Welding consumables such as welding wires, gases, and fluxes are used in arc welding process to join similar and dissimilar metal surfaces. Welding finds applications across various end-use industries including construction, automotive, shipbuilding, and others. It is used in construction of bridges, buildings, and infrastructure development projects.

The global welding consumables market is estimated to be valued at US$ 15.92 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers for the growth of the welding consumables market is the growing demand from the construction industry. There has been increase in infrastructure development projects such as construction of bridges, roads, airports, seaports, and buildings. This has resulted in rise in demand for welding equipment and consumables for assembling metal structures in the construction sector. According to research, the global infrastructure industry is expected to witness spend of over $94 trillion between 2016 and 2040, which will definitely augment the demand for welding consumables market over the forecast period. Furthermore, technological advancements in welding techniques such as flux-cored arc welding, submerged arc welding, gas metal arc welding, and gas tungsten arc welding have made the welding process more efficient and reliable. This is propelling the growth of the overall welding consumables market.

Key players related content comprises: Key players operating in the welding consumables market are Voestalpine AG, Arcon Welding Equipment, Colfax Corporation, Kemppi Oy, The Lincoln Electric Company, Tianjin Bridge Welding Materials Co., Ltd., Air Liquide, Fronius International GmbH, Hyundai Welding Co., Ltd., Denyo Co., Ltd., Obara Corporation, Illinois Tool Works Inc., Panasonic Corporation, and others. Key players are investing in new product launches and expanding operations to strengthen their market position.

SWOT Analysis
Strength: The welding consumables market is expected to witness stable growth over the forecast period owing to rising investments in infrastructure and construction activities globally. Welding consumables find wide applications in shipbuilding, automotive, and manufacturing industries which are poised to flourish. Growing automotive production is anticipated to propel the demand for welding consumables.

Weakness: stringent environmental regulations regarding VOC emissions during welding may limit market growth to some extent. High capital investment requirements for setting up a welding consumables production plant pose challenges for new entrants.

Opportunity: Rapid urbanization and industrialization in developing countries offer lucrative opportunities. Government initiatives to promote local manufacturing will spur the adoption of welding technologies. Emergence of advanced welding techniques such as laser welding provides opportunities for innovation.

Threats: Price volatility of raw materials can adversely impact manufacturers profit margins. Growing demand for alternative joining technologies may threaten the welding consumables market share. Trade disputes among major economies increase raw material costs.

Regional analysis: The Asia Pacific welding consumables market is projected to reach US$ 7.88 Bn by 2030, growing at a CAGR of 6.2% during the forecast period. The region accounts for nearly 50% of the global welding consumables consumption led by China, Japan, and India. Growing manufacturing sector output, rising shipbuilding, and increasing automobile production are fueling the demand for welding consumables in Asia Pacific countries.

Key Takeaways
The global welding consumables market is expected to witness high growth.