• Stacy Lawlor

Global Welding Consumables Market Size to grow by USD 22.12 Billion in 2028

The Global Welding Consumables Market Size was valued at USD 15.3 Billion in 2021 and is expected to grow by USD 22.12 Billion in 2028 at a CAGR of 5.58%.

Global Welding Consumables Market Size to grow by USD 22.12 Billion in 2028

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Rapid growth in the car manufacturing, transportation, and construction sectors, as well as a growth in the number of applications across various industries utilizing various types of welding techniques, increased global energy infrastructure investment, and an increase in the use of welding consumables for maintenance and repair purposes, are driving the global Welding Consumables Market. Due to rising urbanization and industrialization, particularly in emerging economies like as China and India, Asia-Pacific is predicted to grow at the fastest rate from 2021 to 2028. Government investments in the energy sector, as well as foreign direct investments (FDI) in the thermal and wind sectors, are expected to enhance market growth.

Global Welding Consumables Market Size to grow by USD 22.12 Billion in 2028

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The market's growth is hampered by the slow adoption of modern welding technologies in emerging economies, the environmental effect of welding consumables, the slow expansion of the aerospace and defense and shipbuilding industries, and consumer price sensitivity. In contrast, the growing need for welding automation technology in fabrication is expected to propel the welding consumables market forward in the near future. Due to a scarcity of qualified workers and high labor costs in industrialized countries, the need for welding automation technology used in fabrication is growing. In addition, the welding consumables market is expected to rise strongly in India, China, and the Middle East.

The coronavirus pandemic has had a significant impact on the labor 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. According to the American Iron and Steel Institute, due to the halt in vehicle manufacturing, US steel mills reduced production and were working at roughly 50% of capacity, compared to 80% the previous year.


Increasing Demand of Welding Robots in Various Industry Boost Market Growth


Welding robots are superior not only in terms of eliminating numerous welding safety issues, but also in terms of efficiency and precision. As a result, the manufacturing industry is in desperate need of welding robots. The number of operating industrial robots is predicted to expand by more than 80% by 2021, reaching roughly 3.8 million, according to the International Federation of Robotics. Furthermore, the growing need for welding automation technologies in fabrication is projected to boost the Welding Consumables Market forward in the not-too-distant future.


Demand for Welding Operations to Support Growth in Various Industries


The welding market is being driven by the widespread use of welding consumables in the construction, oil and gas exploration, automotive, and heavy engineering industries. In December 2018 ABB was awarded a USD 79 million contract to upgrade the Bab Onshore Field in Abu Dhabi. Qatar has also committed roughly USD 200 billion to the FIFA World Cup in 2022.


Europe currently dominates the market, due to comprehensive government plans and regulations in place to increase installed capacity of renewable energy facilities. The need for welding consumables is expected to increase as building and infrastructure projects rise. Moreover, Europe will provide profitable chances in the next years as it offers appealing opportunities for gradually establishing smart factories and embracing Industry 4.0 technologies, which will open up new business avenues for the continent. However, due to the presence of unorganized and organized players operating primarily in China, India, and South Korea, Asia Pacific currently holds the largest share of the welding consumables market and is expected to grow at the quickest rate throughout the forecast period. Furthermore, the regional market is being propelled by a 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 in the future.

Global Welding Consumables Market Size to grow by USD 22.12 Billion in 2028

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KEY INDUSTRY DEVELOPMENTS:


In March 2020, voestalpine Böhler 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.


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https://www.extrapolate.com/Chemicals-and-Advanced-Materials/welding-consumables-market/25707

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