Albany, NY -- (SBWIRE) -- 03/01/2018 -- In the highly competitive global market for nickel alloy welding consumables, the top five vendors, including Lincoln Electric Holdings, Inc., ESAB, Illinois Tool Works Inc., and voestalpine Böhler Welding GmbH, collectively accounted for a share of nearly 50% in 2015, reports Transparency Market Research in a recent report. Many domestic as well as international companies operate across key countries, making the market's portfolio an excellent blend of branded, expensive products and local, inexpensive products.
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Transparency Market Research states that the global nickel alloy welding consumables market will exhibit a healthy 6.6% CAGR in terms of valuation over the period between 2016 and 2024. As a result, the market, which held an opportunity of US$3.32 bn in 2015, is expected to rise to US$5.87 bn by 2024. In terms of volume, the market is expected to expand at a healthy CAGR of nearly 5% over the same period.
Emerging Economies to Remain Most Promising Avenues for Growth
Of the key nickel alloys used for welding operations examined in the report, the segment of inconel alloys will dominate the global market, accounting for a share of 45% by 2024. Geographically, Asia Pacific is the most promising regional market for nickel alloy welding consumables, and is expected to account for a volume-wise share of 37% in the global market in 2016. Owing to flourishing growth of key end-use industries such as oil and gas, power, construction, and transportation across emerging economies in Asia Pacific and Latin America, key market players have increased focus on expansion across these regions through acquisitions and establishment of production units.
Rapid Development across Key End-use Industries to Bolster Market Growth
In the past few years, the realization regarding the vast benefits of use of nickel across several critical applications across a number of industries has helped increase the consumption of nickel and its numerous alloys globally. The rise in demand has helped increase the production capacities of nickel and enhanced the availability of the metal and its several alloys. These factors are expected to have a significant positive impact on the global nickel alloy welding consumables market in the next few years, emerging as the most impactful drivers of the market.
The market for nickel alloy welding consumables is also expected to benefit from the rapid development in the economies of countries such as China, India, and South Africa, which have upped the demand for raw materials for infrastructure development activities. Rapid industrialization across these economies is also expected to stimulate the demand for nickel alloys in the welding industry.
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Volatile Prices of Raw Materials to Hinder Market Growth
The significant global rise in demand for nickel alloys across the welding industry and the fluctuations in production of nickel have collectively led to volatile prices of nickel alloy welding consumables globally. Lack of suitable substitutes add to constant fluctuations in costs of nickel alloy welding consumables, and has a notable impact on the overall consumption of these products, especially across cost-conscious developing economies and small- and medium-sized enterprises.
Along with this, the factor of the lack of skilled labors across the nickel alloy welding sector is also holding back the global nickel alloy welding consumables market to a sizeable extent. Applications across areas such as aviation and shipbuilding require expertise and implementation of efficiency, any irregularity in which can lead to substantial monetary and physical damage to the end product. New technologies are being increasingly introduced in the welding industry. However, the lack of a workforce with advanced skills capable of handle these new technologies could stifle the market.