Welding Consumables Market includes welding equipment consumables, and services. Welding consumables are materials such as alloys, minerals and metals that are used to amalgamate thermoplastic and metal components. Welding consumables account for the lions share of the global welding industry in terms of profits compared to equipment and services. Technological advancement of welding methods is expected to drive the market growth over the forecast period. The global market has been facing dramatic change to flux and solid cored wired from electrodes owing to advanced production efficiency in welding consumables. Growing Innovation in developing new techniques for welding is anticipated to boost the market growth and create opportunities over the next few years. Increasing demand owing to growing in residential and commercial building constructions is estimated to positively impact and can attributed as the major driving factor.
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The key driving factors responsible for the growth of Welding
Consumables market :
Increasing demand from growing
end use industries including transportation, mainly in emerging economies such
as China, India, Thailand, and Singapore is expected to propel the global
welding consumables market over the forecast period. Growing population along
with increase in disposable income of people can be attributed to the
aforementioned driver. New Infrastructural projects coupled with government
investment to develop cities is anticipated to drive the market demand for
global welding consumables. Welding steel plays a major role in the global
market owing to high demand and need of steel in various industrial and
manufacturing processes.
Welding is extensively used in
metal and steel industries for fabrication processes. The impact of welding
process on the metal sector is dependent on the total parts manufactured in the
process. Industries are expected to prefer welding process over other
conventional fabrication process including soldering and brazing, since they
are more efficient, offer higher product strength and accounts for less
production cost.
Lack of Skilled labor in
industries pertaining to handling the welding products coupled with high labor
cost is expected to pose a major challenge and restraint for the market growth
over the forecast period. Based on the product type, the welding consumables
market has been segmented into solid wires, stick electrodes, saw wires and
fluxes, flux cored wires. Stick electrodes segment holds the largest market
share in the global industry owing to high demand and prevalence of welding in
regions including Africa and Middle East. These electrodes are mainly used as a
low cost alternative for welding process Wires and fluxes are expected to
witness significant growth rate over the forecast period owing to increasing
demand from consumer appliances and automotive segments. Flux-cored wires
provide clean and strong welds, and high deposition rate. Efficient performance
and higher productivity of wires and fluxes is estimated to be the key factors
driving the market growth.
On the basis of application, the
market has been classified into building & construction, automotive &
transportation, defense & aerospace, and marine applications. Building and
construction is expected to dominate the global market owing to increasing
infrastructure projects and manufacturing industries. Regional initiatives such
as Make in India campaigns are expected to boost the manufacturing sector in
the country thereby resulting in an increased demand for welding processes.
Automotive and transportation is expected to witness significant growth rate
owing to increasing technological developments and launch of new vehicles into
the market. Increasing investments in oil & gas and energy sectors is
estimated to propel the global welding consumables market
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