Global Welding Equipment & Consumables Market Outlook, 2028

Global Welding Equipment & Consumables Market Outlook, 2028

Welding is the process of fabricating metals in which two pieces of metal are joined together by applying heat with the aid of tools like welding goggles, welding helmets, welding glass, welding spray, and welding positioners. Welding equipment and consumables refer to the collection of products that are used during this process. In the transportation sector, welding is frequently utilised to create different vehicle body sections. OICA (Organisation Internationale des Constructeurs d'Automobiles) estimates that 67.14 million passenger automobiles were produced worldwide in 2017. Although the number of vehicles produced decreased by about 5% in 2019 compared to 2018, there is still a sizable market for welding materials in this end-use industry.

According to the research report, “Global Welding Equipment & Consumables Market Outlook, 2028”, published by Bonafide research the market is anticipated to reach USD 36.15 Billion by 2028 with a significant CAGR of 4.85% from USD 27.36 Billion in 2022. The market for welding consumables and equipment is anticipated to rise as a result of the expanding demand for the steel sector. Stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding are just a few of the applications that welding equipment is utilised for due to the growing need for welded metals in the fabrication sector. For instance, the American Iron and Steel Institute reports that as of January 2022, domestic raw steel production in the United States was 1,803,000 net tonnes, with a capacity utilisation rate of 81.9%. Also, according to IBEF, India produced 102.49 MT of crude steel and 94.66 MT of finished steel in FY2021. Hence, the expanding need for the steel industry is fuelling growth of the welding equipment and consumables market.

The adoption of methods like laser welding and ultrasonic welding is rising, which is driving the welding industry. In end-use industries where precision and accuracy of the joints are of high importance, such as electric appliances, robotic appliances, and moving automotive parts, these welding techniques are becoming more and more popular because they are highly efficient and offer a number of advantages that make them suitable for a wide range of applications. Due to the fact that welding is the only connecting method that can be utilised in both space and under water, demand for welded products will continue to rise. In the upkeep and repair of ships, pipelines, and offshore oil platforms, welding is crucial. Moreover, underwater welding is becoming more and more popular as a technology for marine applications. Recently, there has been an increase in desire for cars to be lighter in order to lessen their environmental impact and improve their usability for global competition. Under such conditions, steel materials must possess extremely high tensile strength and be capable of handling complicated structures of high-performance parts. In these applications, welding joints offer fatigue and corrosion resistance, as well as strength, which helps the market for equipment, accessories, and consumables. The need for thick and high tensile strength steel products is driven by the mega-structural construction trend as well as high efficiency transportation. Innovation in welding technologies is required to effectively utilise such cutting-edge steel products, which accelerates market expansion.

North America, Europe, Asia Pacific, South America, and Middle East & Africa are the regions into which the global market for welding equipment and consumables is divided. In 2022, Asia Pacific dominated the market and accounted for 42.81% of worldwide revenue. Due to the robust automotive industry, the welding equipment and consumables market in the Asia Pacific region is anticipated to grow at the fastest rate. The demand for welding equipment is anticipated to increase as the popularity of electric and hybrid vehicles rises. Also, as consumer preferences shift towards personalization, it will become more important to maintain the ride quality and fuel efficiency of vehicles. This will increase the frequency of vehicle maintenance and repair tasks, which are predicted to increase demand for welding equipment.

The electrodes & filler metal equipment, oxygen-fuel gas equipment, and other equipment categories make up the worldwide welding equipment & consumables market. In 2022, the segment that had the biggest share was electrodes and filler metal equipment, with 52.4 percent. Electrodes used in welding combine two metals. Arc welding involves passing a current through electrodes to join two metal parts together. Depending on the method, the electrode might be either consumable or non-consumable. Consumable electrodes are required for welding metals with gas tungsten arc welding, while non-consumable electrodes are needed for welding metals with shielded metal arc welding or gas metal arc welding. Stick welding is frequently done on metals such mild steel, cast iron, and stainless steel. Stick welding is a manual arc welding technique that places the weld using consumable electrodes that have been flux-coated. Due to characteristics like mobility, ease of use, lack of electricity, etc., oxy-fuel gas equipment is predicted to develop at a considerable CAGR of 6.38%.

The market can be divided into Stick electrodes, Solid wires, Flux-cored wires, SAW wires and Fluxes, Others, and Consumable Type (gases, rods, etc.). Stick electrodes were the market leader in 2022, accounting for more than 34% of all sales. In the fabrication of heavy equipment, infrastructure, and building materials, stick electrodes are frequently utilized in welding applications. These consumables are suitable for welding thicker materials using shielded metal arc welding (SMAW). Solid wires are frequently utilized in the shipbuilding, aerospace, and automotive industries and are employed in gas metal arc welding (GMAW). For welding thin materials, these consumables are chosen because they have high deposition rates. Furthermore, due to their extensive application in sectors like construction, infrastructure, and automotive as well as their employment in gas metal arc welding (GMAW), the flux-cored wires market is anticipated to expand at a strong CAGR of 6.69% in 2022. For welding thicker materials, these consumables are chosen since they have higher deposition rates. Shipbuilding, oil and gas, and the production of heavy equipment are just a few of the industries that frequently use submerged arc welding (SAW) wires and fluxes in welding applications. For welding thicker materials, these consumables are chosen since they have high deposition rates.

On the basis of technology, the global welding equipment & consumables market is sub-segmented into Arc Welding, Oxy-fuel Welding, Others. In 2022, the sector for arc welding had the biggest market share (53.90%). The expansion of this market may be attributed to the increasing use of arc welding in offshore infrastructure development projects, as well as in the upkeep and repair of pipelines, industrial equipment, and nuclear facilities. Arc welding demand is anticipated to rise throughout the projected period as governments strive to expand industrial facilities by encouraging foreign investment in developing nations like Myanmar, India, and Indonesia. The low cost of arc welding equipment and the simplicity with which it can be used are further reasons that are anticipated to increase demand for arc welding technology. Also, because they produce fewer welding fumes than other technologies, these devices improve the welding environment. Oxy-fuel welding is also anticipated to have a significant rise in the future years. This is because it raises the flame temperature for the work piece's local melting by using fuel gases and pure oxygen.

The market can be divided into Automotive, Fabrication, Building & Construction, Marine, Power, Oil & Gas, and Others on the basis of end-user. In 2022, the automobile sector had the biggest market share (24.37%). As the world's demand for automobiles rises, it is anticipated that the automotive industry's need for robotics and tools would increase. As a result, it is anticipated that during the projection period, demand for welding equipment will increase. Robotics advancements have increased the use of robots for fusing procedures in the car industry. Robotics are predicted to continue to be in high demand in the automotive industry due to their multiple benefits for increasing production, quality, and scrap reduction, which will help the sector thrive. The government's attempts to create infrastructure, the restructuring of ongoing residential and commercial projects, and a rise in foreign direct investment in developed and developing nations are all contributing to the construction industry's rapid growth.

The market for welding tools, supplies, and consumables is growing quickly, but some equipment still has severe issues, including high energy consumption, sensitivity to environmental factors, poor selection, bad maintenance, high cost, and challenging fabrication requirements. The amount of energy used by welding tools, accessories, and consumables has a big impact on operating costs for any business. According to a 2018 analysis by Lincoln Electric Company, welding used an alarmingly high amount of electricity per year—at least $15 million in the US and around $99 million globally. Only with adequate and timely maintenance can issues with accuracy, drift, and sensitivity in welding equipment be remedied. For these devices to operate well, calibration must be performed frequently. Impurities may clog the equipment if maintenance is neglected or performed improperly, leading to inaccurate measurements and device failure. The complicated nature of the manufacturing process contributes to the high cost of welding supplies and equipment. For commercial and residential users, some welding methods, such laser and plasma welding, are pricey. Customers primarily take into account sensitivity, selectivity, stability, cost, and portability when choosing this equipment. For example, welding equipment based on laser and plasma technology is more expensive than arc welding equipment but offers significantly higher accuracy and dependability. High-end applications in the medical, electronics, and aerospace industries are chosen for such high-end technologies. The market is constrained by these expensive prices.

Recent Development:
• In October 2022, OTC DAIHEN and distributor partner Airgas delivered the 1000th production robotic welding system - a SERVO-ARC 720B turntable robot welder – to East Manufacturing. With this, recently expanded manufacturing assembly capacity and increased product and consumable inventory in Ohio is committed to provide arc-welding automation solutions for all metal fabricators.
• In July 2022, Nippon Steel Engineering Co., Ltd) completed construction of one coke dry quenching plant (maximum coke throughput: 80 t/h for the East Japan Works (China), which was ordered by JFE Steel Corporation. The plant is designed to be environment-friendly by minimizing dust emissions during coke conveying and cooling process to make it suitable for an urban steelwork.
• In February 2021, Lincoln Electric introduced the latest addition to its Vantage line of diesel engine driven welder/generators with the new Vantage 441X. This generator has features to help maintain jobsite welding at peak performance.
• In November 2020, ESAB. And leading robot and robot system company, YASKAWA, announced a global cooperation agreement to jointly develop and market a line of pre-engineered robotic welding systems called XCellerator. The XCellerator systems will be engineered and built by Yaskawa and marketed by ESAB through its global sales channels.
• In December 2020, in collaboration with The Harris Products Group a Lincoln Electric company and the leader in cutting Lincoln Electric introduced a VRTEX OxyFuel Cutting feature that combines welding and cutting by enabling users to practice torch cutting safely and virtually.

Covid-19 Impact:
The welding equipment and consumables sector was significantly influenced by COVID-19 on the global market for welding equipment and supplies. Because to the fact that a large portion of the demand is tied to end-use industries, many of which are having trouble operating during the pandemic, the demand for welding equipment and consumables also decreased. Due to the installation of lockdowns, numerous ongoing construction projects and activities, including government infrastructure projects, came to an abrupt end. Like many other industries, the construction sector requires a lot of labour. Construction workers fled to their home countries as a result of the widespread concern caused by the construction industry's high unemployment rate. Construction companies are operating with less money, labour, and working hours even after numerous countries' limitations were loosened, which would cause delays in project deliveries. The impact of the slowdown of the construction industry was felt by the welding equipment and consumables industry as well.

Companies Mentioned in this Report:
Lincoln Electric Holdings Inc, Illinois Tool Worker Inc, Kobe Steel, ltd., Air Liquide, Linde Plc, Messer GMBH, Voestalpine Bohler Welding Group GmbH, Daihen Corporation, Hyundai Welding Co., Ltd., Air Products and Chemicals, Inc., Antalntic China Welding Consumable, Inc, Fronius International GmbH, Kemppi Oy., Obera Group Inc., Amada Weld Tech, Swagelok Company, Carl clood Welding Technology Gmbh, Panasonic Corporation, Tianjin Bridge Welding Materials Group Co., Ltd, ESAB Corporation

Considered in this report
• Geography: Global
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Global Welding Equipment & Consumables market with its value and forecast along with its segments
• Region-wise Welding Equipment & Consumables market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions & Countries covered in the report:
• North America (United States, Canada, Mexico)
• Europe (Germany, United Kingdom, France, Spain, Italy, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle East & Africa (UAE, Saudi Arabia, South Africa)

By Equipment type:
• Electrodes & Filler Metal Equipment
• Oxy-fuel Gas Equipment
• Other Equipment

By Consumable Type:
• Stick electrodes
• Solid wires
• Flux-cored wires
• SAW wires and Fluxes
• Others (gases, rods, etc.)

By Technology Type:
• Arc Welding
• Oxy-fuel Welding
• Others (Resistance welding, Laser beam welding, plasma arc welding, electron beam welding, Atomic Hydrogen Welding, Forge Welding, Thermite Welding, Submerged Arc Welding (SAW), Flux-cored arc welding (FCAW))

By End-User:
• Automotive
• Fabrication
• Building & Construction
• Marine
• Power
• Oil & Gas
• Others (Maintenance & Repair, Offshore, Pipe Mill, Pipeline, Aerospace, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Welding Equipment & Consumables industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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