Global Welding Consumables Market To Reach USD 21 BN By 2026
- Press Releases
The research study “Global Welding Consumables Market Research Report – Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026” on Decisiondatabases.com provides a detailed evaluation of the growth trends, market drivers, opportunities and restraints giving an insightful details about the growth prospects of the market. The report foresees the global welding consumables market to reach over USD 21 BN by 2026 along with a CAGR of 5.75% from 2019-2026. The market was valued at USD 13.5 BN in 2018.
Welding consumables are finely designed welding equipment which includes welding rods, solid core electrodes, stick electrodes and essential welding components. Welding consumables are designed with high precision by their manufacturers. These consumables are standardized quality equipment used in many industrial and end-user applications. Welding is the process of joining two metal or steel materials together by using the heat generated by an electric arc struck between two electrodes and welding consumables are essential components and an integral part of welding. The flux that is generated during welding is used to produce a shield of gas around the weld pool for preventing the oxidation of hot metals.
Technological developments in the automotive industry are also a prominent factor in boosting the growth of the market segment. The research and development by vendors of the welding consumables market to produce modern welding components are expected to open new opportunities for the global welding consumables market. Also, the high demand for welding consumables from several end-user industries such as power and oil & gas industry will provide potential market growth for this segment over the forecasted period
By product, stick electrodes, solid wires, flux-cored wires, saw wires & fluxes and gases are the segments of the global welding consumables market. Solid wires and stick electrodes are the leading segments based on product as they collectively account for over 60% of the market shares.
As per study end-user, automotive & transportation, building & construction, marine, power, oil & gas and maintenance & repair are the classifications of the global welding consumables market. Automotive & transportation accounts for over 20% of the market shares making it the leading segment of this classification.
Asia Pacific, North America, Europe, Latin America and Middle East & Africa are the geographical segments of the welding consumables market globally. Asia Pacific was found out to be the leading segment owing to being the shareholder for over 40% of the market shares. The rapid industrialization and growing infrastructural development in developing economies is a major factor supporting the growth of the market in the Asia Pacific region.
The key players profiled for the global welding consumables market are Daihen Corporation, Kiswel Inc., Royal Arc Electrodes Limites, Kobe Steel Limited, Arcsel LLC, Corodur Fulldraht GmbH, ESAB, Lincoln Electric, Illinois Tool Work, Vorarc Welding CC, Promax Welding and Obara Corporation among others.
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