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Welding Consumables Market to Reach USD 16.7 Billion by 2029; Algeco Reinforces Australian Business with Procurement of Net Modular to Boost Growth

November 09, 2022 | Machinery & Equipment

The global welding consumables market size was valued at USD 12.2 billion in 2021. The market is projected to grow from USD 12.6 billion in 2022 to USD 16.7 billion by 2029, exhibiting a CAGR of 4.1% during the forecast period “Welding Consumables Market Size, Share & COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, Flux-cored Wires, SAW Wires & Fluxes), By Welding Technique (Arc Welding, Resistance Welding, Oxy-fuel Welding, Solid State Welding, Others (Electron Beam Welding)), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas, Others (Aerospace)), and Regional Forecast, 2022-2029”


The market is expanding due to an increase in the inclination to combine two distinct metals, the demand for unique and bespoke metal shapes and designs, greater fabrication, and applications in other intensive industries including manufacturing, automotive, and oil & gas.


Low Steel Demand & Disrupted Manufacturing Operations Restricted Market


The dynamics of manufacturing and other industries were drastically changed by the coronavirus pandemic, which also had a substantial effect on the labor market and the global economy. The COVID-19 pandemic had an impact on economies and companies in several countries as a result of lockdowns, travel restrictions, and business closures. The supply chains, technology events, and workplace closures were only a few of the significant upheavals that affected the manufacturing sectors.


Algeco Strengthens Australian Business with Acquisition of Net Modular


NET, a company that specializes in the production and maintenance of high-end modular school buildings, has had over 30 years of contracts with the New South Wales (NSW) Department of Education and Public Works. Algeco's presence in Australia's education market is now even stronger due to this acquisition.


Mike Smith, the Chairman of Algeco, also made a statement saying that the acquisition of NET significantly strengthens the foothold in the Australian Education segment. He also shared how thrilled they are that the NET team will continue to run the company and grow it. Welding technology has several uses, and the need from the automotive industry is driving market expansion.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/welding-consumables-market-101598


Numerous Applications of Welding Technology & Demand in the Automotive Industry are Driving Market Growth


One of the most fundamental and flexible methods for creating metals is welding, which has advanced greatly in recent years. It is also a common technique for producing metal in a number of industries. For instance, welding is a crucial process in the creation of a range of engineering items such as buildings, bridges, and pipelines.


In light of this, the market is in excellent shape to grow, with some high-potential regions seeing increased government investment in infrastructure development. Therefore, this is expected to boost the welding consumables market growth during the upcoming period.


Important Business-related Announcements by Key Players to Influence Market Dynamics


Fundamental welding consumables companies in the market often make crucial announcements regarding some business moves, which, in turn, affect the market either positively or negatively. Players acquire companies, launch new products, engage in partnership deals, and sign contracts with government organizations and so on.


Notable Industry Development:



  • February 2021: Kobe Steel, Ltd. declared that it has created and mass-produced the world's first nano-carbon composite coated titanium (NC-Titanium) *1. Toyota Motor Corporation has chosen a new titanium material for its latest generation fuel cell electric vehicle, the Mirai, which was unveiled in December 2020.


List of Key Players Mentioned in the Report:



  • Lincoln Electric (U.S.)

  • KOBE STEEL, LTD (Japan)

  • ESAB (U.S.)

  • CS HOLDINGS CO., LTD. (Korea)

  • Hyundai Welding Co., Ltd (U.S.)

  • Panasonic Corporation (U.S.)

  • Fronius International GmbH (Austria)

  • RME MIDDLE EAST (UAE)

  • voestalpine BÖHLER Edelstahl GmbH (Austria)

  • Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)


Further Report Findings


Asia Pacific currently holds the largest welding consumables market share and is expected to expand at the quickest rate throughout the forecast period due to the presence of welding consumables companies operating primarily in China, India, and South Korea.


Based on type, the market is classified into solid wires, flux-cored wires, stick electrodes, and SAW wires & fluxes. Solid wires are frequently used in many end-user industries for metal inert gas welding (MIG).


Table of Segmentation


















































ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



Segmentation



By Type, Welding Technique, Application, and Region



By Type




  • Stick Electrodes

  • Solid Wires

  • Flux-cored Wires

  • SAW Wires & Fluxes



By Welding Technique




  • Arc Welding

  • Resistance Welding

  • Oxy-fuel Welding

  • Solid State Welding

  • Others (Electron Beam Welding)



By Application




  • Automotive

  • Building & Construction

  • Heavy Engineering

  • Railway & Shipbuilding

  • Oil & Gas

  • Others (Aerospace)



By Region




  • North America (By Type, By Welding Technique, By Application)


    • U.S. (By Type)

    • Canada (By Type)


  • Europe (By Type, By Welding Technique, By Application)





    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe





  • Asia Pacific (By Type, By Welding Technique, By Application)


    • China (By Type)

    • Japan (By Type)

    • India (By Type)

    • Southeast Asia (By Type)

    • Rest of Asia Pacific


  • Middle East & Africa (By Type, By Welding Technique, By Application)





    • GCC Countries (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa





  • Latin America (By Type, By Welding Technique, By Application)





    • Brazil (By Type)

    • Mexico (By Type)

    • Rest of Latin America




Welding Consumables Market
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  • 2018-2020
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