October 13, 2024
Ict

Welding Consumables Market is Expected to be Flourished by Growing Automotive Industry

Welding consumables are materials used during the metal welding process to fuse or join metal components through coalescence. In welding, an electrical current is used to generate high temperature to melt and fuse metals. Welding consumables comprise of bare wires, rods, fluxes, filler metals, and electrodes used in various welding processes such as arc welding, oxy-fuel welding, and resistance welding. The global welding consumables market is rapidly growing due to the increasing demand from the automotive industry. Welding consumables find major applications in the manufacturing of motor vehicle bodies, chassis, drive shafts, engines and other components of automobiles. Advancements in electric and hybrid vehicles are further propelling the demand for welding in automotive production.

The global Welding Consumables Market is estimated to be valued at US$ 15.92 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rising demand for welding consumables from the automotive industry remains one of the key drivers of the welding consumables market. The growing automotive production across developing economies is fueling the adoption of welding technology in vehicle assembly lines. Furthermore, increasing investments by leading automakers in electric vehicles will also assist the market growth over the forecast period. Development of new welding wire formulations suitable for advanced high-strength steels used in electric vehicles acts as an opportunity. Additionally, ongoing research and development activities to enhance welding efficiency and develop stronger and durable welding consumables will further accelerate the welding consumables market expansion during the forecast period.

Segment Analysis
The welding consumables market is dominated by the arc welding segment, which holds approximately 80% share of the overall market. Arc welding provides high deposition rate and requires low skill level compared to other welding techniques like resistant welding, thereby making it ideal for various industrial applications which require large scale manufacturing. Within arc welding, shielded metal arc welding (SMAW) accounts for the major share owing to its widespread adoption for pipe welding and construction purposes. Gas metal arc welding (GMAW) and gas tungsten arc welding (GTAW) are also prevalent sub-segments due to their high welding speeds and versatility for both thick and thin materials.

Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. Voestalpine AG and Colfax Corporation are two leading players dominating the global market share owing to their extensive product portfolio and geographical presence.

PEST Analysis
Political: Trade policies and import/export duties imposed by various countries impact the raw material prices and availability. Changes in regulations regarding environment protection and workplace safety also affect the demand.
Economic: Economic growth and investments in industries like automotive, infrastructure and shipbuilding drive the welding consumables consumption. Recession impacts capital spending negatively.
Social: Rising focus on workplace safety and regulations have increased the adoption of advanced welding techniques. Urbanization trends also spur infrastructure development.
Technological: Developments in automation, robotics and new welding techniques like friction stir welding are simplifying welding processes and aiding productivity.

Regional analysis: The Asia Pacific welding consumables market is projected to grow the fastest during the forecast period led by China, India, Indonesia and other developing Asian countries. Large manufacturing sector in China coupled with “One Belt One Road” initiative has increased infrastructure investments driving demand. Expanding automotive sector and rising investments in industries like shipbuilding and construction in India is further boosting the market.

Key Takeaways
The global Welding Consumables Market is expected to witness high growth over the forecast period supported by infrastructural development projects globally and increasing automotive production.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it

 

Money Singh
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

Money Singh

Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. 

View all posts by Money Singh →