USD 2.5 billion
Report ID:
SQMIC20E2090 |
Region:
Country |
Published Date: April, 2024
Pages:
202
|Tables:
63
|Figures:
76
U.S. Welding Consumables Market size was valued at USD 2.5 billion in 2022 and is poised to grow from USD 2.6 billion in 2023 to USD 3.59 billion by 2031, at a CAGR of 4.1% during the forecast period (2024-2031).
Welding consumables are flux and filler metals used in the welding process. Filler metals are melted to form a strong joint between two metals, while flux prevents hot metals from oxidising during this process. Raw materials used in the manufacture of welding consumables usually involve nickel, copper, rutile, ilmenite, and aluminium. These consumables ensure cost-effective welding, protect the molten weld from contaminants in the air, and prevent porosity in the weld pool from forming. As a result, they are widely used in the building, automobile, energy, shipbuilding, and aerospace industries.
Welding contributes to the success of critical industries such as construction, railways and defence. Welding consumables are use in the repair and extension of the life of manufactured products. Consumables such as solid wires, stick electrodes, SAW wires, fluxes, and flux-cored wires are used in the welding industry to ensure a strong bond between two metals. It also protects the molten weld from contaminants in the atmosphere. Manufacturers are utilising advanced welding technologies including hybrid, MIG & TIG, resistance spot, laser beam welding, and others, which are becoming increasingly popular in the US market. Furthermore, rising steel consumption, combined with the resurgence of the automotive, heavy engineering, oil, gas, energy, and shipbuilding industries in the United States, is expected to boost demand for these consumables across the welding sector during the forecast period. Government investments in the manufacturing sector have given manufacturers opportunities to improve their fabrication and welding processes. whereas, rising investments in the steel industry are opening up new opportunities for manufacturers.
U.S. Welding Consumables Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.5 billion
Largest Segment
Arc Welding
Fastest Growth
Arc Welding
Growth Rate
4.1% CAGR
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The U.S. welding consumables market is segmented based on the Product, technology and region. Based on product, the U.S. Welding Consumables Market is segmented into Stick Electrodes, Solid Wires, Flux-cored Wires and Saw Wires & Fluxes. Based on technology, the U.S. Welding Consumables Market is segmented into Arc Welding, Resistance Welding, Oxy-fuel Welding and Laser Beam Welding. Based on Region U.S. Welding Consumables Market is categorized into North America, Europe, Asia-Pacific, Latin America and MEA.
U.S. Welding Consumables Market Analysis by Product
Based on product, In the United States, stick electrodes had the highest revenue share. The segment is expected to be driven by extensive use of the product as filler materials for joining two different metals. Superior product benefits such as corrosion resistance, high tensile strength and ductility are expected to emerge as key factors driving the product. The country's demand for stick electrodes is expected to rise as infrastructure projects expand. Southwest Florida International Airport, for example, has invested USD 250 million in terminal expansion to accommodate various checkpoints and check-in areas that require blocks and metals to be welded and fixed at a specific point. This is expected to increase demand for welding services, contributing to the industry's growth.
The flexibility and toughness of solid wires are important properties that increase their utility in applications requiring flexible wires, such as house electrical wiring and breadboards. Furthermore, rising demand for in-house electrical wiring and breadboard applications has increased solid wire consumption. Saw wires and fluxes are widely used in applications such as exploration platforms, pressure vessels, offshore drilling platform fabrication, and post-weld heat treatment. These are widely used in offshore construction, pressure vessel construction, and other fields.
U.S. Welding Consumables Market Analysis by Technology
Based on technology, Arc welding has emerged as the most important technology segment in the US market. The key reason driving this technology segment is the high penetration of the technology due to its ease of use across the building and construction and automotive industries. Resistance welding is primarily used in the automotive industry for a variety of processes such as spot, projection, and seam welding. These three processes are used because of their advantageous characteristics, which include stability, low environmental impact, and cost-efficiency. Over the forecast period, the segment is expected to be driven by rising demand from the automobile and transportation sectors.
The country's rising demand for luxury vehicles has raised the standard for precision welding, with manufacturers aiming to use resistance welding technology to smoothen the joints. Growing consumer concerns about smooth finishes are likely to open up new opportunities for resistance welding. In addition to welding thin metal sheets, small pipes, and tubes, oxy-fuel technology is widely used for repair work. The main benefit of oxy-fuel welding technology is that the welder can control the heat input and temperature regardless of the amount of filler metal used. This technology is widely used in straightening, bending, surfacing, brazing, braze welding, and other related operations, which will drive the growth of this technology segment.
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This market is expected to grow significantly over the forecast period. The rising government incentives, the expansion of construction and railways, and the high consumption of steel for various applications are all contributing to the growth. Furthermore, OEMs are implementing technologies such as resistance, oxy-fuel, ultrasonic, and stir welding techniques, as well as the Internet of Things (IoT) across industries to supplement the growth of the welding consumables market. Furthermore, governments are enacting new industrial policies and investment plans in response to the opportunities presented by new industrial revolutions, such as cross-border and foreign direct investment (FDI). As a result, welding consumable manufacturers will have numerous opportunities in the near future.
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U.S. Welding Consumables Market Drivers
Rising Usage of SAW in Aerospace to Bolster Demand for Welding Consumables
U.S. Welding Consumables Market Restraints
Lack of Skilled Workers to Hinder Market Growth
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U.S. welding consumables market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. Moreover, Key players in the United States are collaborating with several associations to train welders in advanced technologies such as resistance spot welding, hybrid welding, and others.
U.S. Welding Consumables Market Top Player's Company Profiles
U.S. Welding Consumables Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our us welding consumables market analysis, in terms of product, the stick electrodes segment and in terms of technologyArc welding dominated the U.S. welding consumables market. This is attributable to the high demands for arc welding-based consumables in the automotive industry sector. Key contributor in driving the growth of the welding consumables market in the United States involve rising industrial manufacturing and the sudden increase of the building and construction sector. Moreover, the expensive nature of metal fabrication operation can hamper the US welding consumable market growth.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.5 billion |
Market size value in 2031 | USD 3.59 billion |
Growth Rate | 4.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
U.S. Welding Consumables Market Recent Developments
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the U.S. Welding Consumables Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Welding Consumables Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Report ID: SQMIC20E2090