Global Welding Consumables Market Boosted by Rising Demand for Prefabricated Structures

Welding is an effective and economical process used for joining two or more parts of thermoplastics and metals by applying heat. There are four essential components of the welding process, which include consumables, a heat source, the metal being welded, and a shield from the air. Various consumables, or filler materials, are used to ensure a strong bond between two metals, such as flux-cored wires, SAW wires, stick electrodes, solid wires and fluxes. These materials can be made using different raw materials, including aluminum, ilmenite, nickel and copper. Other than strength, consumables make sure that the welding process is cost-effective, prevents the formation of pores in the weld pool, and avoids the transfer of air contaminants from the molten metal. At present, filler materials are largely used in various sectors, such as shipbuilding, manufacturing, energy construction, automobile and aerospace. According to IMARC Group, the global welding consumables market size reached US$ 13.9 Billion in 2018.

Global Welding Consumables Market Trends

In the aerospace welding industry, the implementation of stringent quality regulations has prompted market players to include four main manufacturing techniques in their facilities, which include laser beam, laser-arc hybrid, friction stir and electron beam welding. This shift has escalated the overall production of welding consumables. Besides, as filler materials are majorly used in the welding of structural steel, rising production of prefabricated structures led by the accelerating demand from the residential sector is influencing the market growth positively. Moreover, welding consumables are witnessing a rise in demand across the automotive industry with the emergence of industrial automation in automobiles and rising concerns regarding the delivery of quality products.

Owing to the factors mentioned above, market players are striving to expand their production capacities by making investments in R&D activities and acquiring other enterprises. For instance, in 2019, the Canada-based investment company, Tricor Pacific Capital, acquired the US-based welding solutions provider, Rockmount Research & Alloys. The latter markets and distributes a line of industrial welding-alloy accessories and products. According to the agreement, Tricor Pacific will aim to expand the geographic footprint of Rockmount. Looking forward, the market is expected to grow at a CAGR of around 6% during the forecast period of 2019-2024, reaching a value of US$ 19.2 Billion by 2024.

Stick electrodes are the most preferred product type

The market has been segmented according to the product type, which includes stick electrodes, solid wires, flux cored wires, SAW wires and fluxes, and others. Amongst these, stick electrodes represent the most preferred product type across the globe. Also known as welding rods or welding electrodes, stick electrodes are metal wires with chemical coatings. They are used for sustaining the welding arc and playing the role of the filler metal, which is required for welding the joint. The chemical coatings that are baked on welding electrodes help in protecting the metal from damage, improving the weld and stabilizing the arc. While selecting a stick electrode, several factors are taken into consideration as each type offers different mechanical properties and functions with a particular type of welding power source. Some of these factors include joint fit-up, base metal type and welding positions.

Arc welding represents the most common welding technique

Amongst the various techniques used for welding, such as arc welding, oxy-fuel welding, resistance welding and laser-beam welding, arc welding is the most preferred technique. It uses an electric arc for joining two metals. The arc helps in creating intense heat and can be powered by either direct or alternating current. Arc welding can use both non-consumable and consumable types of electrodes for welding purpose, and can be semi-automatic, manual or fully automated. It was introduced in the late 19th Century and became commercially important during World War II for shipbuilding. Nowadays, arc welding is used for the production of vehicles and steel structures. Some of the most common welding consumables used in this technique include coated electrodes, welding rods and wires, welding fluxes, and shielding gases.

Construction industry is the largest end user

On account of the essential role played by filler materials, they are used for construction, automobile, energy, shipbuilding, aerospace and industrial equipment applications. Currently, consumables are mostly used in the construction industry. The growth of this segment can be attributed to the increasing number of residential projects as well as civil infrastructure projects. Other than this, rising urbanization and industrialization in developing regions is giving a boost to the overall production ] of structural steel, which is further creating a need for improved welding consumables.

Asia Pacific leads the market

At present, Asia Pacific represents the biggest market for welding consumables, accounting for the majority of the market share. It is followed by North America, Middle East and Africa, Europe, and Latin America. The growth in the Asia Pacific region can be accredited to rapid urbanization, which has led to an increase in construction activities across both the residential and commercial sectors.

The report has also analyzed the competitive landscape of the market and has provided comprehensive details about the key players operating in the market. Some major manufacturers include

Voestalpine AG

Colfax Corporation

Lincoln Electric Holdings, Inc

Air Liquide S.A.

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

LLC.

Other Report by IMARC Group:

DevOps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024

About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the welding consumables industry, which has enabled clients to set up and expand their businesses successfully. Some of the company’s offerings include:

• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development