Welding Consumables Market Worth USD 15.15 Billion by 2027 | Welding Consumables Industry CAGR of 3.3%
Fortune Business Insights
5 min read
Fortune Business Insights
According to Fortune Business Insights, the global welding consumables market size is projected to reach USD 15.15 Billion by 2027, at CAGR of 3.3% during forecast period 2020-2027
Pune, India, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global welding consumables market size is projected to reach USD 15.15 billion by 2027, exhibiting a CAGR of 3.3% during the forecast period. Development of robotic welding systems is expected to propel the growth of this market in the near future, finds Fortune Business Insights™ in its report, titled “Welding Consumables Market Size, Share, and Regional Forecast, 2020-2027”.
A few key industry leaders such as ABB and ESAB have been constantly innovating and coming up with novel robotics solutions for welding applications. For example, ABB has been researching and developing a next-gen welding solution called “flying start”, which will save precious milliseconds per weld. Robotic welds will be embedded with a flying-start mode that will enable turning on the power source for the weld before it arrives on location. KUKA AG, a leader in industrial robotics, released its ready 2_grind robotic solution in 2017 that can be utilized for blending and grinding applications across multiple industries, where welding is a core activity. These innovations are expected to fuel the welding consumables market growth in the forthcoming years. According to the report, the global market value was at USD 11.76 billion in 2019.
List of Key Companies Profiled in this Market Report:
Miller Electric Mfg. LLC (Wisconsin, United States)
capilla (Leopoldshöhe, Germany)
RME MIDDLE EAST (Dubai, UAE)
KISWEL CO., LTD. (Seoul, South Korea)
ESAB (Maryland, United States)
Lincoln Electric (Ohio, United States)
Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd. (China)
voestalpine BÖHLER Edelstahl GmbH (Austria)
CS HOLDINGS CO., LTD. ( Gyeongsangbuk-do, South Korea)
ZULFI (Al Zulfi, Saudi Arabia)
KOBE STEEL, LTD (Hyogo, Japan)
Market Restraint
Massive Shortage of Skilled Welders to Inhibit Market Growth
One of the major roadblocks impeding the welding consumables market growth is the severe shortfall of skilled welding professionals across different industries. In India, for instance, the Indian Institute of Welding estimates that the country currently faces a shortage of 1.2 million welding professionals, which is likely to swell to 1.35 million over the next three years. Similarly, the American Welding Society predicts that the deficit of welding workers will reach 400,000 by 2024. Moreover, the lack of skilled welding professionals is hampering the quality of products. For example, in June 2018, Ford had to recall 12,000 of its models owing to defects in the pump welds. In another instance, the UK was forced to delay the launch of its nuclear missiles in August 2018 after it was discovered that the missile tubes had cracks. Thus, deficiency in skilled welders is likely to stymie the demand for welding consumables in the coming years.
Increasing Penetration of Smart Welding Technologies to Augment the Asia Pacific Market
Asia Pacific, with a market size of USD 3.94 billion, dominated the welding consumables market share in 2019 and is expected to continue its dominance during the forecast period. The primary factor enabling the region to maintain its leading position is the steady penetration of advanced welding technologies such as robotics. In addition, some of the top domestic players such as Bharat Heavy Electrical Limited are developing welding consumables and aggressively exporting them to less developed countries such as Vietnam.
The market in North America and Europe is anticipated to experience lucrative opportunities as these regions are increasingly adopting Industry 4.0 technologies and setting up smart factories, which is opening a new expansion avenue for this market.
Competitive Landscape
Focused Spending on Innovation to Produce Favorable Results for Players
Key players in the market for welding consumables are directing their investments smartly toward innovation, which is enabling them to not only diversify their offerings but also to cement their market position. With a view to expanding its global footprint, companies are also strategically acquiring entities and bolstering their international and regional presence.
Industry Developments:
July 2020: Lincoln Electric expanded its flagship line of Ranger welders/generators by adding the new Ranger® 260MPX™. The novel welding machine features a compact design and a digital interface, with a 20% lower carbon footprint than other comparable products.
March 2020: voestalpine Böhler Welding purchased a majority stake in Selco s.r.l., the leading welding machine manufacturer in Italy. Böhler is aiming to strengthen its position in Europe as the acquisition allows the company to add welding machines to its portfolio.
