Welding Consumables Market Size, Share & Industry Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and Others) and Regional Forecast, 2019-2026

The global welding consumables market size stood at USD 7.35 Billion in 2018 is projected to reach USD 12.41 Billion by 2026, exhibiting a CAGR of 6.8% during the forecast period.

The welding industry is growing with the increasing usage of welding equipment and welding consumables across the globe. Welding is a method that is done to obtain reliable, precise, cost-effective joints in the manufacturing industry. Welding consumables play a vital role in the construction and automotive industries, especially in building and bridge constructions or manufacturing a car. Furthermore, adoption of welding consumables has increased over the past few decades, owing to the rapid growth of fabrication and manufacturing sectors. In several industries, welding industry contributes significantly to the GDP in multiple ways, such as complementary goods, auxiliary products, employment, welding intensive industries and many more.

The welding consumables includes various products such as Metal Inert Gas (MID), Tungsten Inert Gas (TIG) wires, welding electrodes, fluxed core wires, soldering and brazing alloys and many more. These consumables are used regularly in day-to-day life in many industries. Furthermore, companies that manufacture welding consumables are working continuously on investing in their research and development departments to provide pollution-free and economical products to their clients.

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Moreover, the import and export of welding consumables is another factor that is influencing the market growth. Additionally, the market is fragmented, and the number of un-organized players is more than the organized players. These un-organized players offer welding consumables at a lower price with hindered quality. Furthermore, consumers of countries such as India, Mexico and China adopt the products of un-organized players, which is affecting the growth of the market.

The application of welding consumables in different industries is increasing, owing to the high deposition rate and strong welds. Also, manufacturers are focused on providing cost-effective, strong and flexible welding wires to their customers. As a result, the market has witnessed a remarkable growth form the past few years and is expected to grow significantly in developing countries.

MARKET DRIVERS

“Rapid adoption of Reliable Welding Consumables owing to the robust growth in the Infrastructure”

The increasing demand for new constructions in developed and developing countries is the primary factor that is influencing the market growth. For instance, in India, with the continuous surge in population, industrialization and urbanization, the demand for welding consumables is also increasing. Moreover, the Indian construction sector is the second-largest economic activity by employing approximately 14% of the total working population of India.

Furthermore, according to the India Brand Equity Foundation (IBEF), leading players in manufacturing, technology and construction sectors are investing out of India, which will turn lift the welding consumables market growth in the coming future.

For instance, Larson & Turbo (L&T) is working continuously in investing into power equipment manufacturing, and on another hand, Bharat Heavy Electrical Limited (BHEL) is planning to export its products to Syria and Vietnam.

Therefore, such strategies are influencing the welding consumables market growth globally. However, there are many other factors that are affecting the market dynamics, such as lack of testing facilities and missing technologies for low installed capacities. These factors may hamper the growth of the market in developing countries.

MARKET RESTRAINT

“Expensive Metal Fabrication Operation and a Shortage of Skilled Labor”

Metal fabrication is a primary operation in the automotive sector that uses sheet metal fabrication process for vehicle restoration, customization and roll cage fabrication with high manufacturing cost. The major factor hampering the industry growth is the high cost of metal fabrication tools limiting the designing and crafting of highly complex geometric shapes, as compared to plastic fabrication machines. Moreover, metal fabrication requires post-fabrication processes, such as deburring, finishing and painting, which is a time-consuming and costly operation.

Furthermore, the unavailability of the skilled labor force is posing a challenge to metal fabrication industry growth. The lack of investments in rigorous training and development of local labors is leading towards the shortage of skilled workforce.

For instance, a workshop organized by UIL and MENA government was attended by fifty policymakers and experts from six UNESCO members – Egypt, Jordan, Lebanon, Morocco, Tunisia and Palestine for strengthening adult education and training strategy. The workshop analyzed the training skills needed in social, economic and political fields, to set up management that plans and coordinated with labor training programs. Five countries namely Algeria, Egypt, Lebanon, Morocco and Tunisia have legal provisions for re-employment and labor training leading the implementation of labor training workshops all over the Middle East and Africa, thus improving work quality in manufacturing plants and surging the demand of welding consumables industry.

SEGMENTATION

By Type Analysis

“The solid wires segment is anticipated to hold the largest market share in terms of revenue”

The type segment in the welding consumables market is segmented into stick electrodes, solid wires, flux-core wires and SAW wires and fluxes. Whereas, the solid wires segment is expected to grow at higher rate followed by flux-core wires.

Additionally, the rapid growth of the building & construction industry, owing to the increasing urbanization across the globe is the primary factor that is driving the solid wires segment.

By Application Analysis

“Automotive and transportation segment is projected to dominate the market during the forecast period.”

Increasing investments in the production of vehicles is boosting the automotive and transportation segment in the coming future. Moreover, governments of several countries have already decided to invest in the production of electric vehicles, owing to the continuous surge in air pollution.

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The application is further segmented into heavy engineering, automotive and transportation, railways, construction, shipbuilding and others, such as oil & energy, aerospace and defense and others. Whereas, the heavy engineering segment is expected to hold the largest market share in the coming future. This growth is attributed to the increasing investments in the manufacturing sector form several different countries, across the globe.

REGIONAL ANALYSIS

The market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East and Africa. Whereas, all regions are further bifurcated into countries.

The Asia Pacific market size was valued at USD 2.38 Billion in 2018 and is expected to grow as a dominating region in the increasing global welding consumables market during the forecast period. In the region, the market is fragmented due to the huge presence of registered and unregistered companies that offers welding consumables to the consumers. Also, the growth in use of latest technologies, such as orbital TIG welding, stud welding, robotic welding, and laser welding is another factor that is driving the market in the region.

Furthermore, North America is anticipated to grow at moderate rate, owing to the saturation of the infrastructure sector in the USA and Canada. Also, the North America welding consumables market is driven by the U.S., owing to the increasing investments in the manufacturing sector. The U.S. is expected to hold the largest market share in the coming future.

The market in Europe is anticipated to grow significantly. This growth is attributed to the various factors, such as increasing urbanization, population, technology change and many more.

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Moreover, the market value in the Middle East and Africa and Latin America have significant growth. Increasing investments in the Middle East and Africa is the primary reason that is driving the growth of the market in the region.

INDUSTRY KEY PLAYERS

“Market Players like ESAB, The Lincoln Electric Company and Colfax Corporation holds the major market share in the market”

Companies such as ESAB, The Lincoln Electric Company, Colfax Corporation and Hyundai Welding Co. Ltd. may hold the largest market share in terms of revenue in 2018. Moreover, companies are more focused on producing environmentally friendly products, which can help in reducing air pollution.

List Of Key Companies Covered:

• Colfax Corporation


• The Lincoln Electric Company


• Hyundai Welding Co. Ltd.


• ESAB


• Obara Corporation


• Panasonic Corporation


• Fronius International GmbH


• Arcon Welding Equipment


• Ador Welding Ltd.


• Denyo Co., Ltd.

REPORT COVERAGE

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The report provides an elaborative analysis of the global Welding Consumables market dynamics and competitive landscape. Various key insights presented in the report are the price trend analysis, recent industry developments in the global Welding Consumables market, such as mergers & acquisitions, the regulatory scenario in crucial countries, macro, and microeconomic factors, SWOT analysis, and key retail industry trends, competitive landscape and company profiles.

Report Scope & Segmentation

INDUSTRY DEVELOPMENT:

• September 2019 - Lincoln Electric introduced new GTAW (TIG) cut lengths with high silicon formulations using stainless steel alloys for the clean and high-quality welding process. Upgraded manufacturing processes for the new products are enhancing the quality of the product by reducing complexities in welding process.


• July 2019- ESAB has launched new Cut Master Black Series with an enhanced feature by plasma cutting of consumables. This feature extends the operating life of the welded wires and electrodes by 60% that comes with Cutmaster 60i handheld air plasma cutting system.