Welding Consumables Global Market Report 2024

Welding consumables refer to materials utilized in the creation or protection of a weld. They play a crucial role in joining thermoplastics and metals through the process of coalescence. These consumables find application in various industries to produce final products. When a welding consumable is employed, it generates a fume composition containing 14% chromium as Cr (III), and it is intentionally overalloyed with 2–4% Ni to promote the formation of austenite in the weld metal and maintain phase balance.

The primary types of welding consumables include stick electrodes, solid wires, flux-cored wires, saw wires, and fluxes. Stick electrodes, known for their high depth of penetration, can penetrate through corrosion, oil, paint, and dirt. Skilled pipe welders often use these all-position electrodes for root welding passes on pipes. Various types of consumables encompass stick electrodes, gases, strip cladding electrodes, submerged arc wires and fluxes, wires, and other consumables, involving diverse welding techniques such as arc welding, energy beam welding, plasma arc welding, submerged arc welding, electro slag welding, resistance welding, and other welding methods. These consumables find applications in heavy engineering, automotive and transportation, railways, construction, shipbuilding, and various other industrial sectors.

The welding consumables market research report is one of a series of new reports that provides welding consumables market statistics, including welding consumables industry global market size, regional shares, competitors with a welding consumables market share, detailed welding consumables market segments, market trends and opportunities, and any further data you may need to thrive in the welding consumables industry. This welding consumables market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The welding consumables market size has grown strongly in recent years. It will grow from $15.79 billion in 2023 to $16.95 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to the increase in industrialization, infrastructure development, a surge in construction and manufacturing activities, the widespread application of welding technology in various sectors, and the upswing in the automotive industry.

The welding consumables market size is expected to see strong growth in the next few years. It will grow to $22.56 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The anticipated growth in the forecast period can be attributed to the expansion of the electric vehicle industry, the adoption of lightweight materials, the increasing influence of digitalization and Industry 4.0 practices, the growth of the renewable energy sector, and ongoing infrastructure upgrades. Notable trends expected in this period encompass the use of laser and electron beam welding, the implementation of digital welding management systems, the integration of automation and robotics in welding processes, the adoption of environmentally friendly consumables, and a rise in investment in research and development.

The expansion of the welding consumables market is closely linked to the growth of the construction industry. Welding plays a crucial role in constructing and repairing structures, especially in building construction where it is extensively used to create structural frameworks from metal components. Steel I-beams, trusses, columns, and footers are welded together to form the essential support for the walls, roof, and floors of a building. Notably, the FMI Corporation, a U.S.-based management consulting company, reported a projected 5% increase in engineering and construction investment for 2022 compared to the previous year. Consequently, the flourishing construction industry is a key driver for the growth of the welding consumables market.

The anticipated rise in the automotive industry is poised to further boost the welding consumables market. Welding is an integral process in automotive manufacturing, employed for joining various components such as chassis, body structures, and exhaust systems. In 2022, the global production of motor vehicles reached 85.4 million units, marking a 5.7% increase from 2021, according to the European Automobile Manufacturers Association. As the automotive industry continues to expand, the demand for welding consumables is expected to follow suit, making a significant contribution to market growth.

Major companies within the welding consumables sector are focusing on the development of innovative welding wire and electrodes. These product innovations involve creating new materials, designs, and technologies to enhance the efficiency, quality, and safety of welding processes. For instance, in May 2021, SSAB AB, a Sweden-based steel manufacturing company, introduced three new additions to its Duroxite overlay solutions, namely Duroxite AP ELECTRODE, Duroxite AP WIRE, and Duroxite CR-ZERO WIRE. These products enhance the versatility of the Duroxite range, catering to industries involved in wear part maintenance and repairs by providing durable solutions against various forms of wear and impact.

Companies in the welding consumables market are also focusing on launching new products, such as self-shielded flux-cored wire, to stay competitive. Flux-cored wire is a vital welding consumable used in various welding processes, offering protection to the molten weld pool, stabilizing the electric arc, and providing necessary alloying elements to the weld. For example, in August 2021, ESAB Group, Inc., a U.S.-based welding equipment company, introduced Coreshield 71T-8 OS, a self-shielded flux-cored wire designed for critical structural applications, including offshore construction, bridges, and storage tanks. This wire is known for its low diffusible hydrogen content, ensuring excellent low-temperature impact toughness and impressive mechanical properties.

In August 2021, Indutrade AB, a Sweden-based industrial valve manufacturing company, successfully acquired Advance Welding for $5.55 million. This strategic acquisition complements Indutrade's operations, fostering growth in the utility market and wastewater segment. Advance Welding, based in the UK, specializes in designing and manufacturing electrofusion welding equipment for utility companies.

Major companies operating in the welding consumables market include Lincoln Electric Holdings Inc., Illinois Tool Works Inc., Air Liquide S.A., Hyundai Welding Co Ltd., WB Alloy Welding Products Limited, Hermann Fliess & Co. Gmbh, Voestalpine Ag, FSH Welding Group, Industrial Welding Corporation, Gedik Welding Inc., Italfil Spa, Precision Weldarc Limited, Welmet Technologies Private Limited, Yenitek Corporate Group, ESAB Welding & Cutting Products, The Harris Products Group, Kobe Steel Ltd., Ador Welding Limited, TATA Steel Company, Fronius International GmbH, Hilarius Haarlem Holland B.V., Welding Alloys Group, Walter Surface Technologies, Cor-Met Inc., Select-Arc Inc., AMPCO METAL S.A., Techalloy Company Inc., SAN-ARC Inc., Alcotec Wire Corporation, Washington Alloy Company Inc., D&H Sécheron Electrodes Pvt. Ltd.

Asia-Pacific was the largest region in the welding consumables market in 2023. The regions covered in the welding consumables industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the welding consumables market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The welding consumables market consists of sales of stick electrodes, solid wires, flux-cored wires, SAW wires, fluxes. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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