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.
Principal Consultant
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. 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Underwater Welding Consumable Market
