Welding Equipment, Accessories, and Consumables Global Market Report 2024

Welding equipment, accessories, and consumables refer to a set of products utilized in the welding process, which involves fabricating metals by joining two pieces together using heat. Instruments like welding goggles, welding helmets, welding glass, welding spray, and welding positioners are employed in this process.

The main technologies utilized in the welding equipment, accessories, and consumables market are arc welding and oxy-fuel welding. Arc welding employs an electric arc to create heat for melting and joining metals, and in consumables, it not only acts as a filler during heating but also stabilizes the flame. Various types of equipment include welding electrodes, filler metals, and oxy-fuel gas. These welding products find application in end-user industries such as automotive, building and construction, heavy engineering, railway and shipbuilding, oil and gas, among others.

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

The welding equipment, accessories, and consumables market size has grown strongly in recent years. It will grow from $24.84 billion in 2023 to $26.73 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historic period can be attributed to various factors, including repair and maintenance needs, promising growth in the steel industry, increased demand from other end-use industries, growth in the automotive industry, and a rise in infrastructure development.

The welding equipment, accessories, and consumables market size is expected to see strong growth in the next few years. It will grow to $34.83 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The anticipated growth in the forecast period can be attributed to several factors, including increased activity in renewable energy projects, global growth in construction, the rise of electric vehicles, investments in the oil and gas industry, and a growing demand for high-performance and efficient welding solutions. Major trends expected in the forecast period include advancements in welding equipment and consumables technology, the increasing role of digitalization and automation in welding processes, integration of IoT (Internet of Things) in welding equipment, the development of eco-friendly welding consumables, and a focus on lightweight materials in welding applications.

The anticipated growth in the steel industry is expected to drive the expansion of the welding equipment accessories and consumables market. The rising demand for welded metals in the fabrication industry, particularly in applications like stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding, contributes to the increased utilization of welding equipment. For example, data from the American Iron and Steel Institute indicates that as of January 2022, the United States witnessed domestic raw steel production at 1,803,000 net tons, with a capability utilization rate of 81.9%. Additionally, in India, during FY2021, crude steel production reached 102.49 million metric tons, and finished steel production stood at 94.66 million metric tons, as reported by IBEF. Hence, the surging demand in the steel industry is a key driver propelling the growth of the welding equipment accessories and consumables market.

The growing demand in the automotive industry is poised to be a significant factor propelling the growth of the welding equipment accessories and consumables market. The automotive industry encompasses a spectrum of activities related to the design, development, production, marketing, and sale of motor vehicles. Welding equipment accessories and consumables play a vital role in the automotive sector, offering advantages such as enhanced productivity, quality, cost-efficiency, safety, and environmental responsibility. These factors contribute to the overall efficiency and competitiveness of automotive manufacturing. For instance, data from the European Automobile Manufacturers Association indicates that in 2022, global motor vehicle production reached 85.4 million units, representing a substantial 5.7% increase from 2021. Furthermore, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a notable 10% increase, as reported by Brand Finance plc. Thus, the escalating demand in the automotive industry is a driving force for the growth of the welding equipment accessories and consumables market.

Technological advancements emerge as a prominent trend gaining traction in the welding equipment accessories and consumables market. These advancements represent the discovery of knowledge that advances technology. For example, Lincoln Electric, a US-based manufacturer of welding products, introduced the Vantage 441X, a new diesel engine-driven welder, in February 2021. This welder/generator features a 41hp turbocharged Perkins diesel engine, offering a 100% duty cycle DC welding output that enhances power, performance, and fuel efficiency.

Major companies in the welding equipment accessories and consumables market are actively focusing on innovative products, such as welding machines with management systems and connectivity, to drive revenues. These advanced systems incorporate features for monitoring, control, data collection, and remote connectivity, aiming to enhance the efficiency, quality, and productivity of welding processes. For instance, The Sukha Company, a Brazil-based manufacturer of resistance welding machines, launched a welding machine with a management system and connectivity in August 2022. The SPX spot welding machine is equipped with a management and connectivity system, offering improved control over the welding process. The medium-frequency technology enhances weld finish and reduces energy consumption, and its NR12-compliant anti-crush safety system increases available space for handling welded pieces by eliminating the need for an enclosure.

In December 2022, Lincoln Electric Holdings Inc., a US-based company in the welding and cutting industry, acquired Fori Automation Inc. for $427 million. This strategic acquisition enables Lincoln Electric to reinforce its automation growth strategy, expand its automation offerings, and better meet the evolving expectations of its diverse clientele across various end industries. Fori Automation Inc. is a US-based company specializing in the manufacturing of welding equipment accessories and consumables.

Major companies operating in the in the welding equipment, accessories, and consumables market report are Air Liquide S. A., British Oxygen Company, Bug-O Systems Inc., Carl Cloos Schweisstechnik GmbH, Cavagna Group UK Ltd., Colfax Corporation, Daihen Corporation, GCE Holding AB, Gentec Corporation, Illinois Tool Works Inc., Kobe Steel Ltd., Koike Aronson Inc., Lincoln Electric Holdings Inc., Linde plc, Matheson Tri-Gas Inc., Elektriska Svetsnings-Aktiebolaget, Fronius International GmbH, Kemppi Oy, Obara Corporation, Panasonic Corporation, ARCON Welding Equipment LLC, Costruzioni Elettromeccaniche Annettoni S. p. A., Ewm Ag, Hyundai Welding Co. Ltd., Kjellberg Finsterwalde Plasma und Maschinen GmbH, Lorch Schweißtechnik GmbH, Miller Electric Mfg LLC, OTC Daihen Corporation, Rofin-Sinar Technologies Inc., Soyer GmbH, Voestalpine Böhler Welding GmbH, Welding Alloys Group Ltd.

Asia-Pacific was the largest region in the welding equipment accessories and consumables market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the welding equipment, accessories, and consumables market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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

The welding equipment accessories and consumables market consists of sales of gas metal arc welding, TIG welding, and stick welding. 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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