The global welding consumables market is currently valued at USD 18.02 Billion and is projected to grow to USD 32.27 Billion by 2033, reflecting a CAGR of 6% from 2023 to 2033.
This market encompasses the joining of two dissimilar metals, driven by increasing demand for customized metal designs and applications in heavy industries. New welding technologies, such as plasma and resistance spot welding, are emerging, along with a rapid adoption of robotic welding solutions. For instance, Yaskawa Motoman launched the ArcWorld 50 Series in September 2019, equipped with advanced features like process monitoring and weld inspection.
A notable trend is the introduction of smart materials integrated with computer chips to monitor the lifecycle performance of weldments, enabling multifunctional designs. For example, combining welding with NiTi shape memory alloys enhances flexibility and allows for more intelligent design in various multifunctional systems.
Key Takeaways from Welding Consumables Market
- The US is expected to witness a CAGR of 2.5% in the welding consumables market in the forecast period. This could be attributed to applying automation in automotive sector.
- China is expected to witness a whopping CAGR of 12% in the welding consumables market between 2022 and 2032 due to growing demand for customized shapes of metal in verticals like manufacturing, oil and gas, renewable energy sector, aviation and automobile sectors.
- Japan is expected to drive the welding consumables market due to rising adoption of the hot-laser welding machines in plastic and textiles – coating materials, in particular.
- India is expected to witness a CAGR of 5.9% in the welding consumables market between 2022 and 2032 due to flourishing engineering and architecture verticals.
Competitive Consumables
- Voestalpine Bohler, in March 2020, did acquire Selco s.r.l. for strategically spreading its presence and emerging as a provider of complete welding solutions all across Europe. Through this acquisition, Bohler would also be able to serve its consumers better.
- Lincoln Electric, in May 2019, inked an agreement with Kaynak Teknigi Sanayi ve Ticaret A.S. for strengthening the existing portfolio and advancing the region-based growth strategy.
- Path Robotics, in July 2021, could raise US$ 100 Mn in Tiger Global-led investment round. It was also inclusive of participation from Silicon Valley Bank. In all, the round actually took the overall funding in the name of Path Robotics to US$ 171 Mn.
- Lincoln Electric, in July 2022, came up with New POWER MIG 215 MpI multi-process welder.
- Air Products, in June 2022, announced investing US$ 5000 Mn for constructing green hydrogen production facility in New York.
- Hyundai Welding’s Pohang R&D center emphasizes on development of eco-friendly, high-functioning, and efficient welding solutions that could address needs of consumers.
- Core markets of VBC group include aviation MRO, aerospace, thermal management, and power generation technologies.
- Taiyo Nippon Sanso, on September 5, 2022, announced upon agreeing to set up Kimitsu Sanso Center via joint venture with Nippon Steel Corporation.
- ESAB, in June 2021, made an announcement that it had tabled new-fangled series comprising B3 SC electrodes as well as fluxes for GTAW, SAW, and SMAW applications for SA-387 Grade 22, 2.25% Cr 1% Mo alloyed steels, A335 Grade P22, and materials similar with the objective of expanding the series of filler metals in petrochemical, power generation, pressure vessel- and refinery-based applications.
Key Companies Profiled
- 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
- Chosun Welding
- Selectrode Industries
- D & H India
- Yawata Electrode Co Ltd
Welding Consumables Market Segmentation
By Consumables:
- Stick Electrodes
- Mild steel
- Stainless steel
- Low Alloy
- Nickel
- Aluminium
- Others
- Gases
- Strip Cladding Electrodes
- Submerged Arc wires and Fluxes
- Wires
- Metal cored wires
- MIG/MAG wires
- Flux Cored wires
- Others
By Welding Type:
- Arc Welding
- Sheild Metal Arc welding
- Gas Metal Arc welding
- Flux Cored Arc welding
- Gas Tungsten Arc Welding
- Energy Beam welding
- Plasma Arc Welding
- Submerged Arc welding
- Electro Slag Welding
- Resistance welding
- Others
Report Preview: https://www.futuremarketinsights.com/reports/welding-consumables-market
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