Global Welding Consumables Market was valued at US$ 15.92 Billion in 2022 and is expected to surpass US$ 24.92 Billion by 2030, registering a CAGR of 5.8% during the forecast period (2022-2030), The Global Welding Consumables Market is segmented as, 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)
Global Welding Consumables Market: Drivers
Rise in Offshore Exploration and Production
The offshore oil and gas industry requires welding consumables for the construction and maintenance of offshore platforms, pipelines, and related infrastructure. The increasing exploration and production activities in offshore regions, driven by the demand for energy resources, contribute to the growth of the global welding consumables market.
Global Welding Consumables Market: Opportunities
Energy Sector Expansion:
The expansion of the energy sector, including oil and gas exploration, renewable energy projects, and power generation, presents opportunities for welding consumables. Welding is essential in the construction and maintenance of pipelines, offshore structures, power plants, and wind turbines, driving the demand for welding consumables.
In May 2022 Voestalpine Böhler Welding has been consistently enhancing welding consumables for various applications in the wind energy sector to meet the emerging demands posed by larger dimensions, heavier weights, thicker materials, and the increasing use of high-strength steel grades.
Global Welding Consumables Market: Restraints
Economic Factors
Economic fluctuations, such as recessions or slowdowns in industrial growth, can affect the demand for welding consumables. During challenging economic times, companies may reduce their capital expenditure, leading to a decline in welding activities and a subsequent decrease in the demand for welding consumables.
Market Trends
Rising Adoption of Automation
The trend towards automation and robotics in welding processes has influenced the welding consumable market. As automated welding systems gain popularity, there is a growing demand for consumables specifically designed for robotic welding applications. These consumables need to meet the requirements of high-speed and precise welding operations.
In Feb 2023 Böhler Welding increases the efficiency of its customers with perfect solutions in terms of automation, the brand has developed a product portfolio for equipment and filler metals that is perfectly suited for automation.
Global Welding Consumables Market- Impact of Coronavirus (Covid-19) Pandemic
Globally, most countries have been affected by COVID-19 and most of the countries announced a lockdown. This disrupted businesses across the globe. The business disruption impacted the automotive and construction industry severely. Manufacturers faced material shortage issues due to disruptions in supply chains and suppliers faced resource constraints. All these factors slowed down the demand for Global welding consumables and hence the global welding consumables market witnessed slow growth during a pandemic.
Global Welding Consumables Market: Competitive Landscape
Global Welding Consumables market is highly competitive, owing to 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 regional as well as global basis. Some of the key players 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., Panasonic Corporation, and Others
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https://www.coherentmarketinsights.com/market-insight/welding-consumables-market-3252
Key Takeaways:
Global 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 CAGR of 5.8% between 2023 and 2030
Welding Consumables Market: Recent Developments
November 3, 2021 Hobart welding equipment manufacturer has introduced a new gas-shielded flux-cored wire FabCO 91K2-M to accompany its reformulated FabCO 91K2-C wire. Both wires provide robust mechanical properties when welding within a wide range of heat inputs. They are ideal for single or multi-pass, all-position welding on offshore, shipbuilding, heavy equipment and structural fabrication applications.
In Feb 2021 CASTOLIN EUTECTIC An electric Welding equipment manufacturer launched upgraded welding equipment: CastoTIG 1611 Advance, XuperMIG 3000 PULSE, XuperMIG EnDOtec-Edition
In November 2022, A University of Michigan lab is developing solutions. The first viable method for welding plastic and metal directly together was recently developed under the leadership of Pingsha Dong, the Robert F. Beck Collegiate Professor of Engineering, and is now reported in Journal of Manufacturing Processes.
