Global Welding Consumables Market Size, Share, and COVID-19 Impact Analysis, By Type (Stick Electrodes, Solid Wires, SAW Wires & Fluxes and Flux-cored Wires), By Application (Heavy Engineering, Automotive, Construction, Railways, Shipbuilding and others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2028

KEY MARKET INSIGHTS

The global Welding Consumables Market size was valued at USD 15.3 Billion in 2021 and is expected to grow by USD 22.12 Billion in 2028 at a CAGR of 5.58%. With an increasing tendency toward combining two different metals, need for novel and customized metal shapes/designs, rising fabrication, and uses in other intensive industries such as automotive, manufacturing, and oil and gas, the market for welding consumables is exploding. Other important reasons driving to the market's growth include the introduction of numerous welding technologies, primarily resistance spot and plasma welding, as well as the widespread implementation of robotic welding solutions. For example, Yaskawa Motoman announced the ArcWorld 50 Series in September 2019, which is equipped with sophisticated welding functionalities such as weld inspection and process monitoring. Furthermore, the welding sector is being boosted by manufacturers' ongoing creation of improved grades of raw materials with novel properties.    

COVID-19 ANALYSIS 

The coronavirus pandemic has had a significant impact on the labor and the global economy as a whole, radically altering the dynamics of manufacturing and other industries. China, as the pandemic's epicenter and key manufacturing base, has significantly slowed global corporate operations and caused massive disruptions in regional and global value chains. According to the American Iron and Steel Institute, due to the halt in vehicle manufacturing, US steel mills reduced production and were working at roughly 50% of capacity, compared to 80% the previous year.

LATEST TREND

Introduction of Innovative Materials in Welding to propel Market growth  

There is a growing research to study the materials behave at the atomic level in order to combine two distinct metals without compromising their corrosion resistance, metal strength, or other performance characteristics. Energy-efficient and ecologically friendly "smart" materials are gaining traction in the market under this scenario. Smart materials have computer chips implanted in them to track the weldment's lifespan performance and to support multi-functional design. In terms of smart design for multi-functional systems, welding and joining NiTi shape memory increases flexibility. Furthermore, incorporating such materials uses less energy and lowers pre- and post-heating operations. Product designers, manufacturers, and welders would benefit from incorporating such technologies to improve the entire manufacturing cycle.

DRIVING FACTORS

Increasing Demand of Welding Robots in Various Industry Boost Market Growth

Welding robots are superior not only in terms of eliminating numerous welding safety issues, but also in terms of efficiency and precision. As a result, the manufacturing industry is in desperate need of welding robots. The number of operating industrial robots is predicted to expand by more than 80% by 2021, reaching roughly 3.8 million, according to the International Federation of Robotics. Furthermore, the growing need for welding automation technologies in fabrication is projected to boost the Welding Consumables Market forward in the not-too-distant future.

Increasing Demand For End Use Industries Propel Growth

Building and construction, marine, manufacturing, car, oil and gas, and other key end-use industries are all seeing increased use of welding, which is propelling the market ahead. Welding consumables are becoming increasingly used in a wide range of industries throughout the world because they provide a safe and precise means to join two metal parts. Furthermore, rising demand for electric vehicles has bolstered the automobile industry, resulting in increased demand for welding consumables.

RESTRAINTS

Raw Material Price Instability Is Restricting Market Growth

The slow adoption of new welding technologies in emerging nations, the environmental impact of welding consumables, and the slow expansion of the shipbuilding industries is limiting the market's growth. Additionally, raw material price instability is predicted to restraint market growth during the forecast period.  

SEGMENTATION

The global Welding Consumables Market is segmented by Type, Application, and Region. Based on the Type, the market is categorized into Stick Electrodes, Solid Wires, SAW Wires & Fluxes and Flux-cored Wires. Based on Application, the market is categorized into Heavy Engineering, Automotive, Construction, Railways, Shipbuilding and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.   

REGIONAL INSIGHTS

The global Welding Consumables Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America is a stable market for welding consumables, and the region's growth will continue to be positive over the projection period. The market's growth trajectory in North America will stay stable, owing to sustained demand from various industries and the country's automotive and construction sectors. The presence of a number of well-known manufacturers will also help with overall expansion.

Europe currently dominates the market, due to comprehensive government plans and regulations in place to increase installed capacity of renewable energy facilities. The need for welding consumables is expected to increase as building and infrastructure projects rise. Moreover, Europe will provide profitable chances in the next years as it offers appealing opportunities for gradually establishing smart factories and embracing Industry 4.0 technologies, which will open up new business avenues for the continent. However, due to the presence of unorganized and organized players operating primarily in China, India, and South Korea, Asia Pacific currently holds the largest share of the welding consumables market and is expected to grow at the quickest rate throughout the forecast period. Furthermore, the regional market is being propelled by a high adoption of smart technologies such as robotic welding and a large influx of capital. Leading domestic firms in the manufacturing, technology, and construction industries are investing outside of India, according to the India Brand Equity Foundation (IBEF), which will fuel market growth in the future.  

LIST OF KEY COMPANIES PROFILED:

• The Lincoln Electric Company (Ohio, United States)
• KOBE STEEL, LTD. (Hyogo, Japan)
• ESAB (Maryland, United States)
• ZULFI (Al Zulfi, Saudi Arabia)
• KISWEL LTD. (Seoul, South Korea)
• CS HOLDINGS CO., LTD. (Gyeongsangbuk-do, Korea)
• RME MIDDLE EAST FZCO (Dubai, UAE) 
• voestalpine BÖHLER Edelstahl GmbH & Co KG (Austria)
• capilla GmbH (Leopoldshöhe, Germany)

KEY INDUSTRY DEVELOPMENTS:

March 2020- voestalpine Böhler purchased Selco s.r.l. to expand its footprint in Europe and become a complete welding solutions provider. Böhler would also be able to better service its clients and obtain profitable business through the welding sector as a result of this transaction.

May 2019- Lincoln Electric signed a deal with Kaynak Teknii Sanayi ve Ticaret A. to expand its product line and accelerate its regional expansion strategy.

SEGMENTATION

By Type

• Stick Electrodes
• Solid Wires
• SAW Wires & Fluxes
• Flux-cored Wires

By Application

• Heavy Engineering
• Automotive
• Construction
• Railways
• Shipbuilding
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa