U.S. Welding Consumables Market Expected to Reach US$3.51 bn by 2023 on Account of Rising Steel Consumption
Albany, NY -- (SBWIRE) -- 11/16/2017 -- Transparency Market Research has published a new report titled "Welding Consumables Market - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023." According to the report, the u.s.welding consumables market was valued at US$2.42 bn in 2014 and is anticipated to reach US$3.51 bn by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.
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Welding consumables are materials comprising metals, alloys, and minerals that are used for fabrication of metal parts. Welding consumables can be molded into wires for use in welding applications. Aluminum, copper, rutile, ilmenite, and nickel are some of the key raw materials employed in the production of welding consumables. Building & construction, automobile & transportation, marine, power, and oil & gas are the major end-users of welding consumables in the U.S. Rise in steel consumption coupled with the revival of the building & construction industry in the country is anticipated to boost the demand for welding consumables during the forecast period. Implementation of sustainable technologies for construction of green buildings in the U.S. is considered as the primary accelerator for recovery of the industry as well as increased usage of steel. This factor is estimated to account for higher consumption of welding consumables.
Flux-cored wire was the most widely used welding consumable in 2014. The segment held more than 30% share in the U.S. in 2014. Flux-cored wires are widely used in the automobile & transportation and building & construction industries. Solid wires are mostly employed for metal inert gas welding (MIG) applications in various end-user industries.
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Power sector accounted for more than 15% volume share of the U.S. welding consumables market in 2014. Rise in power generation activities, especially from renewable sources such as solar, wind, geothermal, biomass, landfill gas, municipal solid waste, and hydropower, is considered as the growth driver of the market. Furthermore, future expansion targets of power generation projects in key parts of the country such as California, Arizona, Maryland, and New York are estimated to provide a broader scope for welding consumables during the forecast period. However, volatility in prices of raw materials, especially stainless steel, rutile, aluminum, copper, nickel, and other metal alloys and minerals, is anticipated to hamper market growth in the U.S. between 2015 and 2023. On the other hand, technological advancements in controlling emissions of gaseous fumes from welding materials are likely to offer significant opportunities for the market in the near future.
Some of the leading players in the market include The Lincoln Electric Company, Air Liquide S.A., The Linde Group, voestalpine Böhler Welding GmbH, ESAB, Illinois Tool Works Inc., Hyundai Welding Co., Ltd., Kobe Steel, Ltd., Welding Alloys Group, Kiswel Inc., and Hilarius Haarlem Holland B.V. (HILCO).
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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