Welding Consumables market to expand at 5.4% CAGR during 2015-2023, globally

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Welding Consumables market to expand at 5.4% CAGR during 2015-2023, globally

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Global Welding Consumables market is segmented into equipment type such as welding electrode equipment and oxy-fuel and gas equipment. Among these segments, welding electrode equipment is expected to be the fastest growing market owing to cost-effectiveness and wide-scale application in automobile sector.

The market of welding consumables accounted for USD 11.2 Billion in 2015 across the globe. The global welding consumables market is expected to register a CAGR of 5.4% over the forecast period i.e. 2016-2023. Rapid growth in infrastructure facilities across the globe is believed to be the major driver for the welding consumables industry.

The welding consumables market of Asia-Pacific is estimated to dominate the market with 33.5% share of revenue by the end of 2016. Moreover, the market accounted the largest revenue share of 31.5% in 2015 in overall welding consumables market across the globe. The market is majorly driven by the factors such as presence of growing economies in the region such as China, India, etc., rapid infrastructural growth and adoption of technologically advanced welding techniques.

Rising Demand of Welding Consumables in Automobile Industry:

Factors such as rapid expansion of automobile sector, introduction of low cost welding techniques, technological advancements in welding techniques, emerging economies across the globe, rising concern towards quality product are prompting the demand for welding consumables over the forecast period i.e. 2016-2023.

Rapid Growth in Modern Building and Infrastructure:

Rapid growth in building and construction sector with modern infrastructure facilities, increasing adoption of high-strength joints in order to increase load carrying capacity and strength of sculptures, construction of huge skyscrapers across the globe are swelling the demand for advanced welding techniques which further raises the demand for welding consumables.   

However, dearth of skilled labour in production sector, slow adoption of advanced welding techniques in developing nations across the globe and high cost of advanced welding consumables are some of the factors hindering the growth of welding consumables market globally.

The report titled Global Welding Consumables Market Outlook 2023” delivers detailed overview of the Global Welding Consumables Market in terms of market segmentation by Technology, by Equipment, by Accessories, by Consumables, by End-user.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.

This report also provides the existing competitive scenario of some of the key manufacturers of the Global Welding Consumables Market which includes company profiling of Hyundai Welding Co., Panasonic Corporation, The Lincoln Electric Company, Fronius International GmbH, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Welding Consumables Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

To know more about this research, kindly visit http://www.researchnester.com/reports/welding-consumable-market-global-demand-growth-analysis-opportunity-outlook-2023/185

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