The global Welding Consumables Market is estimated to be valued at US$ 15.92 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 are used to join materials together through melting and joining process in industries such as automotive, construction, shipbuilding, and others. Welding consumables include stick electrodes, solid wires, flux-cored wires, and gases. The demand for welding consumables is rising due to growing infrastructure development and manufacturing activities worldwide.
Market key trends:
One of the key trends in the welding consumables market is the growing demand for protective welding apparel. Protective welding apparel plays a crucial role in ensuring safety of welders during welding operations. The rising awareness about occupational safety and health standards globally is driving the demand for Personal Protective Equipment (PPE) for welders such as leather jackets and sleeves, auto-darkening welding helmets, and gloves. Furthermore, technological advancements in protective welding apparel such as auto-darkening welding helmets that auto-darken to protect welders from flashes and sparks are gaining popularity. The auto-darkening filters provide comfort and ensure high-quality viewing during welding tasks. The growing safety concerns and stringent regulatory policies regarding use of protective gear are projected to propel the demand for protective welding apparel over the forecast period.
Segment Analysis
The global welding consumables market is segmented by electrod type into stick electrodes, solid wires, flux-cored wires, and saw wires & fluxes. Within these, the stick electrodes segment dominates the market and accounted for around 30% of the total share in 2023 owing to its widespread adoption in various end-use industries like construction, automotive, and shipbuilding where manual welding activities are carried out extensively.
Key Takeaways
Market size
The global welding consumables market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing infrastructure development activities and automotive production.
Regional analysis
Asia Pacific dominated the welding consumables market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to robust industrialization and infrastructural development activities in major countries like China and India.
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.