Our in-depth analysis segmented the global welding consumables market in the following segments:
Global welding consumables market is further classified on the basis of region as follows:
The global welding consumables market is predicted to flourish significantly at a CAGR of 5.4% over the forecast period i.e. 2016-2023. Moreover, the market of welding consumables accounted for USD 11.2 Billion in 2015 and anticipated to garner USD 16.3 Billion by 2023. The arc welding segment market accounted for USD 7.6 Billion in 2015 and it is expected to grow significantly during the forecast period.
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. On the other hand, Latin-America welding consumables market is expected to be the fastest growing market over the forecast period across the globe due to rapid growth in automobile industries and rising adoption of advanced welding techniques in the region.
Wide-scale applications of welding consumables in various industries such as automotive, construction and building infrastructure, oil and gas industries are swelling the demand for welding consumables across the globe. Further, introduction of various advanced welding techniques and rise in adoption of these techniques by various end-use industries to offer the products with high-strength and load-bearing capacity. Emergence of industrial automation and automobile industries, huge investment in automotive sector and rising concern towards quality product, thus increase the demand for welding consumables in this sector.
Rapid growth in industrial automation and automobile industries, increasing building infrastructure in emerging economies, rise in use of metal, thermoplasts, alloy equipment and assemblies in order to provide better strength to the structures and are some of the major key factors further anticipated to trigger the demand for welding consumables in near future.
In addition to this, factors such as introduction of advanced welding techniques, technological advancements in construction and automobile sector, going-on researches to provide efficient welding consumables, rising demand of stick electrode owing to its wide scale application are expected to fuel the demand for welding consumables market over the forecast period i.e. 2016-2023.
Moreover, presence of eminent elements in welding consumables such as nickel, aluminum, copper, etc.; to provide high strength and increasing load bearing capacity of the joints is one of the vital factors growing the demand for welding consumables in various industries.
However, lack of skilled labor in production sector, slow adoption of advanced welding techniques in developing nations across the globe are some of the factors hindering the growth of welding consumables market globally.
The key manufacturers of welding consumables market are as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel