In 2023, the global welding consumables market is projected to reach a value of US$ 18.02 billion, with forecasts indicating a growth trajectory at a Compound Annual Growth Rate (CAGR) of 6% from 2023 to 2033. By 2033, the market is anticipated to exceed a valuation of US$ 32.27 billion. This expansion is driven by factors such as increasing industrialization, infrastructure development, and technological advancements in welding techniques. The steady growth underscores the significance of welding consumables in various sectors such as construction, automotive, aerospace, and manufacturing, reflecting their integral role in joining metal components.
Opportunities for expansion and growth in the welding consumables industry include:
- Development of Sophisticated Welding Technologies: Advancements in laser welding, robotic welding, and automation improve precision, efficiency, and productivity, aligning with changing consumer expectations.
- Specialized Welding Consumables for Lightweight Materials: Increasing use of lightweight materials like aluminum and composites in industries such as automotive and aerospace creates demand for specialized welding consumables.
- Focus on Renewable Energy Infrastructure: Growing emphasis on renewable energy sources presents opportunities for welding consumables in developing and maintaining energy infrastructure.
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Trends shaping the future of the welding consumables industry include:
- Environmentally Friendly Solutions: Increasing demand for welding consumables that minimize environmental impact and enhance energy efficiency.
- Digitization and Data-Driven Solutions: Adoption of advanced software, sensors, and analytics to monitor welding parameters, improve quality control, and optimize production processes.
- Emphasis on Training and Upskilling: Focus on training programs to address the shortage of skilled welders and ensure a competent workforce to meet future industry demands.
The growth and sustainability of the welding consumables industry are underpinned by several key factors:
- Industrialization and Infrastructural Development: Fast-paced industrialization and infrastructure projects worldwide drive demand for welding consumables as they are essential for constructing bridges, roads, and buildings.
- Expansion in Automotive and Aerospace Sectors: Continued growth in these sectors necessitates welding solutions for manufacturing various components, further boosting demand for welding consumables.
- Increased Energy Usage: Rising energy consumption, particularly in industries like petroleum and gas, drives the need for welding consumables for maintenance and infrastructure development.
Key Takeaways from the Welding Consumables Market:
- During the projected period, the welding consumables industry in the United States is estimated to grow at a moderate CAGR of roughly 2.5%.
- The China welding consumables market is predicted to grow at a CAGR of 12% during the forecast period.
- Welding and welding supply-related activities account for approximately 13% of the industry’s labor share.
- During the projection period, the Indian market is predicted to increase at a CAGR of roughly 5.9%, with a valuation of US$ 1 billion by 2030.
- The demand for arc welding is predicted to remain the greatest during the projection period.
- According to FMI, the stick electrodes sector is predicted to have the market share.
- According to FMI, the stick electrodes sector is predicted to have the market share.
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What are Key Players Doing to Thrive in Welding Consumables Market?
- The Lincoln Electric Company
- Illinois Tool Works Inc
- Taiyo Nippon Sanso Corporation
- Air Liquide SA.
- Hyundai Welding Co, Ltd.
- Air Products and Chemicals, Inc.
- EWM AG
- MESSER Group GmbH
- Ador Welding Limited
- WB Alloy Welding Products Limited
- FSH Welding Group
- GCE Group AB
- Industrial Welding Corporation
- The VBC Group Ltd.
- Hilarius Haarlem Holland B.V.
- Kiswel Ltd
- Magmaweld
- Gedik Welding
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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