Welding is a process of joining metals and thermoplastics by the process of coalescence. It is often preferred process whenever joints are required, since it is effective and economical. Flux is commonly used to produce a shield of gas around the weld pool, in order to prevent oxidation pool of the hot metals. Flux and filler metals are called welding consumables where they melt while joining two metals, in order to form a strong joint and protect molten weld from atmospheric containments. There are different types of consumables such as stick electrodes, flux-cored wires, SAW wires & fluxes, and more.
The global welding consumables market was valued at US$ 13,118.9 Mn in 2018 and is expected to grow at a CAGR of 5.5% during the forecasted period (2019-2027)
Market Dynamics- Driver
Welding is one of the essential processes used in construction and automobile industry where different types of welding such as arc welding, laser beam welding, friction welding, resistance welding, and ultrasonic welding are used. These welding technologies are used to join metals permanently. Moreover, welding used in repair and maintenance of automobiles, which has increase the demand for welding consumables. Industrialization and rapid urbanization have increased the demand for welding consumables. Thus, rampant growth of construction and automobile industry is expected to drive the market growth over the forecast period.
Consumption of oil and natural gas has increased significantly in the recent past due to growing urbanization, increasing sales of cars, and rising purchasing power around the world. According British to Petroleum (BP) Statistical Review of World Energy 2019, global oil consumption grew by around 1.4 million barrels per day or 1.5% in 2018. According to the same source, the U.S. and China were major contributors to growth. Moreover, global oil production increased by 2.2 million barrels per day. Oil & gas industry is one of the largest end-use industry for welding consumables. Different type of welding techniques have been developed for oil & gas industry such as submerged arc welding (SAW), tungsten inert gas welding (TIG), shielded metal arc welding (SMAW), and gas metal arc welding (GMW). Increasing demand for replacement of older gas pipelines is expected to drive the market growth in the near future.
North America region dominated the global welding consumables market in 2018, accounting for 32.2% share in terms of value, followed by Europe, and North America, respectively.
Source: Coherent Market Insights
Market Dynamics- Restraints
There has been slow adoption of advanced welding technologies in emerging economies such as India and China, which is expected to restrain the market growth up to certain extents. Cost sensitivity is another factor hampering the market growth in these countries. Advanced welding technologies such as electron beam and laser beam are predominantly used on developed country though due to high costs it has witnessed low adoption in emerging economies.
Certain welding practices such as laser beam welding, electron beam welding or ultrasonic welding requires highly skilled labor force. These techniques employ special tools that need to be operated by only trained workforce. Unavailability such skilled and trained workers in emerging economies such as India and China is expected to restrain the market growth during the forecast period.
Stringent regulations imposed by government agencies regarding carbon emission have accelerated growth of wind energy industry. Moreover, government agencies are taking proactive initiatives to promote use of wind energy, which in turn, is expected to offer lucrative growth opportunities for market players in the near future. According to Global Wind Energy Council, in 2015, adoption of wind power increased by 50%. Moreover, Europe and North America are increasingly adopting solar energy, in order to promote the use of clean energy in various countries. Commercial and residential sectors across different countries are adopting solar energy as a main source of electricity, which in turn, is expected to offer significant growth opportunities for market players in the near future.
Various industries such as automobiles, transportation, construction, shipbuilding, metal fabrication, and energy are expected to offer constant repair and maintenance opportunities for market players. There is constant need for repair and maintenance work in these industries, which is expected to boost the demand for welding consumables in the during the forecast period.
Source: Coherent Market Insights
In global welding consumables market, by technology segment Arc welding sub-segment dominated the global welding consumables market in 2018, accounting for 42.0% share in terms of value, followed by Resistant welding, Oxy-fuel welding, Others , Laser-beam welding and Ultrasound welding sub-segment, respectively.
Source: Coherent Market Insights
Key companies in the market are focused on strategic activities such as mergers and acquisitions, in order to gain competitive edge in the market. For instance, in 2014, Voestalpine AG acquired Maruti Weld Pvt. Ltd., in order to expand its presence in Indian market. Furthermore, in 2012, Colfax Corporation acquired ESAB, a global manufacturer and supplier of welding and cutting products.
Increasing demand for welding applications has accelerated adoption of automated welding. It has been predominantly used in fabrication, which is expected to drive the market growth. In developed countries, the demand for welding automation technology in manufacturing processes has increased significantly due to shortage of skilled labors. This trend is likely to continue during the forecast period.
Key companies operating in the global 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., and Panasonic Corporation.
Welding is a fabrication process which is used to join two or more parts of similar material properties such as metals or thermoplastic using high temperature heat, which is used to melt the parts and are allowed to cool causing fusion. In welding process the part which are joint together are called parent material and the material used to join these parent material is called as filler. Welding consumables find wide range of application in automotive, construction and marine industries among other to joint several metal part together. Moreover, welding consumables
Growing automobile and construction industry across the global is expected to drive the market growth during the forecasted period (2019-2027). As Welding is one of the essential processes used in construction and automobile industry where different types of welding such as arc welding, laser beam welding, friction welding, resistance welding, and ultrasonic welding are used to join the metal components such as doors, roofs among other of a vehicles as the vehicles parts are manufacturers separately and are joint together to build a whole vehicle using welding process. Furthermore, growing number of solar plats across the globe also affected the market positively as to setup a solar plant the solar panels are too we welded with the solar stand which will also help the market to grow during the forecasted period.
This report segments the global Welding Consumables market on the basis of welding consumables, Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires & Fluxes and Others. On the basis of welding technique, the global Welding Consumables market is segmented into, arc welding, resistance welding, oxy-fuel welding , laser-beam welding, ultrasonic welding and others. On the basis of application, the market is segmented into automotive & transportation, building & construction, marine applications and others.
Key features of the study:
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