Global Brazing Consumables Market Size to grow USD 15.57 billion by 2028
The Global Brazing Consumables Market Size is projected to grow from USD 11.33 billion in 2020 to $15.57 billion by 2028 at a CAGR of 3.3 % during the forecast period.
The Brazing Consumables Market is surging with an increasing tendency toward combining two different metals, rising fabrication, demand for novel and bespoke metal shapes or designs, and utilization in other intensive industries such as automotive, manufacturing, and oil and gas. Other important reasons driving the market's growth include primarily resistance spot and plasma welding, the introduction of numerous welding technologies, as well as the widespread implementation of robotic welding solutions. In September 2019, Yaskawa Motoman announced the ArcWorld 50 Series, which is equipped with sophisticated welding functionalities such as weld inspection and process monitoring. Furthermore, the welding sector is being boosted by manufacturers' ongoing creation of improved grades of raw materials with novel properties.
Request Free Sample To Learn More About This Report
The COVID-19 pandemic has had a significant impact on the market and the global economy as a whole, radically altering the dynamics of manufacturing and other industries. China, as the pandemic's epicenter and key manufacturing base, has significantly slowed global corporate operations and caused massive disruptions in regional and global value chains. In addition, the fabrication industry is experiencing a downturn as a result of entire production unit shutdowns, construction project delays or cancellations, and a lack of trained welders on site.
Introduction of Smart Materials in Brazing Industry to Boost the Market
There is a growing body of knowledge on how materials behave at the atomic level in order to combine two distinct metals without compromising their metal strength, corrosion resistance, or other performance characteristics. Energy-efficient and ecologically friendly advanced materials are gaining traction in the market under this scenario. Smart materials have computer chips implanted in them to track the weldment's lifespan performance and to support multi-functional design. In terms of smart design for multi-functional systems, for example, welding and joining NiTi shape memory promotes flexibility. Furthermore, incorporating such materials uses less energy and lowers pre- and post-heating operations. Product designers, manufacturers, and welders would benefit from incorporating such technologies to improve the entire manufacturing cycle.
Demand for Welding Operations across Various Industries to Support Growth
The brazing consumables market is being driven by the widespread use of welding consumables in the oil and gas exploration, construction, automotive, and heavy engineering industries. Furthermore, due to the strict Braze Welding requirements and standards, the adoption of welding activity in the automotive industry is fast increasing. Automobile makers are concentrating their efforts on decreasing vehicle weight by replacing numerous metal elements with plastic materials, allowing the engine to be reduced, resulting in lower fuel consumption and thus lower emissions. In such a scenario, plastic welding necessitates the use of specialized material consumables in order to maintain overall welding processes when fabricating and assembling vehicle body pieces. The adoption of welding consumables is expected to boost the market demand in the forecast period.
The Asia Pacific is dominating the brazing consumables market due to the large number of organized and unorganized players operating in India, China, and South Korea. Furthermore, the regional market is being propelled by the high adoption of smart technologies such as robotic welding and a large influx of capital. Leading domestic firms in the manufacturing, technology, and construction industries are investing outside of India, according to the India Brand Equity Foundation (IBEF), which will fuel market growth during the forecast period. Larson & Turbo (L&T), is continually investing in power equipment manufacture, whereas Bharat Heavy Electrical Limited (BHEL) is planning to export its products to Syria and Vietnam.
North America and Europe are anticipated to grow at a consistent rate owing to the existence of large manufacturers in these regions. Furthermore, enterprises in these regions are making specific efforts toward technological advances, a focus on aftermarket services, and increased spending in research and development operations, all of which are helping to market growth.
Request Free Sample To Learn More About This Report
The Middle East, Africa, and Latin America are projected to grow at a moderate rate due to sluggish adoption of advanced welding technologies, governmental focus on infrastructure development, and expansion of major manufacturers' production facilities across this region to cater to the unattended market.
KEY INDUSTRY DEVELOPMENTS:
In March 2020, voestalpine BÖHLER Edelstahl GmbH purchased Selco s.r.l. to expand its footprint in Europe and become a complete welding solutions provider. Böhler would also be able to better service its clients and obtain profitable business through the welding sector as a result of this transaction.
May 2019, Lincoln Electric signed a deal with Kaynak Teknii Sanayi ve Ticaret A. to expand its product line and accelerate its regional expansion strategy.
Read More Details On This Report: