Albany, NY -- (SBWIRE) -- 11/06/2018 -- The U.S. welding consumables market is anticipated to witness a healthy growth in the years to come, according to researchers at Transparency Market Research (TMR). The U.S. market for welding consumables is comprised of a number of vendors vying to gain the top market spot. The market features fervent competition among the existing and established players. The vendors in the market are seen focusing on product innovation supported by extensive research and development activities in order to achieve a unique and valued product portfolio. Manufacturers are employing the latest technological innovation, and new grades of welding equipment, to differentiate their product from the competition and gain the attention of the users.
The U.S. welding consumables market is anticipated to rise at a 4.3% CAGR over the forecast period of 2017 to 2023. The market was estimated to stand at US$2,719.1 mn in 2017, and is anticipated to reach US$ 3,510.5 mn by the end of 2023. Among the different product types, flux-cored wires is anticipated to be a key segment in the U.S. welding consumables market.
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High Construction and Manufacturing Activities to Propel Growth
The U.S. welding consumables market is expected to gain by the region's recovery from the economic recession experienced between late 2007 and 2009 which majorly affected the manufacturing and construction markets. The market is further expected to be fueled by the surge in the number of applications in which the different types of welding can be applied, such as ultrasonic welding for joining dissimilar materials or the welding of nonferrous metals in aerospace equipment. Currently, while arc, resistance and oxyfuel welding dominate the market, electron beam, friction-stir, laser, and ultrasonic welding methods have found several applications in verticals such as aerospace, electronics and packaging applications.
Prominent welding methods are used in several typical market segments, and demand for them is subject to the cyclical nature of individual markets, although the diversity and number of markets in which welding is used mitigates the effects of this in the welding industry overall.
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Leading players in the U.S. welding consumable market include llinois Tool Works Inc., Welding Alloys Group, voestalpine Böhler Welding GmbH, The Lincoln Electric Company, Air Liquide S.A., and ESAB.