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Welding Consumables Market Size Worth USD 15.15 Billion by 2027 | At 3.3% CAGR

·6 min read
Fortune Business Insights
Fortune Business Insights

According to Fortune Business Insights, the global welding consumables market size is projected to reach USD 15.15 Billion by 2027, at CAGR of 3.3% during forecast period 2020-2027

Pune, India, July 26, 2022 (GLOBE NEWSWIRE) -- The global welding consumables market size is projected to reach USD 15.15 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Development of robotic welding systems is expected to propel the growth of this market in the near future, finds Fortune Business Insights™ in its report, titledWelding Consumables Market Size, Share & COVID-19 Impact Analysis, and Regional Forecast, 2020-2027”. A few key industry leaders such as ABB and ESAB have been constantly innovating and coming up with novel robotics solutions for welding applications.

For example, ABB has been researching and developing a next-gen welding solution called “flying start”, which will save precious milliseconds per weld. Robotic welds will be embedded with a flying-start mode that will enable turning on the power source for the weld before it arrives on location. KUKA AG, a leader in industrial robotics, released its ready 2_grind robotic solution in 2017 that can be utilized for blending and grinding applications across multiple industries, where welding is a core activity. These innovations are expected to fuel the welding consumables market growth in the forthcoming years.

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The outbreak of the COVID-19 pandemic has crippled the global economy. Businesses are experiencing unprecedented stress as economies continue to report dismal numbers. We, at Fortune Business Insights™, aim to equip businesses with comprehensive impact analysis of the current pandemic on different markets, based on our expertise and experience in market intelligence.

According to the report, the global market value was at USD 11.76 billion in 2019. The report also offers the following:

  • Careful segmentation of the market and piece-meal study of each segment;

  • Comprehensive insights into the regional developments occurring in the market;

  • Tangible research into the market drivers, trends, and challenges; and

  • Granular assessment of the competitive landscape of the market.

Market Restraint

Massive Shortage of Skilled Welders to Inhibit Market Growth

One of the major roadblocks impeding the welding consumables market growth is the severe shortfall of skilled welding professionals across different industries. In India, for instance, the Indian Institute of Welding estimates that the country currently faces a shortage of 1.2 million welding professionals, which is likely to swell to 1.35 million over the next three years. Similarly, the American Welding Society predicts that the deficit of welding workers will reach 400,000 by 2024. Moreover, the lack of skilled welding professionals is hampering the quality of products. For example, in June 2018, Ford had to recall 12,000 of its models owing to defects in the pump welds. In another instance, the UK was forced to delay the launch of its nuclear missiles in August 2018 after it was discovered that the missile tubes had cracks. Thus, deficiency in skilled welders is likely to stymie the demand for welding consumables in the coming years.

Browse Summary of this Research Report: 

https://www.fortunebusinessinsights.com/industry-reports/welding-consumables-market-101598

Regional Insights

Increasing Penetration of Smart Welding Technologies to Augment the Asia Pacific Market

The Asia Pacific, with market size of USD 3.94 billion, dominated the welding consumables market share in 2019 and is expected to continue its dominance during the forecast period. The primary factor enabling the region to maintain its leading position is the steady penetration of advanced welding technologies such as robotics. In addition, some of the top domestic players such as Bharat Heavy Electrical Limited are developing welding consumables and aggressively exporting them to less developed countries such as Vietnam.

The market in North America and Europe is anticipated to experience lucrative opportunities as these regions are increasingly adopting Industry 4.0 technologies and setting up smart factories, which is opening a new expansion avenue for this market.

Competitive Landscape

Focused Spending on Innovation to Produce Favorable Results for Players

Key players in the market for welding consumables are directing their investments smartly toward innovation, which is enabling them to not only diversify their offerings but also to cement their market position. With a view to expanding global footprint, companies are also strategically acquiring entities and bolstering their international and regional presence.

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Key Industry Developments

  • July 2020: Lincoln Electric expanded its flagship line of Ranger welders/generators by adding the new Ranger® 260MPX™. The novel welding machine features a compact design and a digital interface, with a 20% lower carbon footprint than other comparable products.

  • March 2020: voestalpine Böhler Welding purchased a majority stake in Selco s.r.l., the leading welding machine manufacturer in Italy. Böhler is aiming to strengthen its position in Europe as the acquisition allows the company to add welding machines to its portfolio.

List of Key Companies Profiled in this Market Report:

  • Miller Electric Mfg. LLC (Wisconsin, United States)

  • capilla (Leopoldshöhe, Germany)

  • RME MIDDLE EAST (Dubai, UAE)

  • KISWEL CO., LTD. (Seoul, South Korea)

  • ESAB (Maryland, United States)

  • Lincoln Electric (Ohio, United States)

  • Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)

  • voestalpine BÖHLER Edelstahl GmbH (Austria)

  • CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, South Korea)

  • ZULFI (Al Zulfi, Saudi Arabia)

  • KOBE STEEL, LTD (Hyogo, Japan)

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Table of Content:

  • Introduction

    • Definition, By Segment

    • Research Approach

    • Sources

  • Executive Summary

  • Market Dynamics

    • Drivers, Restraints and Opportunities

    • Emerging Trends of Market

  • Key Insights

    • Macro and Micro Economic Factors

    • Key Technological Developments

    • Consolidated SWOT Analysis of Key Players

    • Porter’s Five Forces Analysis

  • Global Welding Consumables Market Analysis, Insights and Forecast, 2015-2026

    • Key Findings / Summary

    • Market Sizing Estimations and Forecasts – By Type (Value)

      • Stick Electrodes

      • Solid Wires

      • Flux-cored Wires

      • SAW Wires & Fluxes

    • Market Sizing Estimations and Forecasts – By Application (Value)

      • Heavy Engineering

      • Automotive and Transportation

      • Railways

      • Construction

      • Shipbuilding

      • Others (Oil & Energy, Aerospace & Defense, etc.)

    • Market Analysis, Insights and Forecast – By Geography (Value)

      • North America

      • Europe

      • Asia Pacific

      • Middle East and Africa

      • Latin America

  • North America Welding Consumables Market Analysis, Insights and Forecast, 2015-2026

    • Key Findings / Summary

    • Market Sizing Estimations and Forecasts – By Type (Value)

      • Stick Electrodes

      • Solid Wires

      • Flux-cored Wires

      • SAW Wires & Fluxes

    • Market Sizing Estimations and Forecasts – By Application (Value)

      • Heavy Engineering

      • Automotive and Transportation

      • Railways

      • Construction

      • Shipbuilding

      • Others (Oil & Energy, Aerospace & Defense, etc.)

    • Market Analysis, Insights and Forecast – By Country (Value)

      • U.S.

      • Canada

  • Europe Welding Consumables Market Analysis, Insights and Forecast, 2015-2026

    • Key Findings / Summary

    • Market Sizing Estimations and Forecasts – By Type (Value)

      • Stick Electrodes

      • Solid Wires

      • Flux-cored Wires

      • SAW Wires & Fluxes

    • Market Sizing Estimations and Forecasts – By Application (Value)

      • Heavy Engineering

      • Automotive and Transportation

      • Railways

      • Construction

      • Shipbuilding

      • Others (Oil & Energy, Aerospace & Defense, etc.)

    • Market Analysis, Insights and Forecast – By Country (Value)

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Rest of Europe

TOC Continued...!

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