Global Welding Wires Market Size To Grow At A CAGR Of 4.7% In The Forecast Period Of 2023-2028
Welding Wires Market Report and Forecast 2023-2028
The ‘Global Welding Wires Market Size, Share, Price, Trends, Growth, Outlook, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global welding wires market, assessing the market on the basis of its segments like type, material, industry, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Welding Wires Market Size, Share, Trends, Industry, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.7%
Welding wires find wide applications in shipbuilding, structure building, automotive, and engineering, which are expected to drive the global welding wires market. Welding wire uses multiple filler metal such as aluminium, mild steel, stainless steel, galvanised steel, and various other alloyed materials. The growing demand and applications of welding have driven the demand for welding wires worldwide, and are expected to continue to do so in the coming years.
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As welding wires directly influence the strength of the overall joint in any welding activity, the importance of good quality welding wires is paramount for adequate strength and durability. Construction and automotive sectors are significant end users of welding wires, as they involve extensive welding processes for components where strength is integral. Developments in welding and welding wire materials are likely to further expand the applications and potential of the welding wires market.
A consumable product, welding wires are in high demand for numerous welding applications, due to which steady growth of the welding wires market is expected in the forecast period. Emerging economies investing in infrastructure development and transportation systems are likely to increase the demand for welding wires further. Use of welding wires in fabrication processes facilitates easy usability and good strength.
Welding Wires Industry Definition and Major Segments
A welding wire is a thin metallic rod that is melted to produce a heated arc in order to fuse metal pieces together by rendering the wire soft and hammering under the applied heat source. Electricity is used in heavy amounts to generate the hot arc to melt the base metal of the joint members which in turn creates fusion. Welding wire can be made of stainless steel, silver, aluminium, and various alloys.
Based on type, the market can be segmented into:
• Composite Metal-Cored Wires
• Gas-Shielded Flux-Cored Arc Welding Wire
• Solid Gas Metal Arc Welding Wire
On the basis of material, the market can be classified into:
• Stainless Steel
Based on industry, the market can be divided into:
• Building and Construction
• Oil and Gas
On the basis of region, the market can be categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Welding Wires Market Trends
The key trends in the global welding wires market include the light weight and better performance efficiency of welding wires due to which it is widely used in the automotive industry. The automotive industry is increasingly using welding as a manufacturing process to meet efficiency and latest safety regulations. Several projects are being introduced in developing countries such as India, Brazil, China, South Africa, and Indonesia to improve the industrial sector as well as infrastructure which is also expected to help in the market growth.
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Various players are investing in research and development activities to innovate new welding wire products with enhanced quality and less complexity. Recent developments include new TIG cut lengths introduced by the Lincoln Electric Company. The new TIG cut lengths contain high silicon formulations with the use of stainless-steel alloys, supporting high-quality and clean welds.
At a regional level, the Asia Pacific welding wires market is expected to grow rapidly due to the rapid rise in the automotive and construction sector in the emerging economies such as India and China. In China, the construction and automotive sectors are growing, helping in the growth of the market for welding wires.
Key Market Players
The major players in the welding wires market report are:
• Lincoln Electric Holdings Inc.
• Changzhou Sanzhong Welding Materials Co., Ltd.
• Gedik Welding Inc.
• Berkenhoff GmbH
• ESAB corporation
• Zika Industries Ltd.
• Chosun Welding Co., Ltd.
• Rywal-RHC Group
• BS Stainless Limited
• Novametal SA
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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