Global Welding Consumables Market Will Reach USD 18.1 Billion by 2023: Zion Market Research

5/7/2018, 1:46 PM (Source: GlobeNewswire)

New York, NY, May 07, 2018 (GLOBE NEWSWIRE) -- Zion Market Research  has published a new report titled “Welding Consumables Market by Type (SAW wires, Fluxes, Flux-cored wires, Solid wires, Stick electrodes) by Technique (Arc welding, Resistance welding, Oxyfuel welding, Ultrasonic welding) by End-Use industry (Oil & Gas, Power Generation, Marine, Construction, Automobile, Aerospace & Defense) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023’’. According to the report, global welding consumables market was valued at around USD 13 Billion in 2017 and is expected to reach approximately USD 18.1 Billion in 2023, growing at a CAGR of slightly above 5.0% between 2017 and 2023.

Welding is an effective and economical process for creating sustainable joints between different parts. Filler metals are melted during welding and provide a strong joint. Flux is used to produce a gas shield around weld pool in order to prevent oxidation of metals.

Browse through 99 Tables & 32 Figures spread over 130 Pages and in-depth TOC on "Global Welding Consumables Market: Industry Share, Growth, Statistics and Forecast, 2017 – 2023”.

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Growing requirement of welding automation technology in fabrication will drive the demand for welding consumables. Further, high labor cost and scarcity of skilled labor in developed countries are increasing the requirement for welding automation technology. Extensive usage of oxy-fuel welding and arc welding process in machinery and automobiles manufacturing has generated the immense potential for filler metals and flux materials. 

Automobile industry consumes welding products to manufacture fuel efficient, lightweight and high-quality components. The process of adhering components through weld is used in vehicle components production to maintain mechanical properties of the welded base metal. Welding material selection is done on the basis of end-use type. For instance, fluxes and saw wires are used for stress relieved or topside structural applications that increase the density and strength of the base metal. However, welding products usage poses safety and health issues for operators. Owing to these safety concerns, regulatory bodies including American National Standards (ANSI), REACH, OSHA, ECHA, American Welding Society (AWS), and European Union are imposing restrictions on usage limits of welding operations. ANSI has observed potential threat of illness and injury to an operator during welding and had recommended to carry out the task in open space to avoid health hazards. 

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Arc welding is widely preferred in manufacturing offshore structures, pipelines, and other such process equipment. The technology is extensively used for chassis parts due to its characteristics of rigidity and high strength of joints along with ease of continuous joining. Advanced arc welding technology is introduced to enhance efficiency and productivity of manufacturing. Trending weight reduction of vehicle bodies is projected to foster demand for advanced arc welding technology. Arc welding also finds large application in joining heavy plates to fabricate giant steel structures. Gas tungsten arc welding, flux cored arc welding, submerged arc welding, and gas metal arc welding are certain arc welding processes that are used on a wide scale in various industries.

Welding consumables market is segmented on the basis of the type as stick electrodes, solid wires, flux-cored wires, fluxes and SAW wires. Stick electrodes contribute significantly in the market owing to its convenient usage pertaining to operation location. Further, it is used in shipbuilding, heavy fabrication, and nuclear power plant. As per the technique, welding consumables are bifurcated into ultrasonic welding, Oxyfuel welding, resistance welding and arc welding. Advanced arc welding technology is used widely to improve efficiency and productivity of the weld joints. These welding techniques have various applications in the industries of aerospace & defense, automobile, construction, marine, power generation and oil & gas. Marine segment is anticipated to grow at a significant rate in the market during the forecast timeframe.

Browse the full "Welding Consumables Market by Type (SAW wires, Fluxes, Flux-cored wires, Solid wires, Stick electrodes) by Technique (Arc welding, Resistance welding, Oxyfuel welding, Ultrasonic welding) by End-Use industry (Oil & Gas, Power Generation, Marine, Construction, Automobile, Aerospace & Defense) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023" report at

North America is anticipated to account for a significant share in global welding consumables market by 2023. The share is attributed to its flourishing automobile industry, which is the largest manufacturing sector accounting for 3% of region’s GDP. Also, the manufacturing sector is the largest employer and exporter in the region. Since 2012, automakers have registered a net export of above USD 690 billion corresponding to both vehicles and parts. Welding consumables are used in the fabrication of automobile components and bodies to produce high quality, lightweight and fuel efficient parts. The industry purchases American semiconductors, iron, rubber, glass, and steel worth billions of dollars every year. Automobile sector in the region are the largest investors in research and development. General Motors and Ford have invested above USD 35 billion in their administrative offices, headquarters, R&D labs, transmission and assembly plants in past five years.

Growing number of refugees in European countries such as Germany has boosted its construction industry since 2014. Germany’s investment in building and construction sector will be 3% higher in 2018 from last year. In 2017, the housing sector has been the biggest contributor in European construction industry. In 2018, substantial momentum is projected from public sector projects. Welding consumables are utilized in fabricating the building structures and in other construction activities. GDP in Germany has grown by 2% in 2016 and 1.5% in 2017, thus income prospects and employment situation will be favorable for households during the forecast period. Further, low-interest rates will benefit home buyers in the coming years. In 2017, almost 260,000 apartments were constructed in new Germany residential buildings. In 2018, the figure will reach up to 285,000 units. Germany will then be in the race of infrastructural development as that of other European countries.

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The Asia Pacific regulated utilities are forecasted to grow at a single-digit revenue rate. India’s regulated utilities and China’s gas can see a stronger growth of above 10% owing to their commissioning and demand of new projects. Further, economic growth will drive the revenue for major utilities of Asia Pacific. The region comprises of both developing and developed economies, with the potential of attracting intraregional FDI. Asia Pacific primary energy demand would increase at 2.1% annually between 2010 and 2035. This is faster than the world average of 1.5% in the corresponding timeframe. By 2035, the region will witness an energy demand of 8,358 million tons of oil equivalent from 4,985 in 2010. Positive outlook of such energy consumption will lead to foreign investments in energy infrastructure and power generation plants, thus boosting welding consumables market during the forecast period.

The Middle East and Africa will witness a sluggish growth in the global welding consumables market till 2023. Economic growth in the Middle East and North Africa has slowed down to 1.8% in 2017 as compared to 5% in last year. Declining growth is a result of geopolitical tensions, oil production cuts, and reduced oil exports. Fiscal adjustments have led to slow growth in both oil exporting and oil importing economies of the region. Further, growth is even limited among gulf cooperation council members reflecting curtailed oil output. In 2017, Saudi Arabia growth was reduced to 0.3% from 1.7% last year owing to fiscal consolidation and oil production cuts. Similarly, UAE eased to 1.4%. Reduced economic growth has affected oil trade along with construction and automotive industry leading to stagnant welding consumables growth.

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Key producers in welding consumables market include Arcon Welding Equipment, Kemppi Oy, Tianjin Bridge Welding Materials Co., Ltd., Fronius International GmbH, Denyo Co., Ltd, Illinois Tool Works Inc, Panasonic Corporation, Obara Corporation, Hyundai Welding Co., Ltd, Air Liquide, The Lincoln Electric Company, Colfax Corporation, and Voestalpine AG, Nikko Steel, PT. Yontomo Sukses Abadi, PT. Cahaya Las Mandiri, P.T. Intan Pertiwi Industri, Alfa Metalindo Indonesia, The Linde Group, Inc, and Kobe Steel, Ltd.

The report segments global Welding Consumables market as follows:

Welding Consumables Market: Type Segment Analysis

  • SAW wires
  • Fluxes
  • Flux cored wires
  • Solid wires
  • Stick electrodes

Welding Consumables Market: Technique Segment Analysis

  • Arc welding
  • Resistance welding
  • Oxyfuel welding
  • Ultrasonic welding

Welding Consumables Market: End-Use Industry Segment Analysis

  • Oil & Gas
  • Power generation
  • Marine
  • Construction
  • Automobile
  • Aerospace & defense

Welding Consumables Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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