ALBANY, New York, March 19, 2020 /PRNewswire/ -- The global welding consumables market is witnessing an exponential growth owing to a plethora of factors. Technological advancement and rapid urbanization are notable ones underlining the high growth trajectory.
As per Transparency Market Research, "The global welding consumables market is anticipated to chart a growth rate of 10.6% compounded annually from 2018 to 2026. This growth would translate to a higher growth trajectory and an improved market worth ~USD 25.2 billion by the end of the stated period."
Key Findings of Global Welding Consumables Market Study
- In terms of product type, stick electrodes will chart a significant CAGR owing to an extensive application in varied industries
- Based on welding technique, oxy-fuel would be a lucrative segment
- Construction and manufacturing industries to be dominant end-users in the market over the forecast period
Explore the latest study on global air purification systems market under the title: Welding Consumables Market (Product Type - Stick Electrodes, Solid Wires, Flux-Cored Wires, SAW Wires and Fluxes; Welding Technique - Arc Welding, Resistance Welding, Oxy-Fuel Welding, Ultrasonic Welding; End use Industry - Automotive and Transportation, Construction, Manufacturing, Fabrication, Oil and Gas) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2026 at https://www.transparencymarketresearch.com/welding-consumables-market.html
Key Drivers of Global Welding Consumables Market
Over the forecast period, as per Transparency Market Research, multiple trends and drivers would impact growth in the global welding consumables market. Industries that would drive demand up considerably include manufacturing, construction, power generation, oil and gas, and automotive and transportation. An outline of growth factors is provided below:
- Construction volumes to see a surge by 2030, growing up by 85%, creating market worth of USD 15.5 trillion over the period
- Population to see an increase in numbers globally – 2 billion extra people to inhabit the planet by 2050
- Additional population to demand for extra housing and energy, leading to growth in construction, oil and gas, and power generation industries
- India, China and the United States of America to be at the forefront of growth in terms of construction volume, contributing in a big way to growth of welding consumables market
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Key Impediments of Global Welding Consumables Market
While the global welding consumables market is set to chart an impressive growth over the forecast period, certain factors are limiting it from reaching its full potential. One such restraint, as per Transparency Market Research, is limited technological advancement in the developing regions of the world. However, the use of these products in the wind and solar energy domain would help the market stay buoyant.
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Regional Analysis of Global Welding Consumables Market
- Asia Pacific to chart notable growth over the forecast period due to growth in construction and manufacturing industry, and rapid urbanization
- China to be at the forefront of growth; country holds the highest market share
Analyze welding consumables market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Competitive Landscape of Global Welding Consumables Market
The global welding consumables market is a fragmented vendor landscape, as per Transparency Market Research, with a large number of players marking it with their presence. Some of the most notable names that propel the market on to newer benchmarks are voestalpine Bohler Welding GmbH, Hyundai Welding Co., Ltd., Illinois Tool Works Inc., The Lincoln Electric Company, Colfax Corporation, Hilarius Haarlem Holland B.V., Sandvik Materials Technology, EWM AG, Kobe Steel Ltd., and Tianjin Bridge Welding Materials Group Co., Ltd.
Welding Consumables Market Segmentation
By Product Type
- Stick electrodes
- Solid wires
- Flux-cored wires
- SAW Wires and Fluxes
- Others (GTAW Consumables, TIG consumables etc.)
By Welding Technique
- Arc Welding
- Resistance Welding
- Oxy-Fuel Welding
- Ultrasonic Welding
- Others (Friction stir, electron beam etc.)
By End-use Industry
- Automotive & Transportation
- Oil & Gas
- Others (Marine, Power Generation, Maintenance & Repair)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Rest of Middle East & Africa
- South America
- Rest of Latin America
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Cutting Equipment, Accessories & Consumables Market – Construction industry has been witnessing a growth across the globe and thus has been contributing towards the growth of the cutting equipment, accessories & consumables market. An increase in consumer spending and an increase in automobile sales have contributed to the growth of this market. These factors are expected to propel market during the forecast year of 2016-2024.
Construction Market – TMR predicts that the construction market would be largely driven by factors, such as rise in population and investments in infrastructure. Increase in demand for multifunctional characteristics of construction products, use of artificial intelligence, and a streamlined supply chain are expected to drive the construction market during the forecast period.
Modular Construction Market – Increasing urbanized population, rising industrialization, and growing spending capacity are the factors spurring the growth in the Asia Pacific region. China is expected to lead the regional modular construction market over the forecast period. Additionally, increasing government support and demand for sustainable and eco-friendly construction are further projected to fuel the modular construction growth over the forecast period.
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SOURCE Transparency Market Research