Welding Consumables Market: Current Scenario and Future Prospects
The welding consumables market is witnessing rapid growth due to the expanding usage of welding in crucial end-use sectors, such as manufacturing, marine, automotive, and oil and gas. Welding consumables offer a precise and secure means to join two metal pieces, making them increasingly popular across various industries. The market is further boosted by the booming electric vehicle (EV) and automotive sectors, driving demand for welding consumables. Additionally, the growing adoption of welding robots for efficient and precise welding is bolstering market growth.
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Robotic welding is revolutionizing the manufacturing sector as it reduces safety issues and ensures precise and efficient welding processes. The International Federation of Robotics predicts that the industrial robotics sector will see a remarkable increase, with around 3.8 million operating robots by 2021, signifying an impressive 80% growth from current numbers. The rising need for welding automation technologies in fabrication is a key driver for this growth.
Despite the positive momentum, the welding consumables market faces certain challenges. Slow uptake of contemporary welding technology in developing nations, concerns over the environmental impact of welding consumables, and sluggish growth in the shipbuilding and aerospace sectors are limiting the market's expansion. The unpredictability of raw material prices is also hampering market growth.
The COVID-19 pandemic has significantly impacted economies, companies, and industries worldwide. Manufacturing sectors experienced disruptions in supply chains, technology events, and workplace operations, leading to a market collapse induced by the pandemic. China, being the pandemic's epicenter and a major industrial base, saw a drastic slowdown in international business activities and severe disruptions in regional and international value chains, affecting the welding consumables market's growth and expansion.
The welding industry's use of smart materials is contributing to market growth. Smart materials, both eco-friendly and energy-efficient, enable the mixing of dissimilar metals without compromising their strength or corrosion resistance. Advances in material science at the atomic level have facilitated the development of smart materials with built-in computer chips that track weld life and offer multifunctional design capabilities. By incorporating such technology, manufacturers, product designers, and welders can enhance the entire manufacturing cycle, leading to increased demand for smart resources and boosting the global welding consumables market.
The demand from the automotive industry is another driving force behind the market's expansion. Welding is a fundamental and flexible manufacturing technique used in various industries, including automotive, building engineering items like buildings, bridges, and pipelines. The welding consumables market is well-positioned for growth, with highpotential regions witnessing increased government investment in infrastructure development. Additionally, the need for renewable energy plant capacities, such as solar and wind farms, is expected to rise, benefiting the energy sector and contributing to welding consumables market expansion. The development of pipe systems will also aid in market growth.
The construction category dominates the welding consumables market due to the construction of high-end facilities like smart factories and Industry 4.0, along with the widespread usage of robotic welding in various industries. Government initiatives for infrastructure development and projects in residential and commercial sectors are driving rapid growth in the construction industry. Moreover, the automobile industry's continuous growth, fueled by factors such as the popularity of customized cars, incorporation of robotic welding technology, and development of sophisticated factories, is contributing to market expansion.
Asia Pacific is expected to dominate the welding consumables market, led by established and emerging welding consumables businesses in countries like China, India, and South Korea. The presence of leading domestic companies in the manufacturing, construction, and technology sectors, investing in foreign markets, further supports market growth in the region. North America is also anticipated to experience stable revenue growth throughout the forecast period, with a considerable manufacturing capability in the industrial sector and automation in the automobile industry driving the need for welding consumables.
The welding consumables market's competitive landscape includes key players such as Bavaria Schweisstechnik Gmbh, Carboweld Schweissmaterialien Gmbh, Colfax Corporation, Corodur Verschleiss-Schutz Gmbh, Daiko Welding Consumables, Dim Schweissmaterial Manfred Schuermann, and many others. These players are continuously innovating to offer
improved welding processes and cutting-edge solutions to cater to the growing market demands.
Despite the challenges posed by the COVID-19 pandemic and other factors, the welding consumables market is set to thrive with the increasing demand from end-use sectors and advancements in technology.
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