Welding Wires & Welding Electrode Market Size, Share, Growth, and Industry Analysis, By Type (Welding Wires and Welding Electrode), By Application (Automotive, Construction, Aerospace & Defense, Shipbuilding, and Pipe), Regional Insights, and Forecast From 2024 To 2031

Welding Wires & Welding Electrode Market Report Overview

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The global welding wires & welding electrode market size is USD 21.20 million in 2022 and is projected to touch USD 24.44 million by 2031, at a CAGR of 2.4% during the forecast period.

Welding, which does not melt the base metal, is a fabrication or artistic process that unites materials, typically metals, by inducing fusion. In order to create a pool of molten material (the weld pool), a filler material is frequently introduced to the junction. As the weld pool cools, it solidifies to create a joint that is typically stronger than the base material. A weld can be created by pressure alone, in pair with heat, or both. A type of shield is required during welding to prevent oxidation or contamination of the molten or filler metals. The primary consumable is welding wire and electrode.

Welding wires are also known as welding consumables. These wires are slim metallic rods ignited by supplying electricity to generate a heated arc to fuse metal parts together. It melts itself while welding two metals to assist in the formation of a strong joint. It acts as a filler and secures the molten weld from various atmospheric conditions. A welding electrode is used to conduct current within a workpiece to attach two pieces of metal. This electrode is either consumable in the case of shielded metal arc welding or gas metal arc welding, such as in arc welding of gas tungsten.

COVID-19 Impact: Stringent Government Regulations Hampered Growth in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with welding wires & welding electrodes experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

In the early phases of COVID-19, factories were shut down in a number of nations leading to severe lockdowns put in place by the government to hinder the virus' spread. This led to a sharp decline in the demand for welding wires. COVID-19 has had an influence on welding wire sales, and it is projected that this impact will continue into 2021. Prior to the development of the coronavirus, countries including China, India, the United States, Germany, Italy, and the United Kingdom had the highest demand for welding wire. Now, however, this demand has decreased. Due to the restrictions, there has been a decline in demand from end users, including automakers, shipbuilders, and the construction industry.

LATEST TRENDS

"Rising Demand for Various Welding Materials to Augment Growth in the Market"

The welding sector is expanding quickly, supported by a rise in the need for combining different non-metallic materials, the development of unique and creative shapes and patterns, the introduction of several cutting and welding technologies, and many other factors. Due to its capacity to produce highly precise welding in real-time, welding electrodes are becoming more often used in these situations. The growing adoption across a variety of industries, including building & construction, automotive, and others, is also due to qualities such as flexibility, compact size, and minimal spark incidence. Such as the automotive industry has a strict focus on aligning the goods with environmental standards and norms, particularly CO2 emissions. Utilizing welding electrodes optimizes the welding process, minimizes waste, and increases production and efficiency on all levels. 

Welding Wires & Welding Electrode Market Segmentation

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• By Type Analysis

By type, the market is segmented into welding electrodes and wires.

• By Application Analysis

Based on application, the market is classified into automotive, construction, aerospace & defense, shipbuilding, and pipes.

DRIVING FACTORS

"Developments in the Welding Process to Drive Product Demand"

As new materials are developed, and there is a growing demand for weld data monitoring, welding automation, and other services, the welding sector is continually searching for new technologies and procedures. Additionally, the manufacturing and fabrication sectors place a strong emphasis on better serving their clients and implementing new welding processes and technologies to produce more adaptable various new welding solutions that work for both big and small businesses. Applying welding procedures such as short-circuit MIG simplified with the welding wires & welding electrode is potentially opening up space for the industry. The advancements in the welding sector are expected to fuel welding wires & welding electrode market growth and its capacity to make it easier for the welder operator to regulate the puddle and choose to improve user training, high-quality welds, and increase performance efficiency.

"Demand for Welding in Various Industries to Aid Market Growth"

With the expansion of transportation projects, including new seaports, railway networks, and airports, the need for welding electrodes is expanding globally. Additionally, the expansion of the market is attributed to the building of commercial and residential projects and offshore oil and natural gas retrofitting and exploration machinery such as boilers, vessels, and pipes. Additionally, the adoption of smart factories under industry 4.0 is incentivizing businesses to install robotics for carrying out crucial tasks, which is further fueling the growth of the welding electrodes market. Additionally, the welding industry is seeing a rise in the use of welding to join two distinct metals. Due to the need for high-precision welding to unite two different metals with such materials, the demand for electrodes is predicted to increase during the projected period.

RESTRAINING FACTORS

"Lack of Skilled Workers to Affect the Market Growth"

The welding sector is currently facing difficulties because welders and engineers who are executing welding tasks on the factory floor have only occasionally received guidance for carrying out these operations. Additionally, engineers and welders typically acquire their abilities through actual welding operations rather than through official welder training or apprenticeships. Accidents are more likely to occur in this situation since the user is less aware of important details like how long it will take to heat the metals, whether there will be enough current available, and other things.

Welding Wires & Welding Electrode Market Regional Insights

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"Asia Pacific to Lead the Market Due to the Rising Construction Activities in the Region"

Asia Pacific is forecasted to hold about 30% of the overall welding wires & welding electrode market share due to the rising construction activities in developing countries such as India, China, and Japan. The rising product demand from the commercial and residential sectors is anticipated to propel growth in the market. 

Europe is anticipated to show significant growth in the global market owing to the presence of a large number of automotive and automobile manufacturers. The constantly growing investment in workers' safety is anticipated to aid growth in the regional market.

Asia Pacific is estimated to show sizable growth attributable to the rapid adoption of welding robots in Japan and China.

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in Market"

To address the need of clients for welding particular materials and metals, producers are concentrating on producing new products and consumables. Additionally, many businesses are implementing various marketing methods to meet customer demand and expand their geographic reach globally by offering training and education to lower workplace accidents. To provide more simple ways to expand the product catalog, businesses are attempting to build new technology. Businesses also employ cutting-edge methods and procedures to develop cutting-edge technologies. To expand revenue, companies concentrate on acquisitions and investments. Due to the presence of multiple large corporations, the market is competitive. Other features include a significant global consumer base and the use of specialized distribution networks for business operations. By introducing new products, major corporations try to increase their market share.

LIST OF TOP WELDING WIRES & WELDING ELECTRODE COMPANIES

• Golden Bridge (U.S.)
• Tianjin Bridge (China)
• Weld Atlantic (China)
• Shandong Solid Solider (China)
• Shandong Juli Welding (China)
• Zhujiang Xiangjiang Welding (U.S.)
• Wuhan Temo Welding (China)
• Changzhou Huatong Welding (China)
• Colfax (U.S.)
• ITW (U.S.)
• Kobelco (Japan)
• Lincoln Electric (U.S.)
• Kaynak Tekniği Sanayi ve TicaretA.Ş (U.S.)
• Voestalpine (Upper Austria)
• Sandvik (Sweden)
• Gedik Welding (Turkey)
• CORODUR (Germany)
• Jinglei Welding (China)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.