Global Nickel Alloy Welding Consumable Market to Garner Brimming Revenues by 2025
The global nickel alloy welding consumable market is expected to prosper due to rise in construction and building. According to a report by Transparency Market Research, the market is moderately consolidated among some well-established players. The one half of overall demand is served by prominent players and the other half of share is distributed among domestic and regional players. The competition is intense due to companies trying to hold larger share in the market. Global players are also engaged in promoting and marketing their products to suppress local and regional players but these regional players are providing inexpensive products to local demand and are surviving the competition in the market. Some of the key players in the market are Voestalpine Bohler Welding GmbH, Illinois Tool Works Inc., ESAB, Colfax Corporation, and Lincoln Electric Holdings Inc.
The global nickel alloy welding consumable market is expected to rise at a CAGR of 5.4% during the forecast period of 2017 to 2025. The revenue valuation of the market was US$3.5 bn in 2016 and is expected to reach a valuation of US$ 5.6 bn by 2025. The welding wire segment according to product type held the maximum share in 2016. It is expected to be leading the market compared to other products in the market because it provides better precision and efficient deposition. Geographically, Asia Pacific led the market by holding 33.8 % of the shares in market during 2017 and is expected to reach 35.7% by the end of forecast period.
Increased Demand for Nickel in Welding Purposes Likely to Boost the Market
Nickel alloy welding consumables market is flourishing due to end user industries. The demand is also driven because nickel is available in abundance across the globe. Additionally, the strong efficiency of nickel is also benefitting the growth of the market. Its numerous applications in various industries is likely to increase its demand in coming years. It is more preferred among other metals used for welding purposes. The demand of nickel alloy in multiple end user industries such as power, gas and oil, construction and building, and others are likely to expand its market globally. Its primary uses in oil and gas industries, marine, building and construction, transportation and automobile, and application in power will be fueling the demand in the coming years. The use of nickel alloy in the nickel alloy welding consumables will be the key factor for rise in demand. The efficiency and availability in abundance of the product increases the demand for the same during the forecast period. The rise in transportation industries is one of the prominent drivers of the market. The demand for nickel in application for renewable energy such as solar and wind energy is also expected to increases the revenue generation in the overall market.
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Fluctuation in Production to Disrupt its Demand During the Forecast Period
The lack of skilled labor for performing diverse welding tasks in the market is likely to affect the market during the forecast period. Fluctuation in the production is also likely to affect the growth. The increased frequency in up and downs in the production of nickel is affecting the price volatility. This is affecting the market negatively. The dearth of substitutes will hamper the overall market. The cost consciousness of consumers in medium and small enterprises is also expected to slow down the growth of the market.
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