbon emissions, and footprint reduction initiatives mandated by various governments across the globe. Increasing demand for clean energy in various countries, especially in Europe and North America, is expected to propel the demand for welding consumables and techniques. This is expected to fuel the need for power grid infrastructure and fabrication of various components in order to ensure transmission of electricity from wind power fields to end-user industries and residential and commercial sectors across various countries. Emerging economies are also anticipated to experience a steady rise in installation of solar and hybrid power stations and wind turbines. This is estimated to significantly fuel the demand for welding consumables and techniques globally, during the forecast period.
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Key players operating in the global welding consumables market includes voestalpine Bohler Welding GmbH, Hyundai Welding Co., Ltd., Illinois Tool Works Inc., The Lincoln Electric Company, Colfax Corporation, Hilarius Haarlem Holland B.V., Sandvik Materials Technology, EWM AG, Kobe Steel Ltd.,and Tianjin Bridge Welding Materials Group Co., Ltd.
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