Welding Consumables Market Size & Forecast Report, 2014 - 2025

The welding consumables market includes welding equipment consumables and services. Welding consumables are materials such as alloys, minerals, and metals that are used to amalgamate thermoplastic and metal components. Welding consumables account for the lion's share of the global welding industry in terms of profits compared to equipment and services. Technological advancement of welding methods is expected to drive market growth over the forecast period. The global market has been facing dramatic change to flux and solid cored wired from electrodes owing to advanced production efficiency in welding consumables. Growing Innovation in developing new techniques for welding is anticipated to boost the market growth and create opportunities over the next few years. Increasing demand owing to growth in residential and commercial building constructions is estimated to positively impact and can attribute as the major driving factor.

Increasing demand from growing end-use industries including transportation, mainly in emerging economies such as China, India, Thailand, and Singapore is expected to propel the global welding consumables market over the forecast period. Growing population along with an increase in disposable income of people can be attributed to the aforementioned driver. New Infrastructural projects coupled with government investment to develop cities are anticipated to drive the market demand for global welding consumables. Welding steel plays a major role in the global market owing to the high demand and need for steel in various industrial and manufacturing processes.

Welding is extensively used in the metal and steel industries for fabrication processes. The impact of the welding process on the metal sector is dependent on the total parts manufactured in the process. Industries are expected to prefer the welding process over another conventional fabrication process including soldering and brazing, since they are more efficient, offer higher product strength, and account for less production cost.

Lack of Skilled Labor in industries about handling the welding products coupled with high labor cost is expected to pose a major challenge and restraint for the market growth over the forecast period. Based on the product type, the welding consumables market has been segmented into solid wires, stick electrodes, saw wires and fluxes, flux-cored wires. The Stick electrodes segment holds the largest market share in the global industry owing to the high demand and prevalence of welding in regions including Africa and the Middle East. These electrodes are mainly used as a low-cost alternative for the welding process Wires and fluxes are expected to witness significant growth rates over the forecast period owing to increasing demand from consumer appliances and automotive segments. Flux-cored wires provide clean and strong welds and a high deposition rate. Efficient performance and higher productivity of wires and fluxes are estimated to be the key factors driving the market growth.

Based on application, the market has been classified into building & construction, automotive & transportation, defense & aerospace, and marine applications. Building and construction are expected to dominate the global market owing to increasing infrastructure projects and manufacturing industries. Regional initiatives such as Make in India campaigns are expected to boost the manufacturing sector in the country thereby resulting in an increased demand for welding processes. Automotive and transportation is expected to witness a significant growth rate owing to increasing technological developments and the launch of new vehicles into the market. Increasing investments in the oil & gas and energy sectors are estimated to propel the global welding consumables market

The Asia Pacific is expected to hold the largest market in the global industry owing to the high prevalence of end-use industries. The growing manufacturing sector coupled with government initiatives is expected to be the major factor driving the market growth in this region. Africa and the Middle East are anticipated to witness a high growth rate owing to raw materials availability and increasing automotive industry demand.

Key market vendors in the global welding consumables market include Lincoln Electric, ESAB, Vorarc Welding CC, Illinois Tool Work, and Promax Welding. Other industry participants include DAIHEN Corporation, Obara Corporation, Kiswel Inc, Kobe Steel Limited, Royal Arc Electrodes Limited, Arcsel LLC, and Corodur Fulldraht GmbH

The key market players have developed their distribution networks, as distribution is a critical success factor in this industry. For instance, ESAB, Voestalpine, and Lincoln Electric have a network of independent distributors and wholly-owned subsidiaries to supply finished consumables to end-users in the country.