Welding Consumables Market to reach $18,286 million by 2023 with Leading Manufacturers
Welding Consumables Market by Type, End-user Industry, and Welding Technique: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global welding consumables market was valued at $12,405 million in 2016, and is projected to reach $18,286 million by 2023, growing at a CAGR of 5.7% from 2017 to 2023. The solid wires segment was dominant, accounting for around half of the market share in 2016.
Welding materials are magnetic flux materials and liquid fillers in the welding process to create strong joints. The choice of welding materials depends on the type of final use. Growth in the construction and automotive industry, increasing the number of applications in various industries, increasing the use of welding materials for the purpose of repair and maintenance and increasing investment in full energy infrastructure demand promotes market growth. More than 90% of welding consumables and welding equipment products are sold through dedicated partners, system integrators and distributors.
Fire segment & SAW throughput is predicted to have the greatest demand in the wind field, while the increase in the number of thermal projects is expected to boost the growth of sticky electrodes and solid wires. Delay in nuclear power projects, especially in North America and Europe, restrains the global market in the energy industry.
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The energy segment is forecast to grow at a significant CAGR during the forecast period due to the growth in the amount of investment in renewable energy sources, stimulating demand for new projects. Asia-Pacific is expected to grow at the highest rate, thanks to the large number of proposed and proposed energy projects in China & India.
Asia-Pacific and Europe collectively accounted for more than half of the share of the global market revenue in 2016. In the same year, Asia-Pacific dominated the market, owing to the growth in automotive sector and increase in construction activities. Moreover, initiatives taken by government authorities to support growth of manufacturing sector are expected to boost the demand for welding consumables in the region.
Top key players :
• Colfax Corporation (U.S.)
• Fronius International GmbH (Austria)
• Hyundai Welding Co.Ltd. (Singapore)
• Illinois Tool Works Inc. (U.S.)
• Kemppi Oy. (Finland)
• Obara Corporation (Japan)
• Panasonic Corporation (Japan)
• The Lincoln Electric Company (U.S.)
• Tianjin Bridge Welding Materials Group Co.Ltd. (China)
• Voestalpine Bhler Welding GmbH (Germany).
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