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Welding consumables are materials such as filler metals, fluxes, electrodes and gases that are used to weld, braze or cut metals. They are extensively used in various end-use industries owing to their ability to deliver high-quality and durable welds. Some key advantages of welding consumables include strong and crack-free joints, high corrosion resistance and low spatter production. The growing infrastructure and automotive industries have augmented the need for reliable welding techniques which is driving the demand for welding consumables.
The global Welding Consumables Market is estimated to be valued at US$ 15.92 billion in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends propelling the growth of the welding consumables market is the rising demand for high-quality welding from various end-use industries. Welding forms a critical part of manufacturing and fabrication processes in industries such as automotive, construction, shipbuilding, oil & gas and others. Manufacturers are increasingly focusing on developing advanced welding techniques and solutions to achieve stronger, more durable and corrosion-resistant welds. This is augmenting the demand for premium welding consumables which offer qualities such as low spatter, high deposition rates, good weldability and arc stability. In addition, they can be used for a variety of metals and thicknesses. Owing to such advantages, the demand for high-performance welding consumables is growing significantly among industrial users.
Key players: Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. The industry is characterized by consolidation as major players acquire regional competitors to expand their geographic footprints.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to maintain its lead through 2030. Rapid industrialization and infrastructure development across China, India and Southeast Asia is driving the welding consumables demand.
SWOT Analysis
Strength: Welding consumables provide durability, reliability and precision in welding applications. They help achieve consistent weld quality.
Weakness: Frequent technological advancements in welding consumables require regular upgrades. High dependence on end-use industries hampers demand during downturns.
Opportunity: Growing infrastructure and construction spending globally is expected to boost demand. Rapid industrialization in developing nations presents new markets.
Threats: Trade barriers and fluctuations in raw material costs increase supply pressures. Substitute joining technologies pose competition.
Key Takeaways
The global Welding Consumables Market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 15.92 billion in 2024, growing at a CAGR of 5.8% during the forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
