The growth of the welding sector is majorly reliant on the global steel consumption in several end-use industries such as the marine, automotive & transportation, and construction industries. In its recent report, Future Market Insights (FMI) has forecast the global welding consumables market will reach US$ 15.36 Bn in 2020, growing at a 5.7% CAGR over the forecast period, 2020-2030
Market players are inclining towards automation at diverse stages in the welding process. Technological advancements such as the use of computer-assisted welding techniques and welding robots are changing modern-day welding landscape. These developments are expected to spur growth in the global market.
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FMI’s report on the market provides a comprehensive overview, addressing key market dynamics. Some of the takeaways from the report are as follows:
- The global welding consumable market is estimated to be valued at US$ 26.82 Bn towards 2030 end
- Europe spearheads the global market backed by rising demand from the energy sector
- East Asia has emerged as a highly attractive welding consumables market backed by rising investment in infrastructural development and presence of a strong industrial base in China, Japan, and South Korea
- Stick electrodes remain the frontrunner in the consumables category over the forecast period.
- Arc welding type will reflect lucrative growth prospects during 2020-2030.
- Construction end use segment is projected to hold maximum sway in the market.
“End users across industries are partnering with key companies to experiment and obtain product that best suits their requirements. Companies are focusing on improving product lines to cater different types of welding technologies and therefore different applications and end use industries.,” said a lead analyst at FMI.
COVID-19 Impact on Welding Consumables Market
COVID-19 pandemic has brought several sectors to a screeching halt and impacted the world economy considerably. Production activities has been reduced since the enactment of nationwide lockdown and temporary suspension of non-essentials manufacturing facilities in worst hit countries across the world.
Some of the facilities are however now operating at about 50% of the capacity which has led to a slump in demand for welding consumables. However, as the regulations alleviates and fabrication activities gradually begin, the welding consumables market is anticipated to exhibit a steady expansion during the assessment period.
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Who is winning?
Global welding consumables market is comparatively fragmented. The leading companies are accounting for about one-third of the overall market share. Rising number of regional manufacturers offering economical solutions will might intensify competition in the market. Players are investing in product innovation and merger and acquisition which is allowing them to not only expand their offerings but also to fortify their market position. Case in point
Lincoln Electric extended its flagship line of Ranger generators/welders by introducing the new Ranger 260MPX. It features a digital interface and a compact design, with carbon footprint of 20%, lower as compared to other products.
Voestalpine bought a huge stake in Selco s.r.l., a leading welding machine producer in Italy. The company is aiming to fortify its position in Europe as the takeover allows the Voestalpine to add welding machines to its product line.
Major companies identified in the global market include Colfax Corporation, Voestalpine AG, Kobe Steel Limited, Illinois Tool Works Inc, Linde Plc, Taiyo Nippon Sanso Corporation, Air Liquide S.A., Air Products and Chemicals Inc., MESSER Group GmbH, Hyundai Welding Co Ltd., EWM AG, Ador Welding Limited, WB Alloy Welding Products Limited, FSH Welding Group, GCE Group and Industrial Welding Corporation.
Competitive Landscape
Companies operating in the market are focusing on improving their technological strength to stay ahead of the competition in the market. Players are fortifying their market position in regional markets by partnering with end use sector to comprehend and offer what they necessitate. Efforts are made to improve production to cater domestic demand in addition to export products to enhance profitability and market share.
For instance, Voestalpine Böhler has acquired Selco s.r.l., a prominent welding machine producer in Italy. The company is aiming to become a full welding solutions provider in the welding sector and fortify its market position. It will also offer a seamlessly coordinated combination of welding machines and welding consumables.
UP Group merged with VAUTID Group, a manufacturer of welding consumables, wear-resistant cast components and wear protection plates based in Germany. The acquisition will help the companies to expand their regional production and service capabilities and enhancing the added value they create.
To Know More About Welding Consumables Market:
A new market research report published by Future Market Insights (FMI) on the global Welding Consumables market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the welding consumables market through three different segments – product type, welding type, end use and region. The market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply of welding consumables and product adoption across several end-use industries.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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