LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global welding consumables market is expected to grow at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Welding Consumables Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
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The global welding consumables market size is expected to reach USD 22.33 billion by 2021 and constitutes a majority 65% of its parent market – the global welding market. The positive outlook of the global construction industry is a major driver of this market. |
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Based on end-user, the report categorizes welding consumables into the following segments:
- Automotive
- Construction
- Aerospace
- Marine
- Others
The top three revenue-generating end-user segments in the global welding consumables market are discussed below:
Automotive
“The automotive industry is the largest end-user segment of the welding consumables market, driven by innovative welding techniques incorporating robotics and automation. This industry has stringent requirements for quality, reliability, and precision to create high-quality welds,” says Gaurav Mohindru, one of the lead analysts at Technavio for unit operations research.
The automotive industry is experiencing steady growth, driven by the stabilizing economy and increasing adoption of passenger vehicles in emerging economies, thereby creating a constant demand for welding consumables.
Construction
Welding tools and welding consumables are essential for the construction industry, as welding is an essential part in the construction of buildings, bridges, pipelines, and massive offshore oil and gas rigs. Analysts at Technavio believe that such enterprises provide abundant opportunities for vendors operating in the welding consumables business. Emerging countries in APAC, the US, and EU countries are witnessing high levels of activity in the construction industry and will contribute significantly to the welding consumables market.
Aerospace
“The aerospace industry is another key end-user industry for the welding consumables market, where welded components are extensively used in building various commercial and defense aircraft. This market segment is forecast to be worth USD 4.6 billion by 2021, driven by the requirements for materials having a high strength-to-weight ratio,” says Gaurav.
The aerospace industry uses a variety of welded components made of ferrous, non-ferrous, and special alloys to be used in commercial jets, helicopters, piston engine planes, defense aircraft, and spacecraft. The major demand for welding consumables in the aerospace industry is created due to the high replacement rates, growing aircraft sizes, technological advances in the industry, and an increase in high-net-worth populations.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Colfax
- Hyundai Welding
- ITW
- Lincoln Electric
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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