Albany, NY -- (SBWIRE) -- 09/10/2018 -- 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.
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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.
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.
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.
Affordable Luxury to Emerge as Key Market Trend
The automotive industry utilizes a numb of welding products in order to manufacture fuel efficient, lightweight and high-quality components. The process of adhering components through weld is used in vehicle components production to maintain mechanical properties of the welded base metal.
There is a rising trending weight reduction of vehicle bodies which is projected to augment demand for advanced arc welding technology. Additionally, arc welding also finds substantial application in production of giant wheel structures by joining heavy plates. This segment is thus expected to bolster the growth of U.S. consumables market, as the region is well versed and accepting of the latest technology in welding processes.
Lack of Skilled Workforce to Hamper Growth
The slow adoption of advanced technologies, particularly in the emerging areas could pose a threat to the growth of the U.S. welding consumables market. The shortage of skilled labor in manufacturing industries along with steep cost of labor may hamper the growth of the market to some extent.
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However, as players in the U.S. welding consumables market are moving towards automation at different stages in the welding process, and it is predicted that the emergence of robotization and automation software would be viable trends which would positively influence the growth of the U.S. welding consumables market over the forecast period.
This review is based on TMR's report titled, "Welding Consumables Market (Product- Stick Electrodes, Solid Wires, Flux-cored Wires, SAW Wires and Fluxes; End-user – Automobiles & Transportation, Building & Construction, Marine Applications, Power sector, and Oil & Gas) – U.S. Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017 -2023.