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The global welding consumables market size is projected to reach USD 15.15 billion by 2027 on the back of increasing preference for smart welding solutions across industries, observes Fortune Business Insights™ in its report, titled “Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-corded Wires and SAW Wires & Fluxes), By Application (Heavy Engineering, Automotive, Railways, Construction, Shipbuilding and others) and Regional Forecast, 2020-2027”. As per the report findings, the value of this market stood at USD 11.76 billion in 2019 and is expected to register a CAGR of 3.3% from 2020 to 2027.
The welding consumables market growth is expected to be negatively impacted by the COVID-19 pandemic. This will be mainly a consequence of contracting steel production, especially in China and India. Moreover, subdued manufacturing activities in China have crippled global supply chains of raw materials, affecting businesses worldwide in the process.
Miller Electric Takes Welding Industry by Storm with the New Multimatic® 235 Welder
Miller Electric launched the Multimatic® 235 Welder, the company’s newest multi-process welding power source, in August 2020. Engineered for convenient use, the product promises a higher output for professionals in diverse industries, including construction fabrication, MRO, and manufacturing. A versatile and comprehensive solution for welding operations, the machine’s multi-process capabilities include Lift-Arc™ TIG, pulsed TIG, DC stick, flux-cored, and MIG. These capabilities will empower welders to work on multiple projects and with diverse materials, without needing to constantly change the power source.
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Initiation of Large Scale Infrastructure Projects in Asia and Africa to Boost the Market
The market for welding consumables is slated for tremendous expansion in the upcoming decade owing to as massive infrastructure gets underway in Asia and Africa. For example, the Trans-Maghreb Highway is currently being built to connect 55 cities across North Africa along with 22 international airports in the region. Similarly, in Asia, infrastructure development is gathering pace. For example, India and Bangladesh are jointly developing the Maitree Super Thermal Power plant in Bangladesh, which will be completed in the next few years. Construction of bridges, highways, airports, and commercial buildings requires high utilization of welding technologies as the welding process facilitates the fusing of dissimilar metals, while maintaining their inherent strength and properties. Thus, with increasing investment in infrastructure in emerging economies, the demand for welding consumables is bound to escalate in the foreseeable future.
Key Competitors to Concentrate on Creating a Diversified Portfolio
Portfolio diversification activities undertaken by the key market players are rapidly expanding the market. Professionals across various industries have a wide choice of products and solutions to choose from and with the introduction of robotics in the welding industry, the choices have only widened. Encouraged by this, many companies in this market are constantly innovating and launching innovative welding consumables and are also adopting strategies such as collaborations with fellow competitors, mergers & acquisitions, and higher spending on R&D.
List of Key Companies Covered in the Market Report:
Further Report Findings:
Table of Segmentation
Value (USD Billion)