The global underwater welding consumable market size reached US$ 2,261.9 million in 2023. Over the forecast period, global underwater welding consumable demand is anticipated to rise at 6.2% CAGR. The market is expected to increase from US$ 2,402.2 million in 2024 to US$ 4,383.8 million in 2034.
Demand for underwater welding consumables is projected to remain high in the oil & gas industry. The oil & gas segment is projected to thrive at 5.7% CAGR during the assessment period.
Underwater Welding Consumable Market Overview
Attributes | Key Insights |
---|---|
Underwater Welding Consumable Market Size in 2023 | US$ 2,261.9 million |
Estimated Underwater Welding Consumable Market Value (2024) | US$ 2,402.2 million |
Projected Underwater Welding Consumable Market Revenue (2034) | US$ 4,383.8 million |
Value-based CAGR (2024 to 2034) | 6.2% |
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Market to Expand Over 1.8x through 2034
The global underwater welding consumable market is projected to expand over 1.8x through 2034, amid a 2.8% increase in expected CAGR compared to the historical one. This is due to rising demand in offshore industries, growth in the renewable energy sector, and infrastructure development.
North America Shows Considerable Underwater Welding Consumable Market Growth
North America is poised to direct the underwater welding consumable market, projecting a substantial 32.4% share by 2034. This dominance can be attributed to several key factors.
Global sales of underwater welding consumables grew at a CAGR of 3.4% between 2019 and 2023. The market reached US$ 2,261.9 million in 2023.
Historical CAGR (2019 to 2023) | 3.4% |
---|---|
Forecast CAGR (2024 to 2034) | 6.2% |
In the forecast period, the global underwater welding consumable industry is set to thrive at a CAGR of 6.2%. Over the forecast period, the global underwater welding consumable market is poised to exhibit healthy growth, totaling a valuation of US$ 4,383.8 million by 2034.
The global expansion of marine infrastructure is a key driver propelling demand for underwater welding consumables. As maritime activities continue to surge, with a particular focus on ports and offshore wind farms, the necessity for reliable underwater welding solutions intensifies.
Ports serve as crucial hubs for international trade, demanding constant construction and maintenance to accommodate growing shipping needs. Development of offshore wind farms, a sustainable energy frontier, necessitates the deployment of underwater welding consumables. These are set to be mainly used for installing, repairing, and maintaining submerged structures.
The aging of underwater structures, such as bridges and pipelines, is driving demand for underwater welding consumables. These critical infrastructures require regular maintenance and repair to ensure structural integrity and prevent leaks. Welding plays a crucial role in rejuvenating and reinforcing these structures.
The escalating global demand for energy is a primary driver propelling substantial investments in offshore oil and gas exploration. It is catalyzing a heightened need for underwater welding consumables.
As the world's population grows, so does the thirst for energy resources, prompting the exploration and extraction of hydrocarbons from offshore reserves. This surge in offshore activities necessitates using advanced and reliable underwater welding solutions. These are used for constructing, repairing, and maintaining critical infrastructure, such as subsea pipelines and drilling platforms.
Underwater welding consumables play a pivotal role in facilitating the structural integrity of submerged installations. As technological advancements continue to enhance the capabilities of underwater welding, consumables used in these operations become indispensable components of the exploration and extraction process.
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The table below highlights key countries’ underwater welding consumable market revenues. The United States, China, Germany, and India are expected to remain the key customers of underwater welding consumables, with expected valuations of US$ 766.9 million, US$ 632.3 million, US$ 360.2 million, and US$ 333.8 million, respectively, in 2034.
Countries | Market Revenue (2034) |
---|---|
United States | US$ 766.9 million |
China | US$ 632.3 million |
Germany | US$ 360.2 million |
India | US$ 333.8 million |
Japan | US$ 235.7 million |
United Kingdom | US$ 194.4 million |
The table below shows the estimated growth rates of several countries in the market. Japan, India, and the United Kingdom are set to record CAGRs of 7.9%, 7.1%, and 6.9%, respectively, through 2034.
Countries | Projected CAGR (2024 to 2034) |
---|---|
Japan | 7.9% |
India | 7.1% |
United Kingdom | 6.9% |
China | 6.7% |
Germany | 6.1% |
United States | 5.9% |
Sales of underwater welding consumables in the United States are projected to soar at a CAGR of around 5.9% during the assessment period. Total valuation in the country is anticipated to reach US$ 766.9 million by 2034, driven by factors like:
China's underwater welding consumable market is projected to reach US$ 632.3 million by 2034. Over the assessment period, demand for underwater welding consumables in China is set to rise at 6.7% CAGR. Key factors supporting the market growth are:
India's underwater welding consumable market is poised to exhibit a CAGR of 7.1% during the evaluation period. It is expected to attain a market valuation of US$ 333.8 million by 2034. Some of the factors driving growth are as follows:
By 2034, underwater welding consumable sales in Germany are expected to reach US$ 360.2 million. Some of the key drivers/trends include:
Japan's underwater welding consumable market is expected to rise at a CAGR of 7.9% over the forecast period. Several factors are expected to drive growth of Japan's underwater welding consumable industry. These include:
The section below shows the electrode segment dominating based on product type. It is forecast to thrive at 6.3% CAGR between 2024 and 2034. Based on end-use, the oil & gas industry segment is anticipated to hold a dominant share through 2034. It is set to exhibit a CAGR of 5.7% during the forecast period.
Top Segment (Product Type) | Electrodes |
---|---|
Predicted CAGR (2024 to 2034) | 6.3% |
Top Segment (End-use) | Oil and Gas Industry |
---|---|
Projected CAGR (2024 to 2034) | 5.7% |
The global underwater welding consumable market is consolidated, with leading players accounting for around 25% to 30% share. Broco Ranking, ESAB (Elektriska Svetsnings-Aktiebolaget), Lincoln Electric, and Air Liquide Welding are the leading manufacturers and suppliers of underwater welding consumables listed in the report.
Key underwater welding consumables manufacturers invest in continuous research to produce new products and increase their production capacity to meet end-user demand. They are also inclined toward adopting strategies to strengthen their footprint, including acquisitions, partnerships, mergers, and facility expansions.
Recent Developments
The market is set to reach US$ 2,402.2 million in 2024.
Demand for underwater welding consumables is slated to expand at a 6.2% CAGR by 2034.
The market is expected to reach US$ 4,383.8 million in 2034.
Broco Ranking, Lincoln Electric, and Air Liquide Welding are the key players.
Oil & gas segment is estimated to lead the market during the forecast period.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Product USPs / Features
4.3. Strategic Promotional Strategies
5. Global Market Demand Analysis 2019 to 2023 and Forecast, 2024 to 2034
5.1. Historical Market Volume (Units) Analysis, 2019 to 2023
5.2. Current and Future Market Volume (Units) Projections, 2024 to 2034
5.3. Y-o-Y Growth Trend Analysis
6. Global Market - Pricing Analysis
6.1. Regional Pricing Analysis By Product Type
6.2. Global Average Pricing Analysis Benchmark
7. Global Market Demand (in Value or Size in US$ million) Analysis 2019 to 2023 and Forecast, 2024 to 2034
7.1. Historical Market Value (US$ million) Analysis, 2019 to 2023
7.2. Current and Future Market Value (US$ million) Projections, 2024 to 2034
7.2.1. Y-o-Y Growth Trend Analysis
7.2.2. Absolute $ Opportunity Analysis
8. Market Background
8.1. Macro-Economic Factors
8.1.1. Global GDP Growth Outlook
8.1.2. Global Oil & Gas Industry Overview
8.1.3. Manufacturing Value-Added
8.1.4. Industry Value Added
8.1.5. Parent Market Outlook
8.1.6. Other Macro-Economic Factors
8.2. Forecast Factors - Relevance and Impact
8.2.1. Top Companies Historical Growth
8.2.2. GDP Growth Forecast
8.2.3. Manufacturing Industry Forecast
8.2.4. Global Urbanization Growth Outlook
8.2.5. End-use Industry Growth Outlook
8.2.6. Other Forecast Factors
8.3. Value Chain
8.3.1. Product Manufacturers
8.3.2. End Users
8.3.3. Avg. Profitability Margins
8.4. COVID-19 Crisis – Impact Assessment
8.4.1. Current Statistics
8.4.2. Short-Mid-Long Term Outlook
8.4.3. Likely Rebound
8.5. Market Dynamics
8.5.1. Drivers
8.5.2. Restraints
8.5.3. Opportunity Analysis
8.6. Patent Analysis
8.7. PESTLE Analysis
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product Type
9.1. Introduction / Key Findings
9.2. Historical Market Size (US$ million) and Volume Analysis By Product Type, 2019 to 2023
9.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Product Type, 2024 to 2034
9.3.1. Electrodes
9.3.1.1. Metal Core Electrodes
9.3.1.2. Cellulosic Electrodes
9.3.1.3. Rutile Electrodes
9.3.1.4. Others
9.3.2. Wires
9.3.2.1. Solid Wires
9.3.2.2. Flux-cored Wires
9.3.2.3. Submerged Arc Wires
9.3.3. Fluxes
9.3.3.1. Fused Fluxes
9.3.3.2. Agglomerated Fluxes
9.3.3.3. Submerged Arc Fluxes
9.3.4. Welding Stinger
9.3.5. Others
9.4. Market Attractiveness Analysis By Product Type
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Welding Technique
10.1. Introduction / Key Findings
10.2. Historical Market Size (US$ million) and Volume Analysis By Welding Technique, 2019 to 2023
10.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By Welding Technique, 2024 to 2034
10.3.1. Dry Welding
10.3.2. Wet Welding
10.4. Market Attractiveness Analysis By Welding Technique
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use
11.1. Introduction / Key Findings
11.2. Historical Market Size (US$ million) and Volume Analysis By End Use, 2019 to 2023
11.3. Current and Future Market Size (US$ million) and Volume Analysis and Forecast By End Use, 2024 to 2034
11.3.1. Oil and Gas Industry
11.3.1.1. Pipeline Repair
11.3.1.2. Platform Maintenance
11.3.1.3. Subsea Structure Welding
11.3.2. Marine Infrastructure
11.3.2.1. Bridge and Pier Repair
11.3.2.2. Harbor and Port Maintenance
11.3.3. Ship Repair and Maintenance
11.3.4. Offshore Renewable Energy
11.3.5. Others
11.4. Market Attractiveness Analysis By End Use
12. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
12.1. Introduction
12.2. Historical Market Size (US$ million) and Volume Analysis By Region, 2019 to 2023
12.3. Current Market Size (US$ million) and Volume Analysis and Forecast By Region, 2024 to 2034
12.3.1. North America
12.3.2. Latin America
12.3.3. East Asia
12.3.4. South Asia Pacific
12.3.5. Western Europe
12.3.6. Eastern Europe
12.3.7. Middle East and Africa
12.4. Market Attractiveness Analysis By Region
13. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
13.1. Introduction
13.2. Pricing Analysis
13.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
13.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
13.4.1. By Country
13.4.1.1. United States
13.4.1.2. Canada
13.4.1.3. Mexico
13.4.2. By Product Type
13.4.3. By Welding Technique
13.4.4. By End Use
13.5. Market Attractiveness Analysis
13.5.1. By Country
13.5.2. By Product Type
13.5.3. By Welding Technique
13.5.4. By End Use
13.6. Market Trends
13.7. Key Market Participants - Intensity Mapping
13.8. Drivers and Restraints - Impact Analysis
14. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034
14.1. Introduction
14.2. Pricing Analysis
14.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
14.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
14.4.1. By Country
14.4.1.1. Brazil
14.4.1.2. Chile
14.4.1.3. Rest of Latin America
14.4.2. By Product Type
14.4.3. By Welding Technique
14.4.4. By End Use
14.5. Market Attractiveness Analysis
14.5.1. By Country
14.5.2. By Product Type
14.5.3. By Welding Technique
14.5.4. By End Use
14.6. Market Trends
14.7. Key Market Participants - Intensity Mapping
14.8. Drivers and Restraints - Impact Analysis
15. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034
15.1. Introduction
15.2. Pricing Analysis
15.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
15.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
15.4.1. By Country
15.4.1.1. China
15.4.1.2. Japan
15.4.1.3. South Korea
15.4.2. By Product Type
15.4.3. By Welding Technique
15.4.4. By End Use
15.5. Market Attractiveness Analysis
15.5.1. By Country
15.5.2. By Product Type
15.5.3. By Welding Technique
15.5.4. By End Use
15.6. Market Trends
15.7. Key Market Participants - Intensity Mapping
15.8. Drivers and Restraints - Impact Analysis
16. South Asia Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034
16.1. Introduction
16.2. Pricing Analysis
16.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
16.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
16.4.1. By Country
16.4.1.1. India
16.4.1.2. ASEAN
16.4.1.3. Australia and New Zealand
16.4.1.4. Rest of South Asia Pacific
16.4.2. By Product Type
16.4.3. By Welding Technique
16.4.4. By End Use
16.5. Market Attractiveness Analysis
16.5.1. By Country
16.5.2. By Product Type
16.5.3. By Welding Technique
16.5.4. By End Use
16.6. Market Trends
16.7. Key Market Participants - Intensity Mapping
16.8. Drivers and Restraints - Impact Analysis
17. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
17.1. Introduction
17.2. Pricing Analysis
17.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
17.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
17.4.1. By Country
17.4.1.1. Germany
17.4.1.2. Italy
17.4.1.3. France
17.4.1.4. United Kingdom
17.4.1.5. Spain
17.4.1.6. BENELUX
17.4.1.7. NORDICS
17.4.1.8. Rest of Western Europe
17.4.2. By Product Type
17.4.3. By Welding Technique
17.4.4. By End Use
17.5. Market Attractiveness Analysis
17.5.1. By Country
17.5.2. By Product Type
17.5.3. By Welding Technique
17.5.4. By End Use
17.6. Market Trends
17.7. Key Market Participants - Intensity Mapping
17.8. Drivers and Restraints - Impact Analysis
18. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034
18.1. Introduction
18.2. Pricing Analysis
18.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
18.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
18.4.1. By Country
18.4.1.1. Russia
18.4.1.2. Poland
18.4.1.3. Hungary
18.4.1.4. Balkan & Baltics
18.4.1.5. Rest of Eastern Europe
18.4.2. By Product Type
18.4.3. By Welding Technique
18.4.4. By End Use
18.5. Market Attractiveness Analysis
18.5.1. By Country
18.5.2. By Product Type
18.5.3. By Welding Technique
18.5.4. By End Use
18.6. Market Trends
18.7. Key Market Participants - Intensity Mapping
18.8. Drivers and Restraints - Impact Analysis
19. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034
19.1. Introduction
19.2. Pricing Analysis
19.3. Historical Market Size (US$ million) and Volume Trend Analysis By Market Taxonomy, 2019 to 2023
19.4. Market Size (US$ million) and Volume Forecast By Market Taxonomy, 2024 to 2034
19.4.1. By Country
19.4.1.1. KSA
19.4.1.2. Other GCC Countries
19.4.1.3. Türkiye
19.4.1.4. South Africa
19.4.1.5. Other African Union
19.4.1.6. Rest of Middle East and Africa
19.4.2. By Product Type
19.4.3. By Welding Technique
19.4.4. By End Use
19.5. Market Attractiveness Analysis
19.5.1. By Country
19.5.2. By Product Type
19.5.3. By Welding Technique
19.5.4. By End Use
19.6. Market Trends
19.7. Key Market Participants - Intensity Mapping
19.8. Drivers and Restraints - Impact Analysis
20. Country-wise Market Analysis
20.1. Introduction
20.1.1. Market Value Proportion Analysis, By Key Countries
20.1.2. Global Vs. Country Growth Comparison
20.2. United States Market Analysis
20.2.1. By Product Type
20.2.2. By Welding Technique
20.2.3. By End Use
20.3. Canada Market Analysis
20.3.1. By Product Type
20.3.2. By Welding Technique
20.3.3. By End Use
20.4. Mexico Market Analysis
20.4.1. By Product Type
20.4.2. By Welding Technique
20.4.3. By End Use
20.5. Brazil Market Analysis
20.5.1. By Product Type
20.5.2. By Welding Technique
20.5.3. By End Use
20.6. Chile Market Analysis
20.6.1. By Product Type
20.6.2. By Welding Technique
20.6.3. By End Use
20.7. China Market Analysis
20.7.1. By Product Type
20.7.2. By Welding Technique
20.7.3. By End Use
20.8. Japan Market Analysis
20.8.1. By Product Type
20.8.2. By Welding Technique
20.8.3. By End Use
20.9. South Korea Market Analysis
20.9.1. By Product Type
20.9.2. By Welding Technique
20.9.3. By End Use
20.10. India Market Analysis
20.10.1. By Product Type
20.10.2. By Welding Technique
20.10.3. By End Use
20.11. ASEAN Market Analysis
20.11.1. By Product Type
20.11.2. By Welding Technique
20.11.3. By End Use
20.12. Australia and New Zealand Market Analysis
20.12.1. By Product Type
20.12.2. By Welding Technique
20.12.3. By End Use
20.13. Germany Market Analysis
20.13.1. By Product Type
20.13.2. By Welding Technique
20.13.3. By End Use
20.14. Italy Market Analysis
20.14.1. By Product Type
20.14.2. By Welding Technique
20.14.3. By End Use
20.15. France Market Analysis
20.15.1. By Product Type
20.15.2. By Welding Technique
20.15.3. By End Use
20.16. United Kingdom Market Analysis
20.16.1. By Product Type
20.16.2. By Welding Technique
20.16.3. By End Use
20.17. Spain Market Analysis
20.17.1. By Product Type
20.17.2. By Welding Technique
20.17.3. By End Use
20.18. BENELUX Market Analysis
20.18.1. By Product Type
20.18.2. By Welding Technique
20.18.3. By End Use
20.19. NORDICS Market Analysis
20.19.1. By Product Type
20.19.2. By Welding Technique
20.19.3. By End Use
20.20. Russia Market Analysis
20.20.1. By Product Type
20.20.2. By Welding Technique
20.20.3. By End Use
20.21. Poland Market Analysis
20.21.1. By Product Type
20.21.2. By Welding Technique
20.21.3. By End Use
20.22. Hungary Market Analysis
20.22.1. By Product Type
20.22.2. By Welding Technique
20.22.3. By End Use
20.23. Balkan & Baltics Market Analysis
20.23.1. By Product Type
20.23.2. By Welding Technique
20.23.3. By End Use
20.24. KSA Market Analysis
20.24.1. By Product Type
20.24.2. By Welding Technique
20.24.3. By End Use
20.25. Other GCC Countries Market Analysis
20.25.1. By Product Type
20.25.2. By Welding Technique
20.25.3. By End Use
20.26. Türkiye Market Analysis
20.26.1. By Product Type
20.26.2. By Welding Technique
20.26.3. By End Use
20.27. South Africa Market Analysis
20.27.1. By Product Type
20.27.2. By Welding Technique
20.27.3. By End Use
20.28. Other African Union Market Analysis
20.28.1. By Product Type
20.28.2. By Welding Technique
20.28.3. By End Use
21. Market Structure Analysis
21.1. Market Analysis by Tier of Companies
21.2. Market Concentration
21.3. Market Share Analysis of Top Players
21.4. Production Capacity Analysis
21.5. Market Presence Analysis
21.5.1. By Product Footprint of Players
21.5.2. By Regional Footprint of Players
21.5.3. By Application Footprint of Players
22. Competition Analysis
22.1. Competition Dashboard
22.2. Competition Benchmarking
22.3. Competition Deep Dive
22.3.1. Broco Ranking
22.3.1.1. Overview
22.3.1.2. Product Portfolio
22.3.1.3. Profitability by Market Segments (Product/Channel/Region)
22.3.1.4. Sales Footprint
22.3.1.5. Strategy Overview
22.3.2. ESAB (Elektriska Svetsnings-Aktiebolaget)
22.3.3. Lincoln Electric
22.3.4. Air Liquide Welding
22.3.5. Kobelco Welding of America
22.3.6. Sandvik AB
22.3.7. Voestalpine Böhler Welding
22.3.8. Tianjin Golden Bridge Welding Materials Group
22.3.9. Kiswel Ltd.
22.3.10. Arcon Welding Equipment
22.3.11. Gedik Welding
22.3.12. KOBE STEEL, LTD.
22.3.13. Huntingdon Fusion Techniques HFT
22.3.14. Hobart Brothers Company
22.3.15. GCE Group
22.3.16. Daihen Corporation
22.3.17. Other Key Players
23. Assumptions and Acronyms Used
24. Research Methodology
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