Nickel alloy welding consumables can be very expensive compared to consumables made of other metals such as stainless steel, and with unskilled workers, the cost of welding can rise significantly.
Albany, NY -- (SBWIRE) -- 03/07/2017 -- Nickel and its alloys are highly regarded as excellent materials for welding operations owing to properties such as high temperature strength and resistance to thermal expansion and corrosion. As a result, Nickel-alloy-based welding fillers have gained widened popularity in the past few decades. The increasing use of nickel in end-use applications such as renewable energy, aerospace, LNG, and shipbuilding has augmented the market and is expected to present healthy growth opportunities to the global nickel alloy welding consumables market in the near future.
Transparency Market Research estimates that the global market will witness a significant rise in its overall valuation in the next few years, from US$3.32 bn in 2015 to US$5.87 bn by 2024. This translates to a 6.6% CAGR over the period between 2016 and 2024. In terms of volume, the market is expected to exhibit a nearly 5% CAGR over the same period.
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Applications across Oil and Gas Industry to Lead to Promising Returns
Nickel alloy welding consumables can be very expensive compared to consumables made of other metals such as stainless steel, and with unskilled workers, the cost of welding can rise significantly. Thus, the applications of nickel alloy welding consumables are somewhat limited to critical applications across industries such as power generation, oil and gas, marine, construction, manufacturing, and transportation.
Of these, the oil and gas industry is presently the leading contributor to the global nickel alloy welding consumables market's revenues and is expected to retain its dominant stance in the next few years as well. Applications of nickel alloy welding consumables across the oil and gas industry are expected to account for a share of over 22% of the global market in 2016. The rising use of nickel alloys in welding activities across heat exchangers, pipelines, valves, drilling machines, and pressure vessels in the oil and gas industry will lead to promising growth prospects for the nickel alloy welding consumables market.
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Growth across Industrial Sectors in Asia Pacific to Foster Nickel Alloy Welding Consumables Market
On the basis of geography, the global market for nickel alloy welding consumables has been analyzed for five regions: Asia Pacific, Middle East & Africa, North America, Latin America and Europe. Of these, markets in developed regions such as North America and Europe are mature and provide limited growth opportunities in terms of untapped potential. However, the positive growth across the manufacturing and power sectors observed in Canada and Germany in the past few years could provide sizeable growth avenues for the nickel alloy welding consumables market. Europe and North America together are expected to constitute nearly 50% of the global market in terms of volume in 2016.
Asia Pacific dominated the global market in terms of volume, and is expected to remain the most attractive region for the global nickel alloy welding consumables market in the next few years as well, expected to account for a volume-wise share of more than 37% in 2016. The region's attractive growth prospects can be attributed to factors such as high population rates and significant development across many end-use industries, which has attracted substantial investment and trade activities in the industrial sector in the region. Also, international players in the global nickel alloy welding consumables market have increased their focus on the region and are attempting to expand manufacturing, marketing, and sales channels to exploit the vast set of untapped growth opportunities.
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The global market for nickel alloy welding consumables is dominated by few international vendors but also features a large number of domestic players commanding prominent share of the overall market. The top five companies in the market, including ESAB, Lincoln Electric Holdings, Inc.,
Illinois Tool Works Inc., Chevron Phillips Chemical Company LLC, and voestalpine Böhler Welding GmbH, collectively held a nearly 50% share in 2015. Other key vendors in the market are Sandvik Materials Technology AB, Kobe Steel, Ltd., Ador Welding Ltd., Colfax Corporation, Tianjin Golden Bridge Welding Materials Group Co., MEC Holding GmbH, and Special Metal Corporation, Ltd.
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