WELDING CONSUMABLES MARKET ANALYSIS

The Global Welding Consumables Market is estimated to account for US$ 15.92 Billion in terms of value by the end of 2022 and is expected to grow at a CAGR of 5.8% during the forecast period (2023-2030)

Welding serves as a coalescence technique employed to join metals and thermoplastics, providing a highly efficient and economical approach for creating durable connections. In order to protect the weld pool from oxidation, a widely used method involves the utilization of flux, which generates a shielding gas to envelop the weld. During the welding process, consumables like flux and filler metals are employed, melting and amalgamating with the metals to form sturdy joints, simultaneously safeguarding the molten weld from atmospheric impurities. Various types of consumables are available, including stick electrodes, flux-cored wires, SAW wires & fluxes, and other specialized options, catering to distinct welding requirements.

Global Welding Consumables Market: Regional Insights

North America held dominant position in the Global Welding consumables market in 2022, accounting for 34.0% share in terms of volume, followed Asia Pacific, and Europe respectively.

Figure 1: Global Welding Consumables Market Share (%), By Region, 2022

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North America is expected to account for the largest market share of the Global Welding consumables market during the forecast period.

Asia Pacific is expected to witness significant growth in the forecast period as countries such as China, India, Japan, and Indonesia in the Asia Pacific region are fast emerging economies. Corporate sector and manufacturing sector is growing rapidly and hence infrastructure such as corporate buildings, and manufacturing plants requirements is also increasing rapidly. The Asia Pacific region is experiencing a rising demand for welding consumables due to their utilization in the construction sector for joining metal framework, including roofs, walls, and other structural components. As a result, the demand for welding consumables in the Asia Pacific region is on the upward trajectory.

Global Welding Consumables Market - Impact of Coronavirus (COVID-19) Pandemic

The spread of COVID-19 hampered the global economy severely. Lockdowns were imposed by governments of various countries. Many automotive component manufacturing companies were shut temporarily due to financial crises, lack of manpower, and shortage of components. Demand for vehicles also declined in the covid-19 due to decline in the disposable income of the people which impacted demand for welding consumables. Hence, the Global Welding consumables market witnessed slow growth during the pandemic.

Global Welding Consumables Market- Drivers:

Adoption Of IoT

The incorporation of IoT (Internet of Things) technology in welding consumables is an emerging trend that has the potential to revolutionize the welding industry. While IoT integration in welding consumables is still in its early stages, it offers numerous benefits and opportunities for improvement.

In April 2022, Dr. Vendan who obtained his Ph.D. in MIAB welding explored the process at Welding Research Institute have developed smart IoT-based machine for welding ferrous tubes faster than conventional fusion welding or solid-state processes presently used with less consumption of energy. As manufacturing industries move toward advanced technologies, there is a requirement to minimise energy consumption and automate the welding process to avoid human-induced errors and also manufacture products swiftly in an eco-friendly manner.

Technological Advancements:

Advancements in welding technologies and processes drive the demand for specialized welding consumables. For example, the adoption of advanced welding techniques like laser welding, friction stir welding, and robotic welding creates the need for specific consumables tailored for these processes. The market responds by introducing innovative and efficient welding consumables.

In Jul 2022, : International manufacturer of modern drive technologies and electrification solutions Vitesco Technologies announced that it has introduced new green laser equipment for copper welded joints of its engineering partner Trumpf. Compared with infrared laser systems – the standard in copper welding to date – the use of green lasers can reduce energy consumption by up to 20%, depending on the application, and thus the CO2 footprint per laser welded joint.

Global Welding Consumables Market- Opportunities:    

Rapid Industrialization is Driving the need for Welding Consumable

Rapid industrialization is a global phenomenon characterized by the fast-paced growth and expansion of industries across various sectors. This process is driven by factors such as technological advancements, increasing urbanization, and rising demands for goods and services. As industries expand, there is a corresponding increase in the need for welding consumables, which play a crucial role in the welding process. welding consumables are materials that are used during welding operations to join or fuse two or more pieces of metal together. They include electrodes, filler metals, fluxes, and gases, among others. These consumables are essential for creating strong and durable weld joints, ensuring the structural integrity of various industrial components.

In Dec 2022, Renteca prioritises operator protection with innovative welding safety equipment Developed Advanced arc control enables an improved pulse welding arc by providing a more robust and stable arc at very low arc length. This also reduces heat input which has added safety benefits for the operator

Industrial Manufacturing

Welding is a critical process in various industries, including automotive, aerospace, shipbuilding, and heavy machinery. The growing industrial manufacturing sector, particularly in emerging economies, offers opportunities for welding consumable suppliers to cater to the increasing demand for welding applications.

The Global Welding Consumables Market was valued at US$  15.92 Billion in 2022 and is forecast to reach a value of US$ 24.92 Billion by 2030, exhibiting a CAGR of 5.8% between 2023 and 2030.

Global Welding Consumables Market- Trends:

Focus on Environmentally Friendly Solutions

The Global Welding industry is increasingly conscious of environmental concerns, leading to a growing demand for eco-friendly welding consumables. This includes consumables with reduced emissions of fumes and gases, as well as those that minimize waste and promote recycling. Manufacturers are developing new consumables that meet these requirements to cater to environmentally conscious customers.

In April 2022, Dr. S. Arungalai Vendan, Professor, Electronics, and Communication, School of Engineering, Dayananda Sagar University, Bangalore developed the Internet of Things (IoT) integrated machine titled “Magnetically Impelled Arc Butt Welding Equipment” embedded with sensors for sound, vibration, arc light intensity, temperature as well as smoke, along with processors for abstracting data for predicting the quality of the welding.  The low-cost IoT integrated machine was supported by the Department of Science and Technology,

Introduction of Innovative Alloys

The development of new alloys and materials has been influencing the welding consumable market. With advancements in industries such as aerospace, automotive, and energy, there is a need for welding consumables that can effectively join and repair these advanced materials. Consumables designed for welding high-strength steels, aluminum alloys, and exotic metals are in high demand.

Special Metals Corporation is the, developer and producer of nickel alloy and cobalt alloys—with a portfolio of more than 100 alloy compositions, wrought products and welding consumables

Global Welding Consumables Market- Restraints:

Environmental regulations

Stringent environmental regulations can influence the market for welding consumables. Welding processes often involve the use of gases, chemicals, and materials that can have environmental impacts. Compliance with environmental regulations can lead to additional costs for manufacturers and may require the development of new, more environmentally friendly welding consumables.

In Aug 2020, New Europian Union welding regulations that come into effect from 1 January 2021 set out ecodesign requirements for welding equipment. The definition of welding equipment includes products that are used for manual, automated or semi-automated welding, brazing, soldering or cutting. The regulations address the environmental performance of welding equipment and include the aspects such as energy consumption including power source efficiency and idle state power consumption. Welding equipment powered by three-phase power sources with direct current output must have a minimum power source efficiency of 85%. Equipment powered by single-phase power with DC output, and by either single or three-phase power with AC output, must have a minimum power source efficiency of 80%. For all cases maximum, idle state power consumption is 50W.

Safety concerns

Engaging in cutting, welding, and brazing operations exposes individuals to health hazards such as metal fumes and ultraviolet (UV) radiation, while safety risks encompass burns, eye damage, electrical shock, cuts, and limb injuries. Nonetheless, implementing proper work practices and utilizing personal protective equipment (PPE) can significantly reduce these hazards. The provided links serve as valuable resources, offering insights into the potential risks associated with these operations and offering practical solutions to mitigate them.

Figure 2: Global Welding Consumables Market Share (%), By Mode of Operation, 2022

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Global Welding Consumables Market- Segmentation:

Global Welding Consumables Market, By Welding Consumables: Stick Electrodes, Solid Wires, Flux Cored Wires, SAW Wires & Fluxes, Others

By Welding Technique: Arc Welding, Resistance Welding, Oxy-Fuel Welding, Laser-Beam Welding, Ultrasonic Welding, Others

By Application: Automotive & Transportation, Building & Construction, Marine Applications, Others)

Among welding technique, arc welding segment is expected to gain traction in the forecast period. Arc welding is a welding process that is used to join metals using electricity. It is affordable, easy to use, and versatile, achieves smooth welding, emits low smoke and produces very low distortion. All these advantages is increasing the popularity of the arc welding segment and hence is expected to drive the Global Welding consumables market in the forecast period.

Resistance welding is a widely utilized welding technique that involves the application of pressure and electrical resistance to join materials. This segment overview provides a comprehensive analysis of the resistance welding market, examining its size, growth, and application areas. The market is driven by its extensive use in industries such as automotive, aerospace, construction, electronics, and appliances. Technological advancements, including improved power sources, controls, and automation solutions, have enhanced the efficiency and precision of the resistance welding process.

Oxy-Fuel welding is a segment within the welding industry that involves the use of a fuel gas, typically acetylene, and oxygen to generate a high-temperature flame for joining metals. This welding method has been widely used for many years and finds applications in various industries. Oxy-Fuel welding offers advantages such as portability, simplicity, and versatility, making it suitable for both indoor and outdoor welding operations. It is commonly used for repairs, maintenance work, and in industries like construction, metal fabrication, and automotive.

Laser beam welding is a highly precise and efficient welding technique that utilizes a concentrated beam of laser light to join materials. The laser beam provides intense heat, causing the materials to melt and fuse together. This segment overview examines the market for laser beam welding, encompassing its applications and industry trends. Laser beam welding finds extensive usage in industries such as automotive, aerospace, electronics, medical, and more, where high precision and quality welds are essential.

Ultrasonic welding is gaining prominence in various industries due to its unique advantages, such as fast cycle times, excellent precision, and the ability to join dissimilar materials.

Global Welding Consumables Market: Key Developments

In Oct 2021 ESAB Welding and Cutting Products introduces its EM 210 MIG/Flux Cored welder and EMP 210 MIG/Stick/TIG welder. These inverter-based power sources are small in size but deliver professional-grade power and performance for most auto/truck repair and restoration, light fabrication and construction and Heat Ventila work.

Global Welding Consumables Market: Key Companies Insights

Global Welding Consumables Market is highly competitive, owing to the rising launch of new technologies due to ongoing R&D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on a regional as well as global basis. Some of the key players 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

*Definition: Welding consumables refer to the materials and products used in the welding process to join or fuse two or more pieces of metal or thermoplastics together. These consumables are essential for creating a strong and reliable weld joint.