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The global welding consumables market is expected to reach USD 23.28 Billion by 2026. The rising focus of manufacturers on providing cost-effective, strong and flexible welding wires is a key factor driving the market, says Fortune Business Insights in a report, titled “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 market is expected to rise at a CAGR of 6.8% between 2019 and 2026. It was valued at USD 13.79 Billion in 2018.
According to the report, the global welding consumables on the basis of geography is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. Asia Pacific is expected to dominate the welding consumables market during the forecast period owing to the presence of key players in the regions. In addition, the utilization of the latest technologies such as orbital TIG welding, stud welding, robotic welding, and laser welding will further boost the growth of the market in Asia Pacific.
Automotive and Transportation Segment to Hold Lion Shares
On the basis of application, the market is segmented into heavy engineering, automotive, railways, construction, shipbuilding and others. The automotive and transportation segment is expected to hold maximum portion in the overall welding consumables market share during the forecast period owing to the growing investments in the production of vehicles and rising government initiatives for the production of electric vehicles due to the rising air pollution. Furthermore, the heavy engineering segment is expected to hold significant shares during the forecast period owing to the increasing investments in the manufacturing sector form several different countries, across the globe.
In addition, the launch of the new cut Master Black Series by ESAB will create new growth opportunities for the market. For instance, 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.
Use of Latest Technologies Will Propel Growth In Asia Pacific
As per the report, the welding consumables market in Asia Pacific was valued at USD 4.3 Billion in 2018 and is expected to dominate the global market during the forecast period owing to the rising demand for welding consumables and surge in construction work. The growing presence of organized and un-organized players that offer welding consumables to the consumers will further enable growth in the region. Furthermore, 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 Asia pacific.
North America is expected to grow at moderate rate during the forecast period owing to the growth of the infrastructure sector in the USA and Canada. The increasing investments in the manufacturing sector in countries such as the U.S will further accelerate growth of the welding consumables market. The Europe market is anticipated to grow significantly attributed the increasing urbanization, population, technology change in the region. Moreover, the welding consumables market in the Middle East and Africa and Latin America is likely to witness significant growth. Increasing investments in the Middle East and Africa is a factor that is favoring growth of the market in the region.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/welding-consumables-market-101598
The Global Welding Market Is Segmented Into
Value (USD Billion)