The global Welding Consumables market is forecasted to reach USD 23.76 Billion by 2027, according to a new report by Reports and Data. The growing demand for advanced welding technologies in high-end manufacturing applications should have a positive impact on the market. Besides, an increasing number of construction projects in the emerging economies are expected to support market growth.
Increasing advancements in the automotive and aerospace sectors are expected to introduce new products with improved durability and performance that could stimulate the market. These products facilitate the welding mechanism and are therefore popular in small and large scale welding applications. In 2019, the building and construction applications segment accounted for the largest market share, while the automotive and transportation segment is expected to have the highest CAGR over the forecast period.
The high-performance welding with smooth finishes and secure handling offered by these products is widely used for several welding technologies such as arc, oxy-fuel, resistance, and laser beam. These technologies are expected to experience significant growth due to benefits such as deep weld penetration and minimum weld area. Laser beam technology is expected to experience a CAGR of 6.4% over the forecast period. The technology provides concentrated heat, which can be used for narrow and deep welds.
Key industry participants focus on optimizing business growth by providing welding consumables to original equipment manufacturers in the country. The market is characterized by intense competition, in which players offer consumables as well as other products and technologies.
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Key participants include Colfax Corporation, Veostalpine AG, Air Liquide Welding Ltd., The Lincoln Electric Company, Hyundai Welding Co., Ltd., Obara Corporation, Weld Mold Company, Welding Alloys Group, CenterLine Holdings Inc., and ESAB, among others.
Further key findings from the report suggest
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Market Overview:
Rapid developments in the manufacturing sector and equipment, robust growth in the building and construction sector, high adoption for eco-friendly materials in constructions and increasing demand for smart buildings and smart homes are boosting market growth. Steady increase in the disposable income across the globe, improvements in the standard of living, increasing number of redevelopment plans and high demand for aesthetic look and posh homes are further fueling market growth. In addition, increasing R&D investments, and government schemes to support manufacturing and construction industry are fueling growth of the global Welding Consumables market.
For the purpose of this report, Reports and Data have segmented into the global Welding Consumables market on the basis of Product, Technology, End-Use, and Region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Technology Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
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Detailed Regional Analysis Covers:
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