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Welding Consumables Market Expected to reach US$3.51 billion by 2023 - U.S. Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023: Transparency Market Research

Albany, NY, March 08, 2016 (GLOBE NEWSWIRE) -- According to the research report, the u.s.welding consumables market was valued at US$2.42 billion in 2014 and is anticipated to reach US$3.51 billion by 2023, expanding at a CAGR of 4.2% between 2015 and 2023.

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.

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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.

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.

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Some of the leading players in the market include The Lincoln Electric Company, Air Liquide S.A., TheLinde Group, voestalpineBöhler 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).

The report segments the welding consumables market in the U.S. as follows:

Welding Consumables Market - Product Analysis

  • Stick electrodes
  • Solid wires
  • Flux-cored wires
  • SAW wires and fluxes
  • Others (including rods, etc.)

Welding Consumables Market - End-user Analysis

  • Automobile & transportation
  • Building & construction
  • Marine
  • Power
  • Oil & gas
  • Others (including repair & maintenance, etc.)

Browse Other Regional Market Reports on Welding Consumables:

About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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Source:Transparency Market Research