Azoth Analytics has released research named “Global Welding Consumables Market: Market Size, Insights, Competition, Covid-19 Impact and Forecast (2023-2028) (2022 Edition)” which provides a complete analysis of the Global Welding Consumables industry in terms of market segmentation By Welding Technique, By Consumables Type, By End User, By Countries.
The research also looks at the market's growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market's evolution
The global Welding Consumables market is expected to grow at a steady pace during 2023-2028 and clock a market value of 47.37 Billion in 2028 at a CAGR of 10.32% during the forecast period. On account of increasingly strict environmental rules and requirements, the global market for welding consumables in the automobile industry is expanding at a fast rate. Automotive manufacturers are putting a significant amount of effort into cutting the weight of their vehicles by fabricating a large number of their metal parts out of plastic. This is done so that the size of the engine can be reduced, which in turn leads to a decrease in the amount of fuel that is consumed and, consequently, fewer emissions. Because of the aforementioned elements, it is projected that the utilization of welding consumables would increase over the course of the upcoming years.
The Global Welding Consumables Market witnessed noteworthy growth during the historical period. The global epidemic of COVID-19 halted logistic and production operations, which in turn disrupted the supply chain, consequently impeding the welding consumables market's growth. However, this scenario is anticipated to improve as governments throughout the world ease restrictions on the resumption of commercial activity.
The demand for continuous Resistance Welding and Oxyfuel welding is expected to increase substantially as a result of brisk industrial investment. During the projected period, flux cored wires are anticipated to be the product sector with the highest revenue growth. Widespread use has resulted from factors such as lesser waste, adaptability for mechanized welding systems, increased productivity, and improved quality. The market for Submerged Arc welding wires and fluxes is anticipated to have rapid expansion in the forecast period.
The research is global in nature and covers a detailed analysis of the Global Welding Consumables Market in the Americas (United States, Canada, Rest of the Americas), Europe (Germany, Russia, UK, Italy, and the Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Rest of Asia-Pacific), and the Middle East and Africa. Additionally, the research report displays data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities, demand for future forecast, and so on.
The increasing number of Infrastructural Projects
The need for services such as wind turbine installation is growing as a result of global growth in infrastructure development projects, especially as governments focus on boosting their renewable energy potential. It is projected that this tendency would raise demand for fusing equipment over the projection period. The increased usage of thicker metal components and current high-strength steels, as well as the expansion of industrial and construction projects in scope and size, are also projected to increase the demand for more advanced gear. This is expected to raise demand for welding equipment over the foreseeable future.
Due to high upfront prices, providers have been driven to offer rental services or leasing programs through a number of distribution channels, resulting in market growth. In addition, equipment suppliers and sales distributors can increase customer value and highlight the increasing worth of their products to clients by including training, workshops, and other helpful do-it-yourself materials as part of a service contract. The execution of such contracts could give clients far greater value than traditional product purchases.
The market has been assessed for the historical period of 2018-2021, the base year 2022, and the forecast period of 2023-2028. The companies profiled in the report include Lincoln Electric, Esab Corporation, Hyundai Welding, Illinois Tool Works Inc., Kobe Steel, Ltd., Panasonic Corporation, Fronius International GmbH, Voestalpine AG, Kemppi Oy, and RME Middle East. The competitive landscape analyses include critical information such as a business overview, products and services, key financials, and recent events and developments.
Overall, the report provides a detailed overview of the Global Welding Consumables Market, which will assist industry consultants, consumable manufacturers, existing players looking for expansion opportunities, new players looking for opportunities, and other stakeholders in aligning their market-centric strategies with current and expected future trends.
