Pune, India, April 11, 2022 (GLOBE NEWSWIRE) -- The U.S. Welding Consumables Market size is predicted to reach $3.31 billion by 2029 and exhibit a CAGR of 4.1% during the projected period. Fortune Business InsightsTM has presented this information in its report titled, “U.S. Welding Consumables Market, 2022-2029”. The market stood at $2.43 billion in 2021 and $2.50 billion in 2022.
Welding helped contribute to the success of key industries such as construction, railways, and defense. Welding consumables are essential in the repair and extension of the life of manufactured products.
List of Key Market Players Profiled in U.S. Welding Consumables Market are:
- Illinois Tool Works Inc. (Illinois, U.S.)
- Kiswel Inc. (Florence, U.S.)
- The Lincoln Electric Company (Ohio, U.S)
- Selectrode Industries, Inc. (New York, U.S.)
- Colfax Corporation (Delaware, U.S.)
- Voestalpine Böhler Welding Group GmbH (Kapfenberg, Austria)
- Kobe Steel, Ltd. (Hyogo, Japan)
- Fronius International GmbH (Wels, Austria)
- Linde plc (Guildford, U.K.)
- Welding Alloys (Hertfordshire, U.K.)
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COVID-19 Impact-
The COVID-19 pandemic has had an unexpected impact on the U.S economy. According to the World Economic Forum (WEF), the U.S. has experienced the sharpest decline in manufacturing and overall industrial manufacturing as a result of financial market fears of a recession and supply chain disruptions in June 2020. As a result, it has had a negative impact on the welding industry across the country and reduced demand for welding consumables across end-use industries. Furthermore, according to the U.S. steel industry, U.S. steel production will be down 12.7% year on year at the end of March 2020.
Segmentation-
On the basis of type, the U.S. welding consumables industry is segmented into stick electrodes, flux-cored wires, solid wires, SAW wires & Fluxes. On the basis of application, the market is fragmented into automotive and transportation, shipbuilding, heavy engineering, railways, construction, and others (oil & energy, aerospace & defense).
Report Coverage-
The report covers a detailed analysis of the U.S. welding consumables market share and provides in-depth information on the market and focuses on key aspects such as leading companies, product/service types, and leading product applications. Additionally, it provides insights into current market trends and highlights important industry advancements. In addition to the aforementioned factors, the report includes several others that have contributed to the U.S. welding consumables industry’s growth in recent years.
Browse Summary of this Research Report:
https://www.fortunebusinessinsights.com/u-s-welding-consumables-market-105150
Report Scope and Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 4.1% |
| 2029 Value Projection | USD 3.31 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 2.43 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | By Type, By Application |
| Growth Drivers | Accelerated Demand for Welding Consumables across Industry Verticals to Propel Market Growth |
| The emergence of Metal Joining Technologies in the Auto Industry to Take the Market by Storm | |
| COVID-19 Pandemic to Impact Market Adversely Attribute to Halt of Manufacturing Processes | |
| Pitfalls & Challenges | Expensive Nature of Metal Fabrication Operations to Impede Market Growth |
Drivers & Restraints-
Welding Consumables Demand to Rise across Industry Verticals
The use of stick electrodes, SAW and fluxes, solid wires, and other materials is expanding rapidly in the shipbuilding, aerospace, railway, construction, and defense industries. This is because these products are frequently coated with copper to prevent corrosion and oxidation, even when welding thick materials and alloys. The construction, and infrastructure, as well as railways industries, are expanding at a rapid pace because of rising urbanization.
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Regional Insights-
U.S. to grow at a Significant Pace during the Projected Period
The market in the U.S. is expected to grow significantly during the projected period. The rising government incentive schemes, the growth of construction and railways, and the overconsumption of steel for various applications are all contributing to the U.S. welding consumables industry’s expansion. Furthermore, OEMs are deploying technologies such as resistance, ultrasonic, oxy-fuel, and stir welding techniques, as well as the Internet of Things (IoT) across industries to supplement the U.S. welding consumables market growth.
Competitive Landscape-
Illinois Tool Works Inc. Prioritizes Worker Safety in Order to Expand Product Offerings
Illinois Tool Works Inc. prioritizes providing a safe workplace for its welding division employees. In 2019, for example, the company's useful approach of enhancing safety precautions at its facilities resulted in a 15% decrease in lost time due to accidents. In accordance with this strategy, the company has also redesigned its manufacturing process by adjusting and implementing aggressive workplace sanitation practices, shifting schedules, organizing web-based safety training programs, controlling import and export business, and managing production stability.
Industry Developments-
August 2020: - Miller Electric Mfg. LLC introduced the 'Multimatic 235 multiprocess welding power source,' which has capabilities such as MIG, DC stick, stick, flux-cored, DC Lift-Arc TIG, and pulsed TIG, allowing welders to start tackling materials and projects without downtime for switchover when using multiple power sources.
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Detailed Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- U.S. Welding Consumables Key Players Market Share Insights and Analysis, 2021
- U.S. Welding Consumables Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Type (USD Bn)
- Stick Electrodes
- Solid Wires
- Flux-cored Wires
- SAW Wires & Fluxes
- By Application (USD Bn)
- Heavy Engineering
- Automotive and Transportation
- Railways
- Construction
- Shipbuilding
- Others (Oil & Energy, Aerospace & Defense)
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Have a Look at Related Research Insights:
Welding Market Size, Share & COVID-19 Impact Analysis, By Product Type (Welding Equipment and Consumables), By Welding Type (Arc, Resistance, Oxy-Acetylene Gas, Solid State and Others), By Application (Automotive, Building & Construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas and Others) and Regional Forecast, 2021-2028
Welding Consumables Market Size, Share & COVID-19 Impact 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, 2020-2027
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