“Welding Consumable Market: Global Demand, Growth Analysis & Opportunity Outlook 2023”
The global welding consumables market is segmented into technology such as arc welding, resistance welding, oxy-fuel welding, ultra-sonic welding and others. Among these segments, arc welding segment is expected to occupy top position in overall welding consumables market during the forecast period. The demand for arc welding consumables is increasing on the back of factors such as growth of construction industry, expansion of automobile industry and rapid pace of urbanization. Further, growing demand for advanced welding consumables in various end use industries is anticipated to propel the growth of the market.
Global welding consumables market is expected to flourish at a significant CAGR of 5.4% during the forecast period. Further, the global welding consumables market is expected to garner USD 16.3 Billion by the end of 2023. The global demand for welding consumables is increasing due to the rapid pace of urbanization. Further, increasing construction activities in growing economies such as China, India and others is key growth driver of the global welding consumables market. Additionally, rapid growth and expansion of automotive industry is envisioned to bolster the growth of the global welding consumables market.
Asia Pacific captured the largest percentage of market share in overall welding consumables market in 2016. Further, Asia Pacific is expected to continue its dominance over the forecast period on the account of rapid growth in automobile sector and construction industry. China and India are the major countries which are creating a huge demand for the welding consumables. Europe is expected to showcase a tremendous growth over the forecast period i.e. 2017-2024. Increasing construction activities in the Western Europe is the major factor which is fuelling the demand for welding consumables in the region.
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Growth of Construction Industry and Urbanization
Rapid urbanization in developed and growing economies such as U.S., China, India, and others is increasing the demand for welding consumables. Similarly, global construction industry is booming on the account of urbanization and rising disposable income. This massive growth of construction industry is expected to grow the welding consumable market all over the globe.
Product Development and Technology Innovations
Rising application of welding automation technology in fabrication is anticipated to intensify the demand for welding consumables over the forecast period. Moreover, innovations in welding consumable such as ability to efficiently weld thick metals, high corrosive resistant and others are anticipated to drive the growth of the welding consumables over the forecast period.
However, fluctuations in the price of raw material and slow adoption rate of advanced welding consumable are some of the factors which might dampen the growth of welding consumables market during the forecast period.
The report titled “Welding Consumable Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global welding consumables market in terms of market segmentation by technology, by equipment, by accessories, by consumables, by end user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global welding consumables market which includes company profiling of Hyundai Welding Company, Panasonic Corporation, Arcon Welding Equipment, The Lincoin Electric Company, Air Liquide, Fronius International GmbH, D & H Welding Electrodes India Ltd., GEE Ltd., Metrode and Fsh Welding Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global welding consumables market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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