Underwater Welding Consumable Market

Underwater Welding Consumable Market Outlook from 2024 to 2034

The global Underwater Welding Consumable Market size reached USD 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 USD 2,402.2 million in 2024 to USD 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

• Increasing offshore oil & gas exploration and production investments is expected to boost the market.
• Aging infrastructure below and above the waterline necessitates consistent maintenance, repair, and construction, further boosting demand for reliable consumables.
• Advancements in underwater welding techniques and development of high-performance consumables contribute to the market's expansion. It helps in ensuring more effective and durable welding solutions in challenging aquatic environments.
• Adoption of advanced materials for consumables, such as specialized alloys and coatings, is rising, enhancing corrosion resistance and overall welding performance.
• Automation and robotic solutions are becoming prevalent, optimizing efficiency and safety in underwater welding operations.
• Sustainability trends drive the development of eco-friendly consumables, aligning with environmental regulations and industry standards.
• As key players continue to invest in research & development, the underwater welding consumable market is positioned for sustained expansion. It is expected to offer indispensable solutions for welding challenges beneath the water surface.

Attributes	Key Insights
Underwater Welding Consumable Market Size in 2023	USD 2,261.9 million
Estimated Underwater Welding Consumable Market Value (2024)	USD 2,402.2 million
Projected Underwater Welding Consumable Market Revenue (2034)	USD 4,383.8 million
Value-based CAGR (2024 to 2034)	6.2%

Key Underwater Welding Consumable Market Highlights

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.

• North America is experiencing a surge in offshore energy exploration and production, particularly in the Gulf of Mexico.
• Increasing investment in oil & gas projects necessitates underwater welding for pipeline installations, repairs, and maintenance, driving demand for consumables.
• Aging underwater infrastructure, such as bridges and ports, requires consistent maintenance and repair, further boosting the market.
• Presence of advanced technologies and a well-established industrial infrastructure in North America enhances the adoption of cutting-edge underwater welding techniques, fostering growth.
• The region's stringent safety and environmental regulations drive the use of high-quality consumables for underwater welding operations.

2019 to 2023 Underwater Welding Consumable Market Outlook Vs. 2024 to 2034

Global sales of underwater welding consumables grew at a CAGR of 3.4% between 2019 and 2023. The market reached USD 2,261.9 million in 2023.

Historical CAGR (2019 to 2023)	3.4%
Forecast CAGR (2024 to 2034)	6.2%

• Growth of offshore sectors, including oil & gas exploration, construction, maritime transportation, and renewable energy projects, has increased demand for reliable, long-lasting underwater welding consumables.
• New underwater welding consumables have been developed due to advancements in metallurgy, materials science, and welding technologies. These offer enhanced performance characteristics like higher deposition rates, better arc stability, and improved corrosion resistance.
• Manufacturers focused on creating environmentally friendly welding consumables due to increasing environmental awareness. This included minimizing waste, emissions, and pollutants in underwater welding operations using eco-friendly materials, coatings, and production processes.
• Between 2019 and 2023, the global underwater welding consumable market faced sluggish growth due to economic uncertainties, project delays, and oil & gas exploration downturn.
• Stringent safety regulations added challenges, hampering project approvals and execution.

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 USD 4,383.8 million by 2034.

Key Market Dynamics

Expanding Marine Infrastructure

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.

Aging Underwater 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.

Global Demand for Offshore Oil and Gas Expands

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.

Key Factors Restraining Underwater Welding Consumable Market Growth

• Underwater welding services are less popular due to the high initial consumable and equipment costs required to survive the harsh marine environment.
• Underwater welding poses risks due to poor visibility, high pressure, and submerged hazards, making it difficult for companies to enter the market.
• Underwater welding operations require strict environmental rules, costly licenses, and complex projects. These potentially discourage investment and industry expansion due to environmental concerns.
• The global shortage of certified underwater welders is set to cause increased labor costs and competition. It is set to potentially limit the capacity and scalability of underwater welding services and hinder industry expansion.

Country-wise Insights

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 USD 766.9 million, USD 632.3 million, USD 360.2 million, and USD 333.8 million, respectively, in 2034.

Countries	Market Revenue (2034)
United States	USD 766.9 million
China	USD 632.3 million
Germany	USD 360.2 million
India	USD 333.8 million
Japan	USD 235.7 million
United Kingdom	USD 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%

Rising Focus on Technological Advancements to Surge Demand in the United States

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 USD 766.9 million by 2034, driven by factors like:

• Technological advancements in underwater welding techniques and materials add momentum to the market's growth trajectory.
• As the United States strengthens its position in the global economy, the underwater welding consumable market benefits from increased investments. It is set to create a favorable environment for sustained expansion.
• The United States’ significant role in the demand for underwater welding consumables is bolstered by strict safety & environmental regulations and recovery of deferred projects.

Maritime Infrastructure Expansion and Offshore Initiatives Drive China

China's underwater welding consumable market is projected to reach USD 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:

• The nation's strategic emphasis on maritime expansion, encompassing ports, harbors, and coastal infrastructure, is a primary catalyst for rising demand for underwater welding consumables.
• China's active engagement in offshore energy endeavors, particularly in the South China Sea, amplifies the need for these consumables. These are likely to facilitate the construction and maintenance of subsea structures.
• With sustained investments in cutting-edge technologies and a commitment to sustainable energy initiatives, China's underwater welding consumable market is witnessing steady growth.

Booming Maritime and Construction Industries Boosting Sales in India

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 USD 333.8 million by 2034. Some of the factors driving growth are as follows:

• The country's burgeoning maritime industry, marked by extensive port and harbor development, fuels demand for welding consumables.
• India's active engagement in offshore energy projects, including oil and gas exploration, contributes significantly to the market's expansion.
• Continuous focus on infrastructural development, emphasizing underwater structures such as bridges and pipelines, further amplifies the need for reliable consumables.

Germany's Well-established Regulatory Framework to Spur Growth

By 2034, underwater welding consumable sales in Germany are expected to reach USD 360.2 million. Some of the key drivers/trends include:

• The underwater welding consumable industry relies on a skilled labor force.
• Several organizations in the country are providing apprenticeships, certifications, and training programs to build a safe and effective workforce.
• Underwater welding operations in Germany are regulated by strict laws, including those imposed by the government. These help to ensure quality, safety, and environmental preservation, further promoting industry innovation.

Rising Product Innovations to Surge Demand in Japan

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:

• Japan is a hub for technological innovation in welding and related industries.
• Companies in Japan are focusing on developing advanced, durable, and environmentally friendly welding consumables. They are doing so through advancements in metallurgy, materials science, and welding techniques.
• The underwater welding consumable market in Japan is dominated by domestic and foreign producers & suppliers. They are offering a variety of goods like electrodes, fluxes, filler metals, and specialized equipment to cater to several sectors and applications.

Category-wise Insights

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.

Dominance of Electrodes Predicted in the Underwater Welding Consumable Market

Top Segment (Product Type)	Electrodes
Predicted CAGR (2024 to 2034)	6.3%

• As industries gravitate toward advancements in underwater welding technologies, electrodes remain at the forefront, offering reliability and efficiency.
• Electrodes are widely used due to their ability to combat corrosion, wear, and environmental issues. Hence, these are considered crucial for global subaquatic structure maintenance and construction.
• As the industry embraces cutting-edge underwater welding solutions, the electrodes segment is positioned for sustained growth.
• It is projected to contribute significantly to the overall expansion of the underwater welding consumable market.

Demand for Underwater Welding Consumables Remain High in Oil and Gas Industry

Top Segment (End-use)	Oil and Gas Industry
Projected CAGR (2024 to 2034)	5.7%

• In oil and gas industry, underwater welding is indispensable in maintaining, repairing, and constructing offshore structures. These include platforms, pipelines, and subsea installations.
• The reliance on underwater welding technologies for wellhead repairs and pipeline maintenance remains paramount. This is due to the rapid move of the oil & gas industry toward exploring and exploiting reserves in challenging offshore locations.
• The steadfast demand for underwater welding consumables underscores its pivotal contribution to sustaining the integrity of essential infrastructure in the oil and gas sector. This is set to help in reinforcing its status as an indispensable tool in the industry's operational toolkit.

Competitive Landscape

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

• In September 2023, Kjellberg Finsterwalde expanded its portfolio with a new double-coated electrode. The new Duoweld double-coated electrode combines the best handling properties with high strength values in the weld metal.
• In Jan 2023, Salt Creek Capital acquired Broco Rankin. Broco Rankin is a leading manufacturer of underwater cutting and welding tools, specializing in law enforcement and military tactical breaching.
• In September 2020, Broco, Inc. introduced ProTouch™, a new low-carbon steel underwater welding electrode. It offers all position welding capabilities and excellent weld quality.

Key Companies Profiled

• Broco Ranking
• ESAB (Elektriska Svetsnings-Aktiebolaget)
• Lincoln Electric
• Air Liquide Welding
• Kobelco Welding of America
• Sandvik AB
• Voestalpine Böhler Welding
• Tianjin Golden Bridge Welding Materials Group
• Kiswel Ltd.
• Arcon Welding Equipment
• Gedik Welding
• KOBE STEEL, LTD.
• Huntingdon Fusion Techniques HFT
• Hobart Brothers Company
• GCE Group
• Daihen Corporation

Key Coverage in the Underwater Welding Consumable Industry Report

• Analysis of Under Water Welding Electrode Rod in Industrial Automation
• Growth Forecast for Underwater Cutting and Welding
• Hydroweld Wet Welding Electrodes for Underwater Welding
• Detailed Underwater Welding Consumable Market Outlook
• Applications of Underwater Welding Equipment Solutions in Maritime Industry
• Future Outlook of the Underwater Welding Consumable Market
• Opportunities for Underwater Welding Consumable Market in India

Underwater Welding Consumable Market Segmentation by Category

By Product Type:

• Electrodes
  • Metal Core Electrodes
  • Cellulosic Electrodes
  • Rutile Electrodes
  • Others
• Wires
  • Solid Wires
  • Flux-cored Wires
  • Submerged Arc Wires
• Fluxes
  • Fused Fluxes
  • Agglomerated Fluxes
  • Submerged Arc Fluxes
• Welding Stinger
• Others

By Welding Technique:

• Dry Welding
• Wet Welding

By End-use:

• Oil and Gas Industry
  • Pipeline Repair
  • Platform Maintenance
  • Subsea Structure Welding
• Marine Infrastructure
  • Bridge and Pier Repair
  • Harbor and Port Maintenance
• Ship Repair and Maintenance
• Offshore Renewable Energy
• Others

By Region:

• North America
• Latin America
• Eastern Europe
• Western Europe
• East Asia
• South Asia Pacific
• Middle East Africa

Frequently Asked Questions

How big is the underwater welding consumable market?

The market is set to reach USD 2,402.2 million in 2024.

What is the forecast for the underwater welding consumable market?

Demand for underwater welding consumables is slated to expand at a 6.2% CAGR by 2034.

What is the outlook for the underwater welding consumable market?

The market is expected to reach USD 4,383.8 million in 2034.

Who are the key players in the market?

Broco Ranking, Lincoln Electric, and Air Liquide Welding are the key players.

Which end-use would lead the underwater welding consumable market?

Oil & gas segment is estimated to lead the market during the forecast period.