Rise in the automotive and construction sector and surge in global energy infrastructure development drive the growth of the global welding consumables market.
PUNE, MAHARASHTRA, INDIA, November 30, 2020 /EINPresswire.com/ — Rise in the automotive and construction sector and surge in global energy infrastructure development drive the growth of the global welding consumables market. However, negative impacts of welding consumables on environment and workers hinder the market growth. On the other hand, increase in requirement for welding automation technology in developed economies creates new opportunities in the coming years.
According to the report published by Allied Market Research, the global welding consumables market generated $12.40 billion in 2016, and is estimated to reach $18.28 billion by 2023, registering a CAGR of 5.7% from 2017 to 2023. The report offers an extensive analysis of the changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.
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• The disrupted operational activities in end use industries such as automotive & transportation, construction, heavy machinery, and shipbuilding, during the coronavirus pandemic, have impacted the global welding consumables market negatively.
• Moreover, the restrictions on sales channels and supply chain due to active lockdown and social distancing have also affected the growth of the industry adversely.
The report offers a detailed segmentation of the global welding consumables market based on type, end user industries, welding technique, and region.
Based on type, the solid wires segment contributed to the largest share in 2016, accounting for more than one-third of the total share, and is estimated to maintain its dominant position during the forecast period.
Based on welding technique, the arc welding segment accounted for the largest share in 2016, holding nearly three-fifths of the total share, and is expected to maintain the largest share throughout the forecast period.
Based on region, Asia-Pacific, followed by Europe, contributed to the highest market share in 2016 and will maintain its dominance throughout the forecast period.
Leading market players analyzed in the global consumables market report include Illinois Tool Works Inc., Colfax Corporation, Hyundai Welding Co., Ltd., Voestalpine Böhler Welding GmbH, The Lincoln Electric Company, Fronius International GmbH, Kemppi Oy., Panasonic Corporation, Obara Corporation, and Tianjin Bridge Welding Materials Group Co., Ltd.
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Source: EIN Presswire