The global welding equipment & consumables market is anticipated to expand at a CAGR of more than 4% over the period of 2017- 2024. For the record, in 2016 the worldwide welding equipment & consumables market was worth USD 19 billion and is further expected to attain a valuation of USD 25 billion by 2024, according to Global Market Insights, Inc.
The extensive proliferation in the application spectrum of welding equipment & consumables market has locked exceptional gains for the industry in the coming years. The massive application gamut that spans the automobiles, aerospace, buildings & construction, oil & gas industries are certain to garner huge demand for welding equipment and uplift the market trends in the ensuing years. The fact that aforementioned end-use sectors find extensive usage of several welding equipment in industrial & fabrication processes, turns out to be a fundamental factor fueling welding equipment & consumables industry expansion.
The welding electrodes and flux cored wires are poised to remain the major consumables, while other products such as solid wires, SAW & Fluxes are likely to exhibit significant growth trends. In 2016, the flux cored wires segment within the welding equipment & consumables market generated revenue worth USD 900 million, acquiring a subsequent chunk of the industry share.
Taking into account the geographical landscape, Asia Pacific is touted to be the prime revenue pocket and is anticipated to account for more than 40% of the global welding equipment & consumables industry share by 2024. The vast application scope in the region, on account of expanding growth opportunities in automobile, construction, shipbuilding, transportation, and aerospace industries is poised to provide remarkable threshold to the regional welding equipment & consumables market in the forthcoming years.
The region is home to some of the largest light-weight vehicle manufacturers in the world. China, Korea, and Japan accounts for over 42% of the global automobile production market – which comprises over 37 million units of production. Industry experts point out the rising disposable incomes, especially of the middle-class population in the region, to be a key factor propelling automobile demand. In fact, considering the total sales of vehicles in this region, India and China collaboratively accounted for more than 30 billion, while Japan recorded a massive 5 billion vehicle sales in 2016. Given that the welding equipment & consumables are extensively used in the manufacturing process of automobiles, it comes as no surprise that Asia Pacific welding equipment & consumables industry will attain phenomenal gains from the automobile production sector.
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Myriad construction initiatives undertaken by the local government for developing the regional infrastructure will foster the regional welding equipment & construction market trends. Electrical welding equipment and consumables are widely used in the construction of building and bridges for cutting and fabrication of metals – a factor propelling welding equipment & consumables demand in the construction sector. In 2016, Asia Pacific construction spending accounted for over USD 4 trillion and contributed to more than 45% of worldwide construction expenditure. These statistics depicts the robust pipeline of construction and infrastructure development projects in the developing economies including India and China, which will overtly stimulate welding equipment & consumables market share.
ESAB Group, Lincoln Electric Company, Miller Electric, Senor Metals Private Limited, Arcon, Panasonic Corporation, and Miyachi America Corporation are some of the prominent industry players attempting to bring technological interventions in the welding equipment & consumables market. These companies highly rely on product advancements and mergers & acquisitions to sustain in the competitive scenario. Lincoln Electric Company, for instance, has recently signed an agreement with Air Liquide to buyout its Air Liquide Welding subsidiary. On account of this merger, the combined unit is set to enhance the global specialty consumables portfolio by offering more comprehensive welding and cutting solutions. In addition, the company is also expecting its extension of channels across the region. Such growth strategies are likely to bring even more consolidation and fierce competition in welding equipment & consumables market trends.