Welding Consumables Market Size, Growth, Analysis by Product,and the forecast period of 2032
The global welding consumables market size is worth US$ 17.22 Billion as of now and is expected to reach US$ 30.84 Billion by the year 2032 at a CAGR of 6% between 2022 and 2032.
The welding consumables market is subject to joining 2 dissimilar metals, with rising demand for personalized metal designs/shapes and applications in heavy industries. Also, new welding technologies like plasma and resistance spot welding are being introduced along with rapid adoption of ‘robotic welding solutions’.
On these grounds, Yaskawa Motoman, in September 2019, unleashed ArcWorld 50 Series, that too, streamlined with several advanced welding functions like process monitoring and weld inspection.
The ongoing trend is that of introduction of smart materials abreast with computer chips for monitoring weldment’s lifecycle performance and serving multi-functional design. For example – welding, and then, joining NiTi shape memory does drive flexibility with respect to smarter design for various multi-functional systems.
At the same time, volatility on the part of prices of raw materials could restrain the market. Future Market Insights has mentioned about these facts with insights in its latest market study entitled ‘Welding Consumables Market’.
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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.
“With an ever-increasing demand for customized and innovative metals designs/shapes in automotive, manufacturing and oil & gas verticals, the welding consumables market is expected to keep the cash registers running in the forecast period”, says an analyst from Future Market Insights.
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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.
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