VALLEY COTTAGE, New York, Sept. 25, 2017 (GLOBE NEWSWIRE) — The extensive use of arc welding and oxy-fuel welding processes in the manufacturing of automobiles and machinery has generated considerable demand for flux and filler metals as welding consumables. As a result, the global market for welding consumables is expected to witness significant growth in 2017, reaching a market value of US$ 14,091.9 Mn at a y-o-y growth rate of 5.3% over 2016. Furthermore, the global demand for welding consumables will also be influenced by the rising trend of automating welding processes in the automobile and construction industries.
In the latest report by FMI on the global welding consumables market titled “Welding Consumables Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027,” the forecast has been revised until 2027. Previously the market in 2016 was estimated to be valued at US$ 11,835.8 Mn and in the current release the estimated numbers have been revised to US$ 13,368.0 Mn for 2016 with a 10 year (2017-2027) CAGR of 5.7%. This growth is owing to macro-economic factors such as growth of the construction industry, GDP, urbanisation, shipbuilding industry, industrial production and automobile production growth. Consumables utilised in arc welding, oxy-fuel welding, laser-beam welding and others are included in the target market. Consequently, the market size has been revised for the entire forecast period.
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The lack of skilled labour for fabrication welding processes is expected to trigger the need for welding automation technology and generate mounting demand for welding consumables. The growth of the global welding consumables market is also expected to be driven by rapid industrialisation, the surging real estate sector and the growing number of end-use welding applications. On the contrary, stagnant adoption levels of advanced welding technologies in developing countries is anticipated to curb the overall growth of the global welding consumables market.
Global Market Forecast
Based on the type of welding consumables, the stick electrode segment will continue its dominance in terms of the global market share and account for over 38.6% by the end of 2027. However, the segment is expected to contend with stiff competition from flux-cored wires and solid wires due to their cost-effectiveness.
Based on the welding techniques, the arc welding segment will continue to dominate the global market and account for US$ 15,276.4 Mn in revenue by 2027 end. On the other hand, the booming automotive industry and the growing production of multipart machineries will incite the use of resistance welding and oxy-fuel welding in 2016 and beyond.
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By application, the use of welding consumables is expected to elevate in the building & construction industry and the automotive & transportation sector. Also, the soaring consumption of welding consumables in marine applications is anticipated to create additional growth opportunities in the global welding consumables market.
In 2016, Asia Pacific excluding Japan (APEJ) was the most lucrative region for the growth of the global welding consumables market and is likely to hold more than 32% of the global market share. The booming real estate sector in APEJ countries such as China and India will drive the demand for welding consumables in the construction industries. North America and Latin America are also expected to favour the growth of the welding consumables market, owing to the rising adoption of advanced welding technologies in manufacturing industries.
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The increasing need for automating the welding process has influenced the business expansion of major welding consumables manufacturers. The Lincoln Electric Company, Hyundai Welding Co., Taiyo Nippon Sanso Corporation, Colfax Corporation, Air Liquide, voestalpine AG, Illinois Tool Works Inc., Ador Welding Limited, Kobe Steel Limited, Praxair Inc., among others, represent the key players of the global market for welding consumables.
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Long-term Outlook: In terms of market value, the global welding consumables market is forecasted to register a 5.7% CAGR and generate absolute $ opportunity of US$ 10,387.0 Mn during the forecast period 2017-2027. APEJ region will continue to be the most lucrative region, expanding at a CAGR of 6.9% over the forecast period.
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