Welding Consumables Market to Reach US$ 19.2 Billion by 2024
by Rahul Rastogi Market Research AnalystAs per the latest report by IMARC Group,
titled “Welding
Consumables Market Report: Global Industry Trends,
Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global welding consumables market size reached US$ 13.9 Billion in 2018. Welding
consumables are flux and filler metals that are employed during welding. In
this process, filler metals are initially melted to form a strong joint between
two metals and the flux helps in preventing the oxidation of hot metals. As
these consumables ensure cost-effective welding, aid in protecting the molten
weld from contaminants present in the air and prevent the formation of porosity
in the weld pool, they are widely employed in industries including energy,
automobile, aerospace, construction and shipbuilding.
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Global Welding Consumables Market Trends:
Welding consumables are used in the
manufacturing of lightweight and high-quality vehicle parts in the automotive
industry. This can be attributed to the boosting sales of automobiles,
continually improving designs and advancements in the safety features of
vehicles. Apart from this, the launch of numerous development and housing
projects, and the burgeoning construction industry is further spurring the
demand for welding consumables worldwide. Other factors that are strengthening
the market growth include urbanization, industrialization, increasing foreign
direct investments (FDI) and technological advancements. Looking forward, the
market value is projected to reach US$ 19.2 Billion by 2024, expanding at a
CAGR of around 6% during 2019-2024.
Market Summary:
· Based
on the product, the market has been classified into stick electrodes, solid
wires, flux cored wires, SAW wires and fluxes, and others. Amongst these, stick
electrodes are the leading category of welding consumables across the globe.
· On
the basis of the welding technique, the market has been segregated into arc,
resistance, oxyfuel, ultrasonic and others. At present, arc welding accounts
for the majority of the total market
share.
· The
market has been analyzed on the basis of the end use industries into
construction, automobile, energy, shipbuilding, aerospace, industrial equipment
and others. Currently, the construction sector exhibits a clear dominance in
the market.
· Region-wise,
Asia Pacific represents the largest market for welding consumables around the
world. Other major markets include North America, Europe, Latin America, and
Latin America.
· The
competitive landscape of the market has been examined with some of the key
players being 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 and Arcon Welding
Equipment.
Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/welding-consumables-market
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Created on Aug 2nd 2019 06:44. Viewed 458 times.