Albany, New York, Oct. 17, 2018 (GLOBE NEWSWIRE) -- The global welding consumable market is projected to grow significantly in the coming years. The key players in the market are highly investing in research and development activities with an aim to develop new products and match up with the needs of the customers. The players are heavily investing in mergers and acquisition to increase their geographical reach and to get a knack on rising customer base. By using these business development strategies players are likely to improved competition in the market and stay ahead of their competitors. To mention some of the leading players in the market are The Lincoln Electric Company, Tianjin Bridge Welding Materials Group Co., Ltd. Hyundai Welding Co., Ltd., Colfax Corporation, and Hilarius Haarlem Holland B.V.
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According to TMR, the global welding consumable market is projected to expand at 10.6% CAGR during the forecast period between 2016 and 2026. Growing at this rate, the market is projected to reach US$25.24 bn by the end of 2026 in terms of value of sales.
Based on product type, the stick electrodes segment was valued at US$3.42 bn in 2017. This was due to the growing application of welding consumable in various end-use industries. On the regional front, Asia Pacific is holding 38% of share in the global market and is expected to dominate the market in the forthcoming years. The rising urbanization in developing economies is the major growth driver in this region.
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Rapid Urbanization across Globe to Surge Demand for Welding Consumables
The key factors contributing to the growth of the global welding consumable market is the wide application of welding consumable in manufacturing, construction, transportation and automotive, power generation, and oil and gas industries. The rapid growth of these end use industries has also increased the demand for welding consumables that is expected to lead the growth of the market. Swift development in urbanization in developed and developing regions has also benefitted the market. Moreover, increasing number FDI in construction and other industries is also augmenting the demand in the market. Evolving automobile designs and growing use of welding automation technology in fabrication have drawn masses to use welding consumables.
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Slow Adoption of Welding Technologies in Developing Economies to Deter Market Growth
Despite the various growth drivers, few restraining factors that might hamper the growth of the market. One of the major restraint is slow adoption of welding technologies in developing economies. Difficulty in setting up the welding equipment and expensive welding accessories, equipment, and consumables are likely to impede the demand in this market. Moreover, the adverse environmental impact caused by using welding consumables and slow growth of shipbuilding industries and defense and aerospace are also creating a hindrance for the welding consumable market. On the other hand, the use of welding automation technology in fabrication is gaining traction in developed countries due to high labor cost and lack of trained labor force.
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The information presented in this review is based on a TMR report, titled “Welding Consumables Market (Product Type - Stick Electrodes, Solid Wires, Flux-Cored Wires, SAW Wires and Fluxes; Welding Technique - Arc Welding, Resistance Welding, Oxy-Fuel Welding, Ultrasonic Welding; End use Industry - Automotive and Transportation, Construction, Manufacturing, Fabrication, Oil and Gas)- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2026.”
The Global Welding Consumable Market has been segmented as presented below:
Global Welding Consumable Market: By Product Type
- Stick electrodes
- Solid wires
- Flux-cored wires
- SAW Wires and Fluxes
- Others (GTAW Consumables, TIG consumables etc.)
Global Welding Consumable Market: By Welding Technique
- Arc Welding
- Resistance Welding
- Oxy-Fuel Welding
- Ultrasonic Welding
- Others (Friction stir, electron beam etc.)
Global Welding Consumable Market: By End-use Industry
- Automotive & Transportation
- Construction
- Manufacturing
- Fabrication
- Oil & Gas
- Others (Marine, Power Generation, Maintenance & Repair)
Global Welding Consumable Market: By Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Rest of Europe
- Asia Pacific
- China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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