Government efforts, rising demand for building and infrastructure projects in emerging nations, and growing emphasis on the use of automated processes are the main drivers driving growth of the worldwide welding wires market. Throughout the forecast period, a growing need for lightweight structures is anticipated to fuel market expansion for welding wires. The penetration of sophisticated welding techniques will be boosted by expanding construction activity across several regions, including the Middle East, Africa, and Asia Pacific, supporting industry demand in the future.
COVID-19 IMPACT
In the early stages of COVID-19, factories were shut down in many nations due to strict lockdowns put in place by the government to stop the virus' spread. This led to a sharp decline in the demand for welding wires. Since the second quarter of 2020, COVID-19 has influenced welding wire sales, and it is projected that this impact will continue into 2021. Before the spread of the coronavirus, countries like China, India, the United States, Germany, Italy, and the United Kingdom had the highest demand for welding wire. Now, however, this demand has decreased. The expansion of the welding wire business has been adversely affected by the decline in demand from end users like car manufacturers, shipbuilders, and the construction sector due to the government's restrictions on COVID-19.
DRIVING FACTORS
Expanding Regional Engineering And Construction Projects To Support Market Expansion
All types of structures with varied sizes, degrees of complexity, and uses are made by the engineering and construction sectors. "The most crucial factors in this sector are component durability and the framework's structural integrity. This explains why a lot of metals are used in the construction sector. The practice of welding is common in the building industry, particularly when creating metal frameworks that are structurally sound by joining numerous parts. Non-structural details are also produced and kept up-to-date using it. As a result, market growth is driven by increased construction and engineering activity throughout the region.
RESTRAINING FACTORS
Increased Welding Wire Prices That Impede Market Expansion
Fabricators in the modern world have many options when determining the welding technique and consumables to utilize for a certain application. Numerous factors must be taken into account, including the welder's competence, the equipment, the accessibility of consumables, environmental concerns, and the process economics. Welders always seek a workable option that uses a budget-friendly method when selecting whether to implement any fabrication procedure. Furthermore, the welding processes' quality, productivity, and profitability are impacted by pre- and post-weld activities, product flow, inventory management, and equipment. Because filler metal can incur costs in various ways that aren't always obvious, it is crucial. Between running a profitable, competitive welding company and keeping up with the rest of the industry, these hidden costs can make a significant difference.
SEGMENTATION
By Product Type
Based on product type, the welding wire market is segmented into composite metal-cored wires, gas-shielded flux-cored arc welding wire and solid gas metal arc welding wire. The gas-shielded flux-cored arc welding wire category dominated the market in 2022. Flux-cored wires are electrodes coated in a fluxing material or gas to create arc shielding. Unlike solid welding electrodes, which only contain filler metals such as carbon steel, low hydrogen stainless steel, and cast iron, flux-cored wires are made of flux-cored metal powder or metallic alloy.
By Material
Based on material, the welding wire market is segmented into alloys, stainless steel, aluminium and others. The aluminum category dominated the market in 2022. Its great strength compared to other products has been a factor in its market dominance. It is suitable for various uses, including structural applications, because of its great strength. A rise in construction projects has contributed to the market's expansion in addition to the use of aluminum welding wires in the automotive and transportation industries. The market's growth is also positively impacted by increased residential and commercial development projects.
By Application
Based on application, the welding wire market is segmented into fabrication, maintenance and retrofit. The fabrication category dominated the market in 2022. The fabrication workshops, building and construction, automobile, and oil and gas industries are the main industries that employ welding wires market products for joining two metal-base materials. Welding is widely employed in the automotive sector to create diverse car parts. Due to the flawless, strong, and long-lasting joints the welders create, they are also employed in the transportation sector to join rails in railway and metro constructions. This has boosted the need for welding wires since it has increased the usage of welding as a fabrication technique.
By Business Type
Based on business type, the welding wire market is segmented into original equipment manufacturer (OEM) and aftermarket. The original equipment manufacturer (OEM) category dominated the market in 2022. Automation has increased for OEMs in the automobile industry due to a tendency towards adopting low-heat input welding processes, such as single arc and better-performing wires.
By End User Industry
Based on end use, the welding wire market is segmented into automotive, construction, aerospace, defence, shipbuilding and others. The automotive category dominated the market in 2022 due to the widespread use of welding wires in almost every new car design in the automobile industry. Welding supplies are utilized in the automotive sector to create lightweight, high-quality car parts. The sales of automobiles have increased due to advances in their safety features and changing automotive designs, supporting the expansion of the welding wire industry.
REGIONAL INSIGHTS
Asia Pacific is projected to hold the largest share of the welding wire market over the forecast period. A strong development in the construction and automotive sectors from growing nations like China and India is anticipated to enhance the market's dependence on the end-use industries. With increasing foreign direct investments, China is the primary regional market for developing the automotive and construction sectors. On the other hand, North America welding wire market is anticipated to grow significantly. The American Welding Society's AWS classification is used to certify welding consumables, including welding wires and electrodes. This categorization is a sign of the welding wires' quality standard, making it a necessary certification for the market for welding consumables. The region's wires industry is predicted to grow faster than the construction, automotive, aerospace, and defense industries combined.
Recent Development:
- October 2018: At the Georgia World Congress Center in Atlanta, ESAB unveiled its Quick Weld Productivity Analyzer (QWPA), a tool for complete weld cost analysis. This online application aids fabricators in controlling the financial effects of numerous manufacturing factors.
LIST OF KEY COMPANIES PROFILED:
- Berkenhoff GmbH
- voestalpine Böhler Welding GmbH
- D&H Sécheron
- Jiangsu ZhongJiang Welding Wire Co., Ltd.
- The Lincoln Electric Company
- Tianjin Bridge Welding Materials Group Co.,Ltd.
- Saarstahl
- Ador Fontech Limited
- Harris Products Group
- I A Barnes & Co Ltd
| Attributes | Details |
| Study Period | 2016-2030 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023-2030 |
| Historical Period | 2016-2021 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Product Type, By Material, By Application, By Business Type, By End User Industry, and By Geography |
| By Product Type |
|
| By Material |
|
| By Appliation |
|
| By Business Type |
|
| By End User Industry |
|
| By Region |
|
