India will Lead Global Welding Products Market until 2020 due to High Growth of Wires and Fluxes Segment
Welding is a precise, reliable, cost-effective, and high-tech method of joining the surfaces of two work pieces to form one. The welding industry encompasses a broad range of joining techniques that include solid state welding, fusion welding, weldbonding, brazing, diffusion welding, and soldering.
Welding and joining dates back to the earliest days of metalworking and manufacturing. Forge welding was the first method of welding used in manufacturing industries. Welding has been employed since the inception of the industrial revolution. The process continues to be used extensively even today due to the high demand for a wide variety of materials and products, and accuracy in industry applications. The welding industry consists of welding consumables and equipment. The welding products available in both these segments find extensive usage in the automotive industry, as well as in the building and construction industry.
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As per a recent report by Transparency Market Research on the global welding products market, the market was worth US$17.47 billion in 2013 and is estimated to be worth US$23.78 billion by 2020. Owing to the versatility of welding products, continuous technological advancements and introduction of newer welding techniques, the welding products market is growing at a healthy CAGR of 4.5% between 2014 and 2020.
Welding Consumable Products Experience Significant Growth due to High Demand from End-Use Industries
As compared to the welding equipment and welding services, the welding consumables market accounts for a significant share of the global welding products market. Some of the key products included in the welding consumables market are electrodes, filler metals, solid wires, flux-cored wires, SAW wires, stick electrodes, and fluxes, among many others. Today, most of the players are expanding their product portfolio by adding several welding consumable products such as wires and fluxes to suit the varied demand from end-use industries. While stick electrodes have begun to lose their share in the market to other growing product types, flux-cored wires are rising in the market due to their advantages such as high deposition rate, strong welds, and suitability for outdoor work. The global market for flux-cored wires took up more than 7% of the global welding consumables market in 2013.
Wires and Fluxes Segment will Grow Rapidly in India’s Welding Consumables Market
According to the analysts at Transparency Market Research, the demand for welding consumables in India entirely depends on the volume of steel produced in the country. Demand for welding consumables in this region is also growing due to the substantial growth of multiple end-use industries and constant technology advancements in terms of welding products. Some of the key end-use industries driving the Indian welding consumables market are oil and gas, automobile, and building and construction.
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Automobile and transportation were the largest application sectors of the welding consumables market in 2013, taking up more than 25% of the overall welding products market. These segments are expected to lead the welding products market in the coming years.