Global Welding Equipment & Consumables Market Overview, 2023-28

Global Welding Equipment & Consumables Market Overview, 2023-28

Welding equipment and consumables are essential tools and materials for joining two or more pieces of metal or thermoplastic together. The global welding equipment and consumables market has been growing steadily over the years, driven by the increasing demand for welding applications in several industries such as automotive, construction, and manufacturing. The market is driven by the growing demand for welding automation technology, the rise in construction and infrastructure development activities, and the increasing use of welding in the automotive and transportation industries. Also, increasing demand for welding consumables in the construction, automotive, and shipbuilding industries, as well as a trend towards using advanced welding consumables that offer higher efficiency and lower emissions, are growing. The global welding equipment and consumables market is expected to continue growing in the coming years, driven by the increasing demand for welding automation technology, infrastructure development, and the use of advanced welding consumables. Global weld consumables demand has risen dramatically in the last year as a result of technological advancements and the need for low-cost, long-lasting materials for a wide range of industrial applications, with the automobile and transportation sectors accounting for the lion's share. The market for global welding consumables is expanding at a steady rate, driven along by the widespread adoption of marine/shipbuilding and general fabrication across industries to improve the manufacturing process.

According to the research report, ""Global Welding Equipment & Consumables Market Overview, 2023–28,"", 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 welding equipment and consumables market is expected to experience steady growth in the coming years due to the increasing demand for welding in various industries such as construction, automotive, and aerospace. The market is also being driven by the rise in infrastructure development and government initiatives aimed at boosting the manufacturing sector. In addition, the growing demand for advanced welding technologies such as laser and ultrasonic welding is expected to boost the market further. Furthermore, the adoption of automation and robotics in welding processes is expected to increase, leading to higher efficiency, productivity, and quality. The Asia-Pacific region is expected to be the fastest-growing market for welding equipment and consumables due to the increasing demand from emerging economies such as India and China. The growth of the automotive and construction industries in this region is also expected to contribute to the market's growth.

Based on the report, the market is segmented into equipment and consumables. Among them, the welding consumables segment is leading the market in 2022. Welding consumables refer to the materials that are used to join two metal parts during the welding process. These materials include welding wires, electrodes, fluxes, and shielding gases, among others. Welding consumables are dominating the market because they are an essential component in the welding process. Welding consumables are used in various welding techniques such as MIG, TIG, and stick welding, among others. They play a critical role in the quality of the welding joint and the overall efficiency of the welding process. In addition, the demand for welding consumables is increasing due to the growth of end-use industries such as construction, automotive, and aerospace. As these industries continue to grow, the demand for welding consumables is also expected to increase. Furthermore, technological advancements in welding consumables are driving the growth of the market. For instance, the development of advanced welding consumables with improved properties such as higher strength, improved corrosion resistance, and better weld ability has increased the demand for these materials.

Arc welding is one of the leading welding technologies in the global market for welding equipment and consumables. Arc welding is a versatile welding process that can be used for a wide range of applications and materials, making it a popular choice in various industries such as automotive, construction, and aerospace. It is a relatively simple and cost-effective welding process, which makes it accessible to a wide range of users, from small businesses to large corporations. Arc welding equipment and consumables are widely available from a variety of suppliers, which helps to keep costs down and makes it easy for businesses to source the materials they need. Arc welding is a well-established technology with a long history of use, which has helped to build trust and confidence among users. This has contributed to its continued popularity and dominance in the global welding equipment and consumables market.

Covid-19 Impacts:
The demand for welding equipment, accessories, and consumables also decreased, as a majority of the demand is linked to the end-use industries, which are also facing difficulties operating during the pandemic. Many construction projects and activities, including government infrastructure projects that were initially running, came to a complete halt due to the imposition of lockdowns. The construction industry, like many others, is labour-intensive. The widespread panic caused by mass unemployment in the construction industry drove workers back to their homes. Even after several countries eased restrictions, construction companies are working with reduced finances, labour, and working hours, which will further delay project completion. The impact of the construction industry slowdown was also felt by the welding equipment, accessories, and consumables industries. Aside from plant closures, the cancellation of several projects in the commercial and industrial construction sectors reduced demand for welding equipment, accessories, and consumables in 2020. COVID-19's negative impact on the automotive industry also had an adverse effect on the market for welding equipment, accessories, and consumables. The disruption in Chinese parts exports, the closure of assembly plants in the United States, and large-scale manufacturing interruptions across Europe all had a significant impact on the industry. This put additional strain on an industry that was already dealing with a drop in global demand.

Recent Developments:
• October 2022: Lincoln Electric Holdings, Inc. disclosed that it had finalized an agreement to purchase Fori Automation, Inc. With new complementary capabilities, increased scale, and global reach, the acquisition will hasten the automation growth strategy. Lincoln Electric released the New POWER MIG 215 MpI multi-process welder in July 2022.
• October 2022: Kemppi introduces the X5 FastMig Pulse welding system, which was created exclusively for industrial use. The modular welding solution is made to be applied in a variety of settings, allowing the manufacturers to develop the assembly that best meets their requirements.
• In October 2022, OTC Daihen and distributor partner Airgas delivered the 1000th production robotic welding system to East Manufacturing, a SERVO-ARC 720B turntable robot welder. With this, Ohio is committed to providing arc-welding automation solutions for all metal fabricators, thanks to recently expanded manufacturing assembly capacity and increased product and consumable inventory.
• In July 2022, Nippon Steel Engineering Co., Ltd. completed construction of one coke dry quenching plant (China), which was ordered by JFE Steel Corporation. The plant is designed to be environment-friendly by minimising dust emissions during the coke conveying and cooling processes to make it suitable for an urban steelwork.
• Air Products, in June 2022, announced investing US$ 5000 million for constructing a green hydrogen production facility in New York.
• Taiyo Nippon Sanso announced on September 5, 2022, that it had agreed to set up the Kimitsu Sanso Centre via a joint venture with Nippon Steel Corporation.

Companies Mentioned in this Report:
Illinois Tool Worker Inc, Kobe Steel, ltd., Air Liquide, Linde Plc, Messer GMBH, Voestalpine Bohler Welding Group GmbH, Hyundai Welding Co., Ltd., Air Products and Chemicals, Inc

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 covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle East & 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.