The Global Welding Consumables Market Size Was Valued At USD 12.2 Billion In 2021. The Market Is Projected To Grow From USD 12.6 Billion In 2022 To USD 16.7 Billion By 2029, Exhibiting A CAGR Of 4.1% During The Forecast Period.

Welding Consumables Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand for welding supplies is lower than expected in all regions compared to levels before the pandemic. Based on our research, the global market for welding supplies grew by 1.9% in 2020 compared to 2019.

The flux and filler metals used in welding are called "welding consumables." Filler metals are melted to make a strong connection between two metals, and flux keeps the metals from rusting while they are being heated. Copper, nickel, ilmenite, rutile, and aluminium are just some of the basic minerals that are used to make these things. These consumables help make sure that welding is cost-effective, protects the molten weld from impurities in the air, and keeps the weld pool from getting holes. Because of this, they are often used in the construction, auto, energy, shipbuilding, and aerospace industries.

The market is exploding because there is a growing trend toward combining two different metals, there is a need for custom and unique metal designs and shapes, there is more fabrication, and the metals are used in other industries like manufacturing, automotive, and oil and gas. Also, the market is growing because of the introduction of new welding technologies, such as resistance spot welding and plasma welding, and the widespread use of robotic welding solutions.

Market Dynamics:

Latest Trends:

Smart materials that are good for the environment and use less energy are becoming more popular on the market. As scientists learn more about how materials work at the atomic level, they are finding ways to combine two different metals without changing their strength, resistance to corrosion, or other properties. The smart material also has a computer chip built in to track how long welds last and make the design more flexible.

Also, for example, welding and joining with NiTi, which has a shape memory, makes it easier to be flexible in the intelligent design of multifunctional systems. Using these materials also uses less energy and cuts down on the pre-heating and post-heating steps. By using this technology, manufacturers, product designers, and welders can improve the whole manufacturing process.

So, the growing use of smart resources is adding to the growth of the welding consumables market all over the world.

Driving Factors:

Welding has come a long way in the last few years as one of the most basic and flexible ways to build things out of metal. It is also a common way to make metal products in many different industries.

For example, welding is a key step in building buildings, bridges, pipelines, and a wide range of other engineering objects.

In this situation, the market is set up for great growth, and in some high-potential areas, the government is putting more money into building infrastructure. The market is also used by the automotive industry to make high-quality, lightweight car parts. Because car safety features have gotten better and car designs have changed, this industry's position in the market has gotten stronger. In the same way, the start of development and housing projects in China, India, and South Africa has helped the construction industry in those countries.

But the energy sector is likely to gain from the growing demand for solar and wind farms and other renewable energy plants. Over the next few years, the growth of the market will also be helped by the building of pipe systems. So, some of the main things that drive market growth are industrialization, urbanization, more Foreign Direct Investments (FDI), and improvements in technology.

Restraining Factors:

The welding consumables industry can't grow as fast as it could because the prices of raw materials aren't always the same. Steel, aluminum, graphite, iron, and a number of other raw materials are used to make these consumables. Price changes in these resources are also caused by changes in trade rules, imbalances in the supply and demand ecosystem, changes in the exchange rates of foreign currencies, and increased geopolitical threats. This hurts manufacturers and raises the cost of making consumer goods. To stay competitive on the global market, manufacturers have to cut their profit margins. Aside from that, the industry is being held back by the fact that there aren't enough skilled welders to keep accidents from happening on the job.

Also, the welding consumables industry is having trouble because experienced workers are retiring and there aren't enough skilled workers. Businesses that use welding a lot, like heavy engineering, automotive, and construction, are hurting because of this. There aren't enough skilled welders, which affects other industries. As a result, these limits cause problems for the welding industry and slow the growth of the market.

Segmentation Analysis:

By Type:

Solid wires are often used for metal inert gas welding in many end-use industries (MIG). Now, the welding industry is focused on simple, low-cost ways to protect workpieces from the outside world. A single line is important because it stops oxidation. The mild steel solid wire is plated with copper, which makes it better at conducting electricity and makes the weldment last longer.

Also, the flux-cored wires segment has the most market share because demand is growing in many end-use industries. This wire should be the first choice for newcomers because it has a high deposition rate, makes work go quickly, and makes clean, strong welds. Cored wires are also becoming more popular in the construction and shipbuilding industry, which is expected to increase the demand for these wires around the world.

Stick electrodes are also best over other consumables because they are cheap and can be used to weld mild and low alloy steel.

SAW wires and fluxes are expected to become more popular because they can be used to weld materials that can withstand high temperatures, resist corrosion, and have a high thickness..

By Welding Technique:

During the forecast period, the arc welding segment will grow by a lot. The growth is due to a process that joins metals by using the concentrated heat of an electric arc. There are two types of these processes: those that use electrodes that have to be replaced and those that don't.

Resistance welding also grew a lot because it involves using force and an electric current to heat and melt the area around the electrode and/or workpiece.

Also, it is expected that oxy-fuel welding will grow a lot in the coming years. This is because it uses fuel gases and pure oxygen to raise the flame temperature and melt the workpiece in one spot.

Also, solid state welding isn't expected to grow quickly because it uses temperatures below the melting points of the materials being welded.

By Application:

Heavy engineering is expected to grow at a moderate rate over the next few years because of the building of high-tech factories like smart factories, Industry 4.0, and the widespread use of robotic welding in many different industries, as well as the development of new technologies.

The construction industry is growing quickly because of what the government is doing to improve infrastructure, how it is changing residential and commercial projects that are already underway, and how much more foreign direct investment there is in both developed and developing countries.

The auto business is expected to grow at a very fast rate. This is because more and more people want customized cars, automakers are adding robotic solutions to their factories for custom welding, smart and high-tech factories are being built, and other things.

In the next few years, railways are expected to grow steadily because more money is being put into new and existing transportation projects, disposable income is going up, and the government is taking steps to improve connectivity. Shipbuilding is expected to grow at a slower rate due to the increasing use of two different metals, the use of robots to make important parts of ships, and the growing popularity of corrosion-resistant underwater chamber welding.

Regional Insights:

Asia-Pacific has the biggest market share and is expected to grow the fastest over the next few years. This is because China, India, and South Korea are home to both well-established and new welding consumables companies. Also, the regional market is driven by a lot of capital coming in and a lot of smart technologies, like robotic welding, being used.

The India Brand Equity Foundation (IBEF) says that leading Indian companies in the technology, manufacturing, and construction industries are investing outside of India. This will help the market grow in the future. For instance, Larson & Turbo (L&T) keeps putting money into making power equipment, while Bharat Heavy Electrical Limited (BHEL) wants to sell its products in Syria and Vietnam.

North America is likely to grow at a steady rate after Asia-Pacific because there are a lot of important manufacturers there. Also, companies in these areas are working on technical improvements, putting more focus on aftermarket services, and spending more on research and development, all of which are helping the market grow.

Due to the fully developed marketplaces for consumer goods suppliers in Europe, the market is likely to keep growing over the next few years. The European Union is taking strong steps to stop pollution from getting worse in the region. As a result, products that are better for the environment are being made. This is causing companies that make consumables to make more energy-efficient products that can help reduce pollution in the future and grow the global Welding consumables market share.

The Middle East and Africa region is expected to grow a lot because of the rising demand for cars and the availability of raw materials in the car and transportation sectors of the region. The Saudi Arabian government has started a project called Vision 2030. Under this plan, international investors are expected to put money into many different areas, such as construction, IT, logistics, tourism, and many more. This makes the market for welding supplies grow in the country, which in turn affects the growth of the market in the region.

Latin America is likely to grow at a moderate rate because modern welding techniques are being used, the government is putting a lot of effort into building up infrastructure, and large manufacturers are building more factories in the area to serve the untapped market.

Scope Analysis

Recent Development:

• September 2019: Lincoln Electric introduces new GTAW (TIG) cut lengths in silicon preparation with stainless steel alloys for a clean, high quality welding process. Improving the manufacturing process of new products reduces the complexity of the welding process and improves product quality.
• July 2019: ESAB launched the new, enhanced Cut Master Black series of plasma cutting consumables. This feature extends the life of the welding wire and electrodes supplied with the Cut Master 60i portable air plasma cutting system by up to 60%.
• July 2021: ESAB announced the introduction of Exaton 19.9. Nb HF. SAW (submerged arc welding) wire made from 300 series austenitic steel with niobium and high ferrite content to further improve the mechanical properties of the weld metal at high temperatures.
• February 2021: Kobe Steel, Ltd. announced that it had developed and mass-produced the world's first nano-carbon composite coated titanium (NC-Titanium)*1. Toyota Motor Corporation has chosen a new titanium material for its latest fuel cell electric vehicle, the Mirai, launched in December 2020.
• October 2021: ESAB Welding launched the new core wire welder/EM 210 MIG and EMP 210 MIG/TIG welder/stick. These inverter-based power supplies are compact yet provide professional-level power and performance for most car/truck repair and restoration, light manufacturing and construction, and HVAC applications.

Market Segmentation

By Type:

• Stick Electrodes
• Solid Wires
• Flux-cored Wires
• SAW Wires & Fluxes
• Others

By Welding Technique:

• Arc Welding
• Resistance Welding
• Oxy-fuel Welding
• Solid State Welding
• Other

By Application:

• Automotive
• Building & Construction
• Heavy Engineering
• Railway & Shipbuilding
• Oil & Gas
• Other

By Companies:

• Lincoln Electric (U.S.)
• KOBE STEEL, LTD (Japan)
• ESAB (U.S.)
• CS HOLDINGS CO., LTD. (Korea)
• Hyundai Welding Co., Ltd (U.S.)
• Panasonic Corporation (U.S.)
• Fronius International GmbH (Austria)
• RME MIDDLE EAST (UAE)
• voestalpine BÖHLER Edelstahl GmbH (Austria)
• Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)
• Others