Welding Consumables Market: Market Value to Witness 1.7X Increase by the End of the Forecast Period: Global Industry Analysis 2012 - 2016 and Opportunity Assessment 2017 - 2027
Valley Cottage, NY -- (SBWIRE) -- 11/07/2017 -- In the latest report by FMI on the global welding consumables market titled "Welding Consumables Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027," the forecast has been revised until 2027. Previously the market in 2016 was estimated to be valued at US$ 11,835.8 Mn and in the current release the estimated numbers have been revised to US$ 13,368.0 Mn for 2016 with a 10 year (2017-2027) CAGR of 5.7%. This growth is owing to macro-economic factors such as growth of the construction industry, GDP, urbanisation, shipbuilding industry, industrial production and automobile production growth. Consumables utilised in arc welding, oxy-fuel welding, laser-beam welding and others are included in the target market. Consequently, the market size has been revised for the entire forecast period.
Long-term Outlook: In terms of market value, the global welding consumables market is forecasted to register a 5.7% CAGR and generate absolute $ opportunity of US$ 10,387.0 Mn during the forecast period 2017-2027. APEJ region will continue to be the most lucrative region, expanding at a CAGR of 6.9% over the forecast period.
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The increasing need for automating the welding process has influenced the business expansion of major welding consumables manufacturers. The Lincoln Electric Company, Hyundai Welding Co., Taiyo Nippon Sanso Corporation, Colfax Corporation, Air Liquide, voestalpine AG, Illinois Tool Works Inc., Ador Welding Limited, Kobe Steel Limited, Praxair Inc., among others, represent the key players of the global market for welding consumables.
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The extensive use of arc welding and oxy-fuel welding processes in the manufacturing of automobiles and machinery has generated considerable demand for flux and filler metals as welding consumables. As a result, the global market for welding consumables is expected to witness significant growth in 2017, reaching a market value of US$ 14,091.9 Mn at a y-o-y growth rate of 5.3% over 2016. Furthermore, the global demand for welding consumables will also be influenced by the rising trend of automating welding processes in the automobile and construction industries.
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The lack of skilled labour for fabrication welding processes is expected to trigger the need for welding automation technology and generate mounting demand for welding consumables. The growth of the global welding consumables market is also expected to be driven by rapid industrialisation, the surging real estate sector and the growing number of end-use welding applications. On the contrary, stagnant adoption levels of advanced welding technologies in developing countries is anticipated to curb the overall growth of the global welding consumables market.