The Global Welding Wire Market is expected to exhibit strong growth, reaching USD 13.8 billion by 2030. As per the report titled “Welding wire Market Size, Share & COVID-19 Impact Analysis, By Product Type (Composite Metal-Cored Wires, Gas-Shielded Flux-Cored Arc Welding Wire and Solid Gas Metal Arc Welding Wire), By Material (Alloys, Stainless Steel, Aluminium and Others), By Application (Fabrication, Maintenance and Retrofit), By Business Type (Original Equipment Manufacturer (OEM) and Aftermarket), By End User Industry (Automotive, Construction, Aerospace, Defence, Shipbuilding and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 10.2 billion and USD 13.8 billion in 2030. The market is expected to exhibit a CAGR of 5.20% during the forecast period.
Hobart Brothers LLC unveiled new gas-shielded flux-cored wire
In Novemver 2021, the FabCO 91K2-M gas-shielded flux-cored wire was unveiled by Hobart Brothers LLC. These new wires allow operators to work within a wider range of welding conditions without sacrificing quality or mechanical qualities. The company's product line will benefit from this.
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Increased Financial Support For The Global Power Utility Sector To Drive Market Growth
New energy sources will likely influence future energy revolution, intelligent grids, digital transformation, distributed generation and empowered consumers. The utility industry will probably benefit from a variety of customer-interface technology. The utility business is going through an exciting shift due to improvements in wind and solar energy sources' high cost of performance and scalability, as well as smart grid technologies that offer real-time information about dispersed or localized energy sources. According to the International Trade Administration, Saudi Arabia's electricity generation capacity must increase from 82 GW in 2017 to 160 GW in 2040. The installation of SGW infrastructure and T&D infrastructure will be required.
Increased Labor Costs Will Impede Market Expansion In The Welding Process
The majority of the overall welding costs are labor-related. The amount of components a welder can finish in an hour is constrained, and they are paid hourly. Naturally, this number can change depending on the welder's education and experience. A welder can only produce a particular amount of welded material in the allocated period. Welding costs have inevitably increased due to the numerous standards that must be satisfied for welding operations and the daily increases in laborers' hourly rates.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the welding wire market plan acquisitions to improve their brand recognition globally. For instance, in May 2019, for the benefit of welding instructors and educational institutions, Lincoln Electric collaborated with the Tooling U-SME to develop the U/LINC welding curriculum platform to be more approachable and available for training solutions.
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October 2019: The voestalpine Böhler Welding Group GmbH opened its first production site in the United States. For voestalpine Böhler Welding to continue expanding its product portfolio in the United States, local manufacture is an essential first step. The company's global reach will grow as a result.
List of Key Players Profiled in the Report
- Berkenhoff GmbH
- voestalpine Böhler Welding GmbH
- D&H Sécheron
- Jiangsu ZhongJiang Welding Wire Co., Ltd.
- The Lincoln Electric Company
- Tianjin Bridge Welding Materials Group Co.,Ltd.
- Ador Fontech Limited
- Harris Products Group
- I A Barnes & Co Ltd
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Further Report Findings
- The market in the Asia Pacific is expected to gain a huge portion of the global welding wire market share in the coming years because construction activity is increasing in developing nations like India, China, and Japan.
- Increased product demand from the commercial and residential sectors is projected to fuel market expansion.
- In North America, the growth in this region is primarily driven by the presence of a sizable number of autos and automakers. The constantly growing investment in workers' safety is anticipated to aid growth in the regional market.