Welding Consumables Market Soars on Back of EV Boom and Robotic Welding
Fairfield Market Research, a leading market research firm, has released a comprehensive report indicating a promising growth outlook for the global welding consumables market in the coming years. The market is poised to benefit from several key drivers and faces certain challenges in the backdrop of the evolving industrial landscape.
Expanding EV Industry and Welding Robots Uplift Market
The global welding consumables market is witnessing robust growth, primarily driven by the increasing adoption of welding across various critical end-use sectors. This includes manufacturing, marine, automotive, and oil and gas industries, among others. Welding consumables offer a precise and secure means to join metal pieces, making them a sought-after solution across multiple sectors. The burgeoning electric vehicle (EV) industry is further fueling demand for welding consumables, alongside the automotive sector. The integration of welding robots is also contributing to market growth, as robotic welding offers efficiency, precision, and enhanced safety. According to the International Federation of Robotics, the industrial robotics sector is expected to witness an 80% increase in the number of operating robots by 2021, further driving demand for welding consumables.
Challenges Hampering Market Growth
Despite the promising outlook, several challenges hinder the welding consumables market’s expansion. Slow adoption of contemporary welding technology in developing nations, environmental concerns related to welding consumables, and sluggish growth in the shipbuilding and aerospace sectors are limiting factors. The volatility of raw material prices adds further complexity to the market landscape. However, the construction sector’s anticipated growth, driven by government infrastructure initiatives and project restructuring, presents lucrative opportunities for market expansion.
COVID-19 Impact on the Market
The COVID-19 pandemic significantly altered the dynamics of the global manufacturing landscape. Lockdowns, travel restrictions, and business closures disrupted supply chains, leading to a slowdown in international business activities. The welding consumables market was not immune to these disruptions, as manufacturing closures, supply chain disruptions, and economic challenges impacted the industry’s growth and expansion.
Smart Materials and Automotive Industry Drive Market Growth
The adoption of smart materials, known for their eco-friendliness and energy efficiency, is on the rise. Smart materials enable the fusion of dissimilar metals without compromising their strength and performance attributes. The automotive industry’s demand for lightweight, high-quality car parts further supports market growth. Additionally, the construction sector in developing nations and the need for renewable energy capacities are expected to drive the welding consumables market’s expansion.
Volatility in Raw Material Supply
The unpredictability of raw material prices, including steel, aluminum, graphite, and iron, is a major constraint for the welding consumables market. Shifting trade regulations, supply and demand imbalances, foreign exchange rate fluctuations, and geopolitical risks influence raw material prices, impacting manufacturing costs and profit margins.
Dominant Categories and Industries
Solid wires are the dominant category in the welding consumables market, extensively used in metal inert gas (MIG) welding due to their ability to prevent oxidation. The construction category leads in terms of market share, fueled by the construction of high-end facilities, government infrastructure initiatives, and increased foreign direct investment in developing nations. Furthermore, the energy sector’s growth, particularly in renewable energy plants, is expected to drive market expansion.
The Asia Pacific region is expected to dominate the welding consumables market, with established and emerging welding consumables businesses in China, India, and South Korea. Robust capital inflow and the widespread use of intelligent technologies, including robotic welding, are key growth drivers in the region. In North America, stable revenue growth is anticipated, driven by a large number of manufacturers and a focus on technical advancements and R&D activities.
Key Market Players
Leading players in the welding consumables market include Bavaria Schweisstechnik Gmbh, Carboweld Schweissmaterialien Gmbh, Colfax Corporation, Daiko Welding Consumables, Fronius International Gmbh, Hyundai Motor Company (Hyundai Welding Co., Ltd.), Illinois Tool Works, Italfil Spa, Kemppi Oy, The Lincoln Electric Holdings, Inc., and many more.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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This press release first seen on Brilad