Welding Consumables Market

Welding Consumables Market Size:

The global welding consumables market size reached US$ 16.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 25.9 Billion by 2032, exhibiting a growth rate (CAGR) of 4.68% during 2024-2032. The growing deployment of new consumables with advanced alloy compositions and coatings, increasing construction of residential and commercial buildings, and the rising use of welding consumables in different industry verticals are some of the major factors propelling the market.

Welding Consumables Market Analysis:

• Major Market Drivers: The rapid growth of the construction and automotive industries represents major drivers of the market. As urbanization and infrastructure development rise globally, the demand for welding consumables including electrodes, wires, and fluxes increases to support the fabrication and maintenance of structures and vehicles.
• Key Market Trends: The rising shift towards eco-friendly and sustainable products represents the key trend of the market. Manufacturers are developing consumables that produce lower emissions and are safer for the environment, aligning with global efforts to reduce industrial pollution and enhance sustainability.
• Geographical Trends: North America is the leading region, capturing the largest share of the welding consumables market revenue. The robust growth in the construction and automotive sectors, increasing investment in infrastructure projects, advancements in welding technology, and the growing energy demand particularly in the oil and gas industry are driving the growth of the market across the region.
• Competitive Landscape: Some of the major market players in the welding consumables industry include Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy, Arcon Welding Equipment etc., among many others.
• Challenges and Opportunities: The market faces various challenges including fluctuating raw material prices, which can impact production costs and profitability. However, the market also faces several opportunities such as advancements in welding technologies, including automated and robotic welding systems, which improve efficiency and precision.
   

Welding Consumables Market Trends:

Growing Construction and Infrastructure Projects

The increasing number of construction and infrastructure projects worldwide, including residential, commercial, and industrial developments, drives the demand for welding consumables. This sector's expansion requires extensive use of welding for building and maintaining structures. According to IBEF, India must enhance its infrastructure to reach its 2025 economic growth target of US$ 5 trillion. Under the National Infrastructure Pipeline (NIP), projects worth Rs. 108 trillion (US$ 1.3 trillion) are currently at different stages of implementation. FDI in construction development (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activity sectors stood at US$ 26.54 billion and US$ 33.52 billion, respectively, between April 2000 and December 2023.

Significant Advancements in Automotive and Manufacturing Industries

The automotive and manufacturing sectors rely heavily on welding for the production and assembly of vehicles and machinery which is contributing to the market growth. Technological advancements and the push for more efficient production processes boost the need for high-quality welding consumables. For instance, in April 2023, Kemppi introduced the AX MIG Welder a powerful robotic welder with seamless integration, an easy-to-use interface, and the latest welding technology. The AX MIG Welder was purpose-built for high-intensity, 24/7 automated welding environments. With 400 or 500 A power and a robotic wire feeder, it is engineered to perform difficult tasks and meet demanding production targets. The AX MIG Welder has fine-tuned ignition and a precise seam tracking signal to ensure repeatable, high-quality welds. For challenging materials, Kemppi MAX or Wise arc performance welding processes can be used to increase speed, lower heat input, and ensure penetration. This is anticipated to positively impact the welding consumables market forecast.

Energy Sector Expansion

The energy sector, including oil and gas, renewable energy, and power generation, demands robust welding solutions for the construction, maintenance, and repair of pipelines, rigs, and other infrastructure which is contributing to the growth of the market. According to data from Invest India, India stands 4th globally in Renewable Energy Installed Capacity (including Large Hydro), 4th in Wind Power capacity & 5th in Solar Power capacity (as per REN21 Renewables 2024 Global Status Report). The country has set an enhanced target at the COP26 of 500 GW of non-fossil fuel-based energy by 2030. According to Enerdata, in 2022, the share of renewables in the global power mix increased again (+1.5 pt.) to 30%, i.e., 10 pts. above the 2010 level.

Welding Consumables Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the global and regional levels for 2024-2032. Our report has categorized the market based on product type, welding technique, and end-use industries.

Breakup by Product Type:

• Stick Electrodes
• Solid Wires
• Flux Cored Wires
• Saw Wires and Fluxes
• Others
   

Stick electrodes accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the product type. This includes stick electrodes, solid wires, flux cored wires, SAW wires and fluxes, and others. According to the report, stick electrodes represented the largest segment.

Stick electrodes require minimal equipment compared to other welding methods and help reduce setup costs and complexity. Moreover, stick electrodes are effective in outdoor and adverse conditions, including windy or wet environments as they can maintain a stable arc in challenging situations. Apart from this, they can be used with various base metals, making them versatile for different materials, thicknesses, and applications. This adaptability contributes to their dominance as a go-to choice for welders. Furthermore, they offer versatility and allow welding in various positions, including overhead and vertical which is further driving the welding consumables market demand across the globe.

Breakup by Welding Technique:

• Arc Welding
• Resistance Welding
• Oxy-Fuel Welding
• Ultrasonic Welding
• Others
   

Arc welding holds the largest share of the industry

A detailed breakup and analysis of the market based on the welding tehcnique have also been provided in the report. This includes arc welding, resistance welding, oxy-fuel welding, ultrasonic welding, and others. According to the report, arc welding accounted for the largest market share.

As per welding consumables market insights, arc welding is relatively cost-effective in terms of equipment setup and consumable usage. Additionally, it produces robust and durable welds, ensuring the structural strength of fabricated components, machinery, and structures. Apart from this, arc welding is widely employed in heavy industries like construction, automotive manufacturing, shipbuilding, and energy sectors due to its ability to join thick materials and create strong welds. Furthermore, many arc welding processes are amenable to automation and robotics integration. This automation enhances precision, consistency, and speed, making arc welding an attractive choice for industries seeking efficient and high-quality production.

Breakup by End-Use Industries:

• Construction
• Automobile
• Energy
• Shipbuilding
• Aerospace
• Industrial Equipment
• Others
   

Construction represents the leading market segment 

The report has provided a detailed breakup and analysis of the market based on the end-use industries. This includes construction, automobile, energy, shipbuilding, aerospace, industrial equipment, and others. According to the welding consumables industry report, construction represented the largest segment.

The escalating demand for unparalleled structural integrity in buildings, bridges, and other infrastructure projects is driving the segment growth in the market. Welding provides the means to create robust connections that withstand the structural loads and environmental stresses these projects face. Apart from this, welding is used in numerous construction applications, including steel framing, reinforcement, fabrication of metal components, and connecting prefabricated elements. Moreover, it allows for on-site customization and adaptability. Besides this, welding consumables offer versatility and aid in the modification, expansion, and repair of structures. In addition, welded joints are less prone to loosening or failure, which reduces the risk of accidents and ensures the safety of workers and occupants, thereby creating a positive welding consumables market outlook.

Breakup by Region:

• Asia Pacific
• North America
• Middle East and Africa
• Europe
• Latin America
   

North America leads the market, accounting for the largest welding consumables market share

The market research report has also provided a comprehensive analysis of all the major regional markets, which include Asia Pacific, North America, Europe, Middle East and Africa, and Latin America. According to the report, North America represents the largest regional market for welding consumables.

North America accounted for the largest market share since the region leads in adopting automation and robotics in manufacturing processes, including welding. Automated welding systems require consistent and reliable welding consumables. Additionally, North America is home to numerous large-scale construction and infrastructure projects, ranging from skyscrapers to energy installations. These projects rely heavily on welding consumables to achieve structural integrity and durability. Apart from this, various industries in North America, such as aerospace and automotive, adhere to strict quality and safety standards, which necessitates the use of high-quality welding consumables that ensure compliance and reliability. For instance, in July 2022, Lincoln Electric an American multinational and global manufacturer of welding products, introduced the POWER MIG® 215 MPi™ multi-process welder, a lightweight dual-input voltage machine with a new ergonomic design. The POWER MIG 215 MPi welder builds on the strong foundation established by Lincoln Electric’s POWER MIG® 210 MP® welder and offers added functionality with a robust case designed for portability. This is expected to fuel the welding consumables market growth.

Competitive Landscape:

• The welding consumables market research report has also provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the major market players in the welding consumables industry include Voestalpine AG, Colfax Corporation, The Lincoln Electric Company, Air Liquide, Hyundai Welding Co., Ltd., Obara Corporation, Panasonic Corporation, Illinois Tool Works Inc., Denyo Co., Ltd., Fronius International GmbH, Tianjin Bridge Welding Materials Co., Ltd., Kemppi Oy, Arcon Welding Equipment etc.
  
  ​​​​​​(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)
   
• The competitive landscape of the market is highly competitive, featuring key players such as Lincoln Electric, ESAB, and ITW. These companies focus on innovation, offering advanced welding solutions and automation technologies. Strategic partnerships, mergers, and acquisitions are common as companies strive to expand their market presence and enhance their product portfolios to meet diverse industry demands. For instance, in February 2023, Lincoln Electric introduced the Sprinter 180Si stick welder. This versatile machine delivers superior arc performance for stick welding combined with advanced TIG functionality, all wrapped up in a portable, lightweight package, thanks to the newest inverter technology.

Welding Consumables Market News:

• In May 2024, voestalpine Bohler Welding, a leading global company in the field of welding technology, acquired a majority stake in the premium welding wire manufacturer ITALFIL S.p.A. The Italian company currently has 110 employees and achieved an annual turnover of EUR 43 million in the past business year. For voestalpine, this acquisition expands the product portfolio, particularly in the semi and fully-automated high-quality welding technology sector.
• In January 2024, Lincoln Electric’s newest pipe solution, Mechanized Pipeliner AutoShield, offers an innovative approach to pipeline welding. Designed to weld fill and cap passes without shielding gas on a mechanized orbital system, AutoShield maximizes efficiency and performance. By giving contractors an easier and more cost-effective way to mechanize, this solution enables consistent welds and gives operators a new tool to do something different.
• In November 2022, ESAB, part of ESAB Corporation (NYSE: ESAB), and a world leader in welding and cutting equipment and consumables, unveiled the industry-changing Renegade VOLT™ ES 200i Stick/TIG battery-powered welding system as it closed out SparkWeek, the brand’s week-long, virtual launch event highlighting new welding and fabrication products, automation and robotics solutions, and industry-shaping PPE.
• In November 2023, ESAB launched a next-generation welding platform for heavy industrial welding. ESAB’s Warrior Edge 500 CX system makes it possible for both new and experienced welders to achieve excellent welding results without a complex setup process.

Welding Consumables Market Report Scope:

Key Questions Answered in This Report:

• How has the global welding consumables market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global welding consumables market?
• What is the impact of each driver, restraint, and opportunity on the global welding consumables market?
• What are the key regional markets?
• Which countries represent the most attractive welding consumables market?
• What is the breakup of the market based on the product type?
• Which is the most attractive product type in the welding consumables market?
• What is the breakup of the market based on the welding technique?
• Which is the most attractive welding technique in the welding consumables market?
• What is the breakup of the market based on the end-use industries?
• Which is the most attractive end-use industries in the welding consumables market?
• What is the competitive structure of the market?
• Who are the key players/companies in the global welding consumables market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the welding consumables market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the global welding consumables market.
• The study maps the leading, as well as the fastest-growing, regional markets.
• Porter's five forces analysis assists stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the welding consumables industry and its attractiveness.
• The competitive landscape allows stakeholders to understand their competitive environment and provides insight into the current positions of key players in the market.