“Innovations and technological advancements in the automotive industry to cater to the growing demand from customers is expected to create higher demand for welding products which is likely to drive the global welding equipment, accessories, and consumables market during the forecast period.”
The welding equipment, accessories, and consumables market is projected to grow from USD 25.9 billion in 2021 to USD 32.5 billion by 2026, at a CAGR of 4.6% during the forecast period. Innovations and technological advancements in the automotive industry to cater to the growing demand from customers is expected to create higher demand for welding products which is likely to drive the global welding equipment, accessories, and consumables market during the forecast period. APAC is the fastest-growing market for welding equipment, accessories, and consumables due to growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region
“In terms of value, General Fabrication segment is projected to lead the global welding equipment, accessories, and consumables market through 2026.”
The General Fabrication segment is projected to lead the welding equipment, accessories, and consumables market, in terms of value, during the forecast period. The general fabrication industry includes light fabrication, general manufacturing, artwork, brazing & soldering, and general welding in laboratories and steel welding centers. Welding equipment is used for applications such as stick welding, tungsten inert gas (TIG) welding, and metal inert gas (MIG) welding. The growing demand for welded metals in the fabrication industry is driving the growth of the welding equipment, accessories, and consumables market.
“The Fluxes & wires segment is projected to be the fastest-growing segment throughout the forecast period.”
The Fluxes & wires segment, by Consumables, is projected to grow at the highest CAGR during the forecast period. Fluxes remove impurities from the base metal surface and enable good blending between the base metal and the filler material surface. Fluxes are available in three forms: powder, liquid, and paste. Welding wires are generally prepared from mild steel materials and are plated with other materials such as copper to prevent oxidation and enable electrical conductivity. Copper plating also helps enhance the durability of welding contact tips. Solid wires have the advantage of high deposition rate, flexibility in application and can be used in external environments as well.
“In terms of value, the Asia welding equipment, accessories, and consumables market is projected to grow at the highest CAGR during the forecast period.”
APAC is the largest producer and consumer of welding equipment, accessories, and consumables across the globe, with almost all major manufacturers and end-use companies present in the region. It has witnessed tremendous growth in the last few years, driven by its growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region. Low labor costs, coupled with favorable import-export policies, have made APAC an ideal market for automotive OEMs as well as electronics manufacturers, which, in turn, is expected to drive the regional welding equipment, accessories, and consumables demand.
According to the World Bank, APAC is the fastest-growing region in terms of both, population and economic growth. The region has experienced significant growth in the last decade and accounted for approximately 34% of the global GDP in 2019. According to the Population Reference Bureau, China, India, and other emerging APAC economies had a combined population exceeding 4 billion in 2019, which is projected to become an increasingly important driver for global consumption over the next two decades
- By Department: Sales/Export/Marketing: 54%, Production: 23%, and CXOs: 23%
- By Designation: Managers: 61%, CXOs: 23%, and Executives: 16%
- By Region: North America: 33%, Europe: 27%, Asia Pacific: 25%, Middle East & Africa: 10%, and South America: 5%
The global welding equipment, accessories, and consumables market comprises major manufacturers, such as are Lincoln Electric Holdings, Inc (US), Colfax Corporation (US), Illinois Tool Works Inc. (US), Kobe Steel Ltd (Japan), and Air Liquide S.A( France).
Research Coverage
The market study covers the welding equipment, accessories, and consumables market across various segments. It aims at estimating the market size and the growth potential of this market across different segments based on equipment, accessory, consumables, technology, end-use industry, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the welding equipment, accessories, and consumables market.
Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall welding equipment, accessories, and consumables market and its segments and sub-segments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.
