The welding consumables market is estimated to be valued at US$ 16.84 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 Overview:
Welding consumables refer to the materials that are used during the arc welding process. Some key welding consumables include stick electrodes, solid wires, flux-cored wires, and specialty electrodes. These consumables find extensive applications in various end-use industries such as automotive & transportation, building & construction, marine, oil & gas, and others. Welding consumables provide an economical and efficient means of joining metals and help improve the mechanical properties and corrosion resistance of the weld.

Market key trends:
The global welding consumables market has been witnessing significant growth owing to rising infrastructural development activities across both developed and developing countries. Various regional governments are strengthening their infrastructure by expanding road networks, rail lines, ports, power grids, and other public infrastructure. According to the World Bank, the global infrastructure spending is estimated to be over US$ 3.7 trillion by 2025. Additionally, the revival of the automotive industry post-COVID has also increased the demand for welding consumables from the sector. Automakers are increasingly utilizing advanced welding technologies such as MIG, TIG, and laser welding to manufacture lightweight vehicles and meet stringent fuel efficiency norms. Moreover, increasing oil & gas E&P activities are propelling the consumption of welding consumables in pipelines, drilling, and other oilfield equipment. Rising energy demand coupled with increasing exploration of unconventional resources, such as shale gas, is likely to boost the welding consumables consumption from the oil & gas industry over the forecast period.

Porter’s Analysis
Threat of new entrants: Low barrier to entry and availability of raw materials attract new players. However, established players have strong distribution networks and economies of scale.

Bargaining power of buyers: Large buyers such as automotive and construction industries have significant bargaining power due to the fragmented nature of the supply base.

Bargaining power of suppliers: The welding consumables market consists of numerous global and regional suppliers, reducing individual supplier power. Suppliers also need to meet strict quality and safety standards.

Threat of new substitutes: No viable substitute currently exists for welding in various end-use industries like automotive and shipbuilding.

Competitive rivalry: Intense competition due to large number of players and price being the main differentiator.

SWOT Analysis
Strengths: Wide applications in construction and automotive boost demand. Technical advancements in welding technologies drive the market.

Weaknesses: Dependency on economic cycles makes market volatile. High initial investments and training required.

Opportunities: Growth in welding robotics and 3D printing technology presents opportunities. Rising demand for welding products in APAC and MEA regions.

Threats: Stringent environmental regulations increases compliance costs. Threat from localized and unorganized players.

Key Takeaways
The Global Welding Consumables Market Size is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing infrastructural development and industrialization. Asia Pacific dominates the global market and is expected to grow at the fastest rate due to rapid urbanization and increasing automotive production in China and India.

Regional analysis: Asia Pacific market accounted for over 35% of the global welding consumables market share in 2023 owing to large manufacturing sector and growing construction industry in the region. China dominates APAC due to low labor costs and favorable policies attracting foreign investments. Europe and North America are also major markets driven by established automotive and machinery industries.

Key players: 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. Major players are focusing on new product launches and mergers & acquisitions to strengthen their market position.

Read more: https://www.rapidwebwire.com/welding-consumables-market-share-analysis/