Welding Equipment, Accessories, & Consumables Market Outlook 2031
The global welding equipment, accessories, & consumables market size was USD 26 Billion in 2022 and is likely to reach USD 38.97 Billion by 2031, expanding at a CAGR of 4.6% during 2023–2031. The market growth is attributed to the rising demand for welding accessories and services from the automotive industry.
The global welding equipment, accessories, & consumables market is driven by consistent ongoing technological advancements and innovations in the end-user industries such as automotive, electronic, and construction. The demand for welding products and services is high among customers from these industries, which is anticipated to propel the market during the forecast years.
The report states that the COVID-19 pandemic affected the global welding equipment, accessories, & consumables market, as there were disruptions in the supply chain, due to travel and lockdown restrictions. However, the key market players were allowed to resume their manufacturing operations after the lockdown was lifted. This further helped in market recovery during the pandemic.
Impact of Artificial Intelligence on Welding Equipment, Accessories, & Consumables Market
Artificial intelligence (AI) technologies are expected to fuel the market. Increasing integration of AI for advancing automation is gaining significance among many end-users, including automotive companies. The implementation of AI enhances the quality control and productivity of the product and helps in manufacturing a finished product with advanced features. For instance,
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On May 8, 2022, AUDI AG stated that it uses AI for monitoring spot weld quality in the body construction process. The system used data from the welding machines to decide the order of the welding spots. This reduces the burden on employees, as they do not have to check every weld spot.
Welding Equipment, Accessories, & Consumables Market Dynamics
Major Drivers
High demand for welding materials and equipment from different end-use industries is expected to drive the market during the assessment period. The demand for welding activities is high during the vehicle manufacturing process, as they produce vehicle body parts. Customers from across the world are buying cars owing to the increasing disposable income levels, which in turn, is boosting the global market. For instance,
The construction industry has a high demand for steel welding activities for constructing different commercial and residential buildings, which is anticipated to boost the market revenue. Moreover, high presence of construction sites in countries such as China, India, and the US is expected to contribute to the market growth.
Existing Restraints
High maintenance and energy consumption costs and environmental issues caused by welding services are expected to hamper the market. High energy consumption costs affect the fabrication operations of the welding companies; thus, the companies refrain from investing in energy efficiency techniques. Furthermore, inaccuracies in sensitive welding operations and malfunctions in equipment are further anticipated to impede the market.
Emerging Opportunities
Increasing adoption of novel advanced welding techniques such as ultrasonic and laser welding is expected to create lucrative opportunities for the market players. Technologies are highly efficient and offer numerous advantages making them suitable for several applications, which makes them increasingly popular in end-user industries where accuracy and precision of the joints are of high importance such as robotic appliances, electric appliances, and moving automotive parts.
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In March 2020, voestalpine Böhler Welding Group GmbH acquired Selco s.r.l., a premium manufacturer of welding machines. voestalpine Böhler Welding Group offers comprehensive full welding solutions. With the participation in Selco s.r.l. not only strengthen the position as a full welding solution provider in the welding industry but also offer a perfectly coordinated combination of welding consumables and machines.
Scope of Welding Equipment, Accessories, & Consumables Market Report
The report includes an assessment of trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Welding Equipment, Accessories, & Consumables Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Equipment (Oxy-fuel Gas, Electrodes & Filler Metal Equipment, and Others), Accessories (Gas Panels, Protective Gear, Gas Cabinets, Gas Manifolds, Gas Filters, and Others), Consumable (Gases, Electrodes & Filler Materials, and Fluxes & Wires), and End-user (Automotive, Power Generation, Construction & Infrastructure, Offshore, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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ACRO Automation Systems, Inc.; Air Liquide; Carl Cloos Schweisstechnik GmbH; DAIHEN Corporation.; Illinois Tool Works Inc.; KOBE STEEL, LTD; Koike Aronson, Inc.; Linde plc; The Lincoln Electric Company; and voestalpine AG
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Welding Equipment, Accessories, & Consumables Market Segment Insights
Equipment Segment Analysis
Based on equipment, the welding equipment, accessories, & consumables market is divided into oxy-fuel gas, electrodes & filler metal equipment, and others. The electrodes & filler metal equipment segment is expected to expand at a major pace during the projection period, as it protects the metal from damage and improves the weld. The electrode is either consumable or non-consumable, depending on the technology used. A consumable electrode uses filler electrodes to weld a joint, the rod melts and is consumed in the process to bridge the gap between the parent metal and other metal parts. Non-consumable electrodes are not melted away or consumed during the welding process. It involves the use of high-melting point materials such as pure tungsten MP 6150°F, carbon MP 6700°F, and alloy tungsten.
Accessories Segment Analysis
In terms of accessories, the global market is segregated into gas panels, protective gear, gas cabinets, gas manifolds, gas filters, and others. The gas filters segment is projected to register a considerable CAGR during the forecast period, as it is used to filter out dust and debris from the gas. Gas filters allow the filtered gas to flow through the equipment. The gas filters prevent damage to solenoids and guns that are used for welding metals in welding equipment. The segment growth is attributed to the rising demand from end-user industries.
Technology Segment Analysis
On the basis of technology, the welding equipment, accessories, & consumables market is segmented into arc welding, oxy-fuel welding, and others. The arc welding segment is expected to register a robust growth during the projection period, owing to the increasing use of arc welding in offshore infrastructure growth operations and maintenance and repair of pipelines. The segment growth is further attributed to the increasing government attempts to increase industrial facilities by promoting foreign investment in developing countries.
End-user Segment Analysis
Based on end-user, the global market is segregated into automotive, power generation, construction & infrastructure, offshore, and others. The automotive segment is anticipated to hold a key share of the market in the coming years, due to the increasing demand for cars and the demand for welding equipment. Robotic welding innovations have increased the usage of robots in the automotive industry for fusing operations. The several advantages of robots in terms of improving process efficiency, quality, productivity, and scrap reduction increase their demand in the automotive industry.
Regional Outlook
In terms of region, the global welding equipment, accessories, & consumables market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to dominate the global market during the forecast period, due to the rising investments in various industries such as oil & gas, aircraft, and others. The growth of the regional market is attributed to the increasing population, rising economies, and growing government initiatives to promote automobile and electronic industries.
The market in Europe is anticipated to expand at a rapid pace during the forecast period, owing to the high demand for various welding equipment from the electronics, automotive, heavy machinery, transportation, and construction industries. The regional market growth is attributed to the increasing advancements in the field of energy-efficient robotic equipment as some countries have imposed rigorous energy-efficient laws on a variety of businesses.
Segments
The welding equipment, accessories, & consumables market has been segmented on the basis of
Equipment
- Oxy-fuel Gas
- Electrodes & Filler Metal Equipment
- Others
Accessories
- Gas Panels
- Protective Gear
- Gas Cabinets
- Gas Manifolds
- Gas Filters
- Others
Consumable
- Arc Welding
- Oxy-fuel Welding
- Others
End-user
- Automotive
- Power Generation
- Construction & Infrastructure
- Offshore
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players operating in the global welding equipment, accessories, & consumables market include ACRO Automation Systems, Inc.; Air Liquide; Carl Cloos Schweisstechnik GmbH; DAIHEN Corporation.; Illinois Tool Works Inc.; KOBE STEEL, LTD; Koike Aronson, Inc.; Linde plc; The Lincoln Electric Company; and voestalpine AG.
Several companies are implementing market expansion & growth strategies such as divestitures, partnerships, acquisitions, R&D investments, mergers, collaboration, and product launches to boost their market share. For instance,
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In February 2021, The Lincoln Electric Company introduced a new Vantage 441X Diesel Engine Driven Welder/Generator. It delivers superior SMAW capabilities and features customized weld modes for aluminum, carbon steel, and stainless steel. The Vantage 441X welder/generator includes dedicated SAW and orbital pipe modes, and synergic pulse abilities for improved arc performance in GMAW welding.
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