Nickel Alloy Welding Consumable Market to Exhibit CAGR of 5.4% During 2017 to 2025 Due to Increase Demand of Welding Wire

Although moderately consolidated among a few leading players, the global nickel alloy welding consumables market demonstrates a highly competitive business landscape. A new research study by Transparency Market Research (TMR) states that the key players cater to around 50% of the overall demand for nickel welding consumables across the world. Players, such as Illinois Tool Works Inc., Voestalpine Bohler Welding GmbH, ESAB, Lincoln Electric Holdings Inc., and Colfax Corp., are constantly make efforts to outdo each other. They rely on innovation and technological advancements to increase their product sale and, in turn, their market share. Local players are also creating tough competition for leading companies. In a bid to gain a foothold in the market, they provide consumables on discounted rates. This, eventually, forces established brands to lower their prices, disturbing their returns, states the research study.

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Market Opportunity to Rise at 5.4% CAGR between 2017 and 2025

The global nickel alloy welding consumables market has gained significant traction over the last few years. The abundant availability of nickel, worldwide, and the efficiency of nickel alloys as stick electrodes and wires is boosting their demand in various industries, such as construction, power, automotive, and marine. This, in turn, is creating an opportune marketplace for nickel alloy welding consumables.

According to the report, the opportunity in the worldwide nickel alloy welding consumables market is proliferating at a healthy CAGR of 5.40% between 2017 and 2025. In 2016, the market stood at US$3.5 bn and researchers estimate it to increase up to US$5.6bn by the end of the forecast period.

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Although, the nickel alloy welding consumables market demonstrates a thriving future, it may face a few setbacks in the years to come. The fluctuating production of the metal may hamper the growth of this market over the next couple of years. The market may also suffer due to the price volatility of raw materials and the dearth of skilled manpower required to perform various welding tasks, notes the market study.