Albany, NY -- (SBWIRE) -- 05/09/2019 -- Welding, which essentially is a way of heating metals using flame or electricity to bond them together, finds numerous applications across several industries. Among various metals that are used for different welding purposes, alloys of nickel are fairly common. And the market for its consumables is expanding on the back of prospering end-use industries such as building and construction, oil and gas, power, and many others. According to this business intelligence report, the demand in the global nickel alloy welding consumables market will stably increment at a CAGR of 5.4% during the forecast period of 2017 to 2025. In terms of revenue, the global nickel alloy welding consumables market is estimated to provide for opportunities worth US$5.6 bn by the end of 2025, substantially up from its evaluated valuation of US$3.5 bn in 2016.
Apart from gaining traction from its flourishing end-use industries, the nickel alloy welding market is also driven by the fact that nickel is available in abundance across the world. In addition to that, the strong efficiency of the product is another benefit that stokes its demand. On the other hand, fluctuations in the overall production of the metal and the lack of skilled labors to perform diverse welding tasks are a few restraints challenging the market for nickel alloy welding consumables from attaining its true potential.
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Nickel Alloy based Welding Wires Key Market Segment
Based upon product type, the nickel alloy welding consumables market has been segmented into stick electrode and wires. Stick electrodes are used in a welding process known as shielded metal arc welding. The electrode acts as filler metal as the arc process melts the core metal as well as the electrode, forming a weld pool. On the other hand, welding wires are used in various arc welding processes such as gas metal arc welding (GMAW), gas tungsten arc welding (GTAW), flux cored metal arc welding (FCAW), and submerged arc welding (SAW). In 2016, the welding wires segment accounted for the most prominent chunk of demand in the nickel alloy welding consumables market. The greater precision and deposition efficiency provided by wires as compared to electrodes has helped the nickel-alloy-based wire segment to gain additional market share. On the basis of alloy type, the market has been classified into Monel and Inconel, whereas technology-wise, the market has been bifurcated into gas metal arc welding, shielded metal arc welding, gas tungsten arc welding, submerged arc welding, and flux cored arc welding. Application-wise, the report detects the potential of demand that can be expected out of end-use industries of oil and gas, construction, power, marine, manufacturing, and transportation.
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Lincoln Electric Holdings Inc., Colfax Corporation, ESAB, Illinois Tool Works Inc., and Voestalpine Böhler Welding GmbH are a few key players holding a position of strength in the global nickel alloy welding consumables market.