India Welding Consumables Market: Introduction
A new report by Transparency Market Research (TMR) discusses the vendor landscape of the India welding consumables market in detail. It states that the welding consumables market in India is witnessing immense competition among players both big and small. Leading companies operating in the welding consumables market in India are Lincoln Electric, Voestalpine A G, ESAB, Honavar Electrodes, Ador Welding Limited, and D&H Sécheron, among others. Analysts from TMR have made an observation that there are several unorganized and small players of welding consumables in India that are expected to make a mark for themselves in the near future.
As per TMR, the welding consumables market in India is expected to be value over US$ 1.13 Bn by 2031. Based on product, the demand for wires and fluxes is expected to be high due to their high performance. They also carry several benefits, including suitability for outdoor work, use in automatic welding systems, low wastage, and high productivity. Flux-cored wires is predicted to be the fastest growing segment during the forecast period.
In terms of application, the automotive & transportation segment leads the welding consumables market in India. However, the power segment of the welding consumables market in India is estimated to expand at the fastest pace during the forecast period. Moderate growth is also forecast for marine and wear plate application segments of the welding consumables market in India.
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Flourishing Building & Construction Sector Driving India Welding Consumables Market
As per the lead author of this market research report, the welding consumables market in India is slated to be chiefly driven by the expanding building & construction industry. Significant increase in investments in the energy sector as well as oil & gas sector is also boosting the demand for welding consumables. Advancements in technology and innovations in the same are likely to be key for widening the application areas of welding consumables. Therefore, players in the welding consumables market in India are advised to focus on technological advancements and invest in R&D in order to create growth opportunities for themselves and the market overall.
Welding consumables are used across industries such as oil & gas, marine, power generation, building & construction, transportation, and automobile. Therefore, the demand for welding consumables in India is witnessing a steady increase with the growth of these industries. The welding consumables market in India is highly dependent on consumption of steel by several industries.
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Presence of International Competition to Threaten Players in India Welding Consumables Market
The report not only discusses the various factors helping the welding consumables market in India to grow but also focuses on the challenges faced by the welding consumables market in India. One of the key factors posing a challenge for players in the welding consumables market in India is the fluctuating raw material supply. Another important factor that has a negative bearing on the market for welding consumables in India is the presence of competition from foreign companies. Furthermore, shortage of skilled labor adds to the number of limiting factors that are likely to restrain the welding consumables market in India from reaching its full potential.
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