Global Nickel Alloy Welding Consumables Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nickel Alloy Welding Consumables Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nickel alloy welding consumables are consumables or filler materials used in welding to create a strong connection between two metals. Welding consumables are basically available as stick electrodes or wires. The metal is heated to its melting point while isolated from the air, and consumables are added to the connection area to make a single piece of metal. Nickel alloy welding consumables are made from nickel alloy as one of the main raw materials. Nickel alloys are very common in various metals used as welding consumables for various welding applications.

Market Overview:

The latest research study on the global Nickel Alloy Welding Consumables market finds that the global Nickel Alloy Welding Consumables market reached a value of USD 5209.13 million in 2022. It’s expected that the market will achieve USD 6499.23 million by 2028, exhibiting a CAGR of 3.76% during the forecast period.

Nickel Alloy Welding Consumables Industry Trends

Nickel Alloy Welding Consumables are widely used in oil and gas industry, power industry, construction industry, maritime industry, etc. The booming downstream industry drives the Nickel Alloy Welding Consumables market. The market for the Nickel Alloy Welding Consumables industry continues to expand, and the downstream industry's demand for Nickel Alloy Welding Consumables continues to grow.

Nickel Alloy Welding Consumables Growth Drivers

Widespread use of nickel alloy welding consumables in construction, oil and gas exploration, power industry, and maritime industries, among others, is driving the welding market. For example, in the oil and gas industry, data from Rystad Energy predicts that the global oil and gas industry investment in 2022 will increase by 4% year-on-year. This means that the oil and gas industry market is still growing rapidly, and the expansion of these downstream markets will increase the demand for nickel alloy welding consumables and promote the development of the nickel alloy welding consumables market.

Nickel Alloy Welding Consumables Market Challenges

The volatility of raw material prices is one of the challenges faced by manufacturers in the nickel alloy welding consumables market. Preliminary materials required to manufacture welding consumables include nickel, copper, iron, etc. The fluctuations in the prices of these materials are mainly due to changes in trade policies, imbalances in the supply and demand ecosystem, fluctuations in foreign exchange rates, and heightened geopolitical risks. This further adversely affects manufacturers and disrupts production costs for consumables, forcing manufacturers to reduce profit margins to remain competitive in the global market.

Region Overview:

North America was the largest revenue market with a market share of 37.71% in 2017 and 38.51%
in 2021. In 2021, the China market share was 26.56%, ranking second.

Company Overview:

The top three companies are Colfax, Lincoln Electric Holdings and Illinois Tool Works with the revenue market share of 3.26%, 3.23% and 1.85% in 2021.

Segmentation Overview:

Among different product types, Monel Alloys segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Marine segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Nickel Alloy Welding Consumables market covered in Chapter 3:

Lincoln Electric Holdings
Arcos Industries
Ador welding
Kobe Steel
Special Metal
lllinois Tool Works
Tianjin Golden Bridge Welding Materials Group
Colfax

In Chapter 4 and Chapter 14.2, on the basis of types, the Nickel Alloy Welding Consumables market from 2018 to 2029 is primarily split into:

Monel Alloys
Inconel Alloys
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nickel Alloy Welding Consumables market from 2018 to 2029 covers:

Oil & Gas
Power
Construction
Marine
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)