Albany, NY -- (SBWIRE) -- 10/12/2018 -- The U.S. welding consumables market is primarily rising on the back of huge demand for steel from the building & construction sector. As per statutes laid down by the American Iron and Steel Institute, steel is a sustainable material for the construction of bridges, highways, and residential buildings. The revival of the construction sector post the economic slump of 2008 has serves to boost the growth of several ancillary industries such as welding consumables.
Read Report Overview @
Apart from this, increasing depletion of renewable sources for power generation has led tapping into renewable sources. Industrial units that use renewable sources such as hydropower and geothermal for power generation heavily rely on welding consumables through various operational stages. Welding consumables are extensively used for joining materials for the fabrication of structural components and machinery in the power sector.
However, heavy dependence on imports for raw materials of welding consumables that are subject to availability uncertainties and price fluctuations is hampering the growth of U.S. welding consumables market to some extent. Owing to a number of factors, the U.S. welding consumables market is poised to clock a CAGR of 4.3% between 2016 and 2023.
Flux-cored Wires Product Segment to Continue to Lead through 2023
The welding consumables market in the U.S. is segmented in terms of product and end-use. By product, stick electrodes, flux-cored wires, solid wires, SAW flux and wires, and others are the segments into which the U.S. welding consumables market is divided. Of them, flux-cored wires currently hold dominance in the U.S. welding consumables market; going forward, the segment is anticipated to hold 36.4% of the market in 2023. On the other hand, vis-à-vis volume, solid wires held the second-leading share of the market in the recent past. This is because solid wires are extensively used for gas shielded metal arc welding applications such as railways, bridges, and industrial units.
Request to view Sample Report:
The segment of SAW wires and fluxes is anticipated to gain in the upcoming years on the back of increasing use of advanced welding technologies across various end-use industries. On the contrary, stick electrodes is anticipated to decline in terms of volume share through 2023; the declined share of the segment is mainly due to rising demand of flux-cored wires and SAW fluxes and wires.
Host of Applications of Welding Consumables Make Building & Construction Sector Significant
In terms of end-use, the key segments into which the U.S. welding consumables market is divided are automobile & transportation, marine applications, oil & gas, building & construction, power sector, and others. Out of these, the others segment held the dominant share in the U.S. welding consumables market; going forward, the segment is estimated to constitute 28.8% of the market by 2023. The others segment comprise repair & maintenance and aerospace & aviation. Building & construction is anticipated to continue to remain the second-leading segment through 2023, this is mainly because of revival of the building & construction sector post the economic slump of 2008. Welding consumables are used in critical maintenance pursuits in the building & construction industry