The Welding Consumables Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Welding Consumables Global Market Report 2024, The welding consumables market size has grown strongly in recent years. It will grow from $15.79 billion in 2023 to $16.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise in industrialization, infrastructure development, increase in construction, manufacturing, and infrastructure development activities, multiple applications of welding technology, rise in automotive industry.
The welding consumables market size is expected to see strong growth in the next few years. It will grow to $22.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to expansion of the electric vehicle industry, lightweight materials, digitalization and industry 4.0, growth of the renewable energy sector, infrastructure upgradation. Major trends in the forecast period include laser and electron beam welding, digital welding management, automation and robotics, environmentally friendly consumables, rise in investment in research and development.
The growth of the construction industry is contributing to the growth of the welding consumables market. The construction industry mainly involves building and repairing structures. Building construction mainly uses welding in the creation of structural frameworks from metal components. Welding has been used for connecting steel I-beams, trusses, columns, and footers, to support the walls, roof, and floors of a building. For instance, according to the FMI Corporation, a US-based management consulting company, in comparison to 2021, engineering and construction investment will increase by 5% in 2022. Therefore, the growth of the construction industry is driving the growth of the welding consumables market.
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The welding consumables market covered in this report is segmented –
1) By Type: Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires And Fluxes
2) By Consumables: Stick Electrodes, Gases, Strip Cladding Electrodes, Submerged Arc wires and Fluxes, Wires, Other Consumables
3) By Welding Type: Arc Welding, Energy Beam Welding, Plasma Arc Welding, Submerged Arc welding, Electro Slag Welding, Resistance Welding, Other Welding Types
4) By Application: Heavy Engineering, Automotive and Transportation, Railways, Construction, Shipbuilding, Other Applications
Major companies operating in the welding consumables market are developing new welding wire and electrodes to gain a competitive edge in the market. Product innovations in welding consumables refer to the development of new and improved materials, designs, and technologies used in welding processes to enhance efficiency, quality, and safety. For instance, in May 2021, SSAB AB, a Sweden-based steel manufacturing company launched three new additions to its Duroxite overlay solutions, namely Duroxite AP ELECTRODE, Duroxite AP WIRE, and Duroxite CR-ZERO WIRE. These products enhance the versatility of the Duroxite range for wear part manufacturers and industries involved in wear part maintenance and repairs. Duroxite AP ELECTRODE and Duroxite AP WIRE are all-position welding materials, ideal for various welding orientations, offering excellent durability against metal-to-metal wear, metal-to-earth wear, abrasion, and impact.
The welding consumables market report table of contents includes:
1. Executive Summary
2. Welding Consumables Market Characteristics
3. Welding Consumables Market Trends And Strategies
4. Welding Consumables Market – Macro Economic Scenario
5. Global Welding Consumables Market Size and Growth
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26. South America Welding Consumables Market
27. Brazil Welding Consumables Market
28. Middle East Welding Consumables Market
29. Africa Welding Consumables Market
30. Welding Consumables Market Competitive Landscape And Company Profiles
Top Major Players:
- Lincoln Electric Holdings Inc
- Illinois Tool Works Inc
- Air Liquide S.A.
- Hyundai Welding Co Ltd
- WB Alloy Welding Products Limited
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