According to a new market report published by Transparency Market Research titled “Welding Consumables Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016–2026,” the global welding consumables marketis expected to reach a value of US$ 25,245.37 Mn by 2026 at a CAGR of 10.6%. The Asia Pacific welding consumables market is projected to observe the highest growth during the forecast period.The market witnessed considerable growth due to increased demand in construction, manufacturing industries etc.
The welding consumables market is influenced by market dynamics with the prime driving factor of increase in rapid growth of end-use industries such as construction, manufacturing, automotive & transportation, oil & gas, and power generation. Additionally, evolving automobile designs coupled with the addition of new safety features in them is offering significant opportunity to new welding techniques, thereby driving the welding consumables market.
On the other hand, slow growth of advanced welding technologies and consumable products in developing countries is one of the main challenging factors affecting the welding consumable industry. However, there is high potential for welding consumables in wind and solar energy industries.
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In 2017, based on product type, stick electrodes accounted for market value of around US$ 3,422.76 Mn at a CAGR of approximately 11% in the global welding consumables market due to its widespread application in end-use industries. This factor is expected to showcase growth potential for welding consumables. In terms of welding technique, oxy-fuel segment is anticipated to expand at a CAGR of more than 10% in terms of value.
Based on end-use, usage of welding consumables in construction and manufacturing industries is anticipated to grow at a faster rate due to increasing urbanization in developing as well as in developed regions. By geography, Asia Pacificis expected to continue its dominant share in the welding consumables market with more than 38% share. Across the Asia Pacific region, China holds highest market share in the welding consumables market.
However, there is high potential for welding products and consumables from wind and solar energy industries. The wind energy industry offers potential growth opportunities for manufacturers of welding consumables and techniques. Demand for wind power is constantly increasing globally due to environmental concerns, stringent regulations regarding carbon emissions, and footprint reduction initiatives mandated by various governments across the globe. Increasing demand for clean energy in various countries, especially in Europe and North America, is expected to propel the demand for welding consumables and techniques.
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This is expected to fuel the need for power grid infrastructure and fabrication of various components in order to ensure transmission of electricity from wind power fields to end-user industries and residential and commercial sectors across various countries. Emerging economies are also anticipated to experience a steady rise in installation of solar and hybrid power stations and wind turbines. This is estimated to significantly fuel the demand for welding consumables and techniques globally, during the forecast period.
Key players operating in the global welding consumables market includes voestalpine Bohler Welding GmbH, Hyundai Welding Co., Ltd., Illinois Tool Works Inc., The Lincoln Electric Company, Colfax Corporation, Hilarius Haarlem Holland B.V., Sandvik Materials Technology, EWM AG, Kobe Steel Ltd.,and Tianjin Bridge Welding Materials Group Co., Ltd.