The global welding materials market size is anticipated to surpass USD 24.7 billion by 2033. It is estimated to record a steady CAGR of 4.9% in the review period 2023 to 2033. It is likely to exceed a valuation of USD 15.2 billion in 2023.
The welding materials market has witnessed significant growth due to their surging demand in industries, including offshore exploration, shipbuilding, oil & gas, aerospace pillar, automotive, construction, and energy. Demand for welding materials is also set to be driven by consumer preference for automated equipment over manual ones.
The United States is one of the leading automotive markets in North America. It is exhibiting high consumption of welding materials from established manufacturers such as Toyota, Ford, GM, Nissan, and Chevrolet.
Continuous improvements, growth of advanced manufacturing methods, and advancement in technology are projected to aid in overcoming challenges. Submission of standard and precise welding techniques is also expected to contribute to development of the welding materials market.
The federal government's increasing defense spending is expected to surge domestic production of warships, patrol vehicles, and submarines. Growing use of large ships as they replace older models is projected to have a positive impact on development of the domestic shipbuilding industry.
Such trends are expected to drive welding material demand. These might play an important role in assembling ships, as well as performing ship maintenance and repair operations.
The global auto industry is expected to experience double-digit growth by 2033. According to the Economist Intelligence, commercial vehicle sales will grow 16% in 2021, after a 16% decline in 2020. Growing demand for automobiles worldwide is expected to surge the need for these vehicles.
Continuous developments in automation, welding technology, as well as research and development have pushed sales in welding materials market. Industries are refining welding effectiveness by replacing manual equipment with semi-automatic and fully automatic equipment to reduce costs & increase efficiency.
| Attributes | Key Insights |
|---|---|
| Welding Materials Market Size (2022A) | USD 14.4 billion |
| Welding Materials Market Estimated Size (2023E) | USD 15.2 billion |
| Projected Welding Materials Market Valuation (2033F) | USD 24.7 billion |
| Value-based CAGR (2023 to 2033) | 4.9% |
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The global welding materials market registered an astonishing CAGR of 6.2% in the historical period between 2018 and 2022. It is anticipated to rise at a decent CAGR of 4.9% in the assessment period.
| Historical Value (2022) | USD 14.4 billion |
|---|---|
| Historical CAGR (2018 to 2022) | 6.2% |
The welding industry has seen noteworthy technological advancements in materials, equipment, and techniques. These advances have helped to improve the efficiency, quality, and safety of welding processes. For instance, development of advanced welding materials such as flux core wire, solid wire, and special electrodes has improved welding performance.
Automated and robotic welding systems have become prominent in the market, particularly for high-volume and repetitive welding tasks. This trend not only improves welding accuracy but also helps to solve labor shortages and increase productivity.
Environmental concerns have led to growth of more environmentally friendly welding materials and procedures. Manufacturers might focus on reducing emissions, lowering waste generation, and using materials with less impact on the environment.
The energy sector, which includes oil & gas, nuclear, and renewable energy, is a key driver of welding material demand. Piping, offshore works, and renewable energy installations require specialized welding materials to withstand severe operating conditions.
Infrastructure projects such as construction of bridges, buildings, and transportation systems have contributed to expansion of welding materials market. These materials play an important role in safeguarding the structural integrity and security of new projects.
Economic fluctuations and changes in manufacturing across regions have affected welding material demand. During periods of economic development, construction, and manufacturing activities often increase, leading to a higher demand for welding materials.
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Principal Consultant
Below table explains the welding materials market size and CAGRs of the top 5 countries for 2033. Among them, China is anticipated to remain at the forefront by crossing a valuation of USD 4.5 billion.
The United States is also projected to exhibit a similar CAGR over the forecast period. However, the country is expected to surpass around USD 4.2 billion by 2033, which is less than China. The United States is anticipated to be followed by Japan with a value of USD 3.4 billion.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 4.2 billion |
| United Kingdom | USD 787.4 million |
| China | USD 4.5 billion |
| Japan | USD 3.4 billion |
| South Korea | USD 1.1 billion |
In the table below, CAGRs of top 5 countries are given for the review period 2023 to 2033. Out of these, China and the United States are expected to remain dominant by exhibiting a CAGR of 4.9%. Japan and the United Kingdom are likely to follow with CAGRs of 4.8% and 4.7%, respectively.
| Countries | Value-based CAGR (2023 to 2033) |
|---|---|
| United States | 4.9% |
| United Kingdom | 4.7% |
| China | 4.9% |
| Japan | 4.8% |
| South Korea | 4.6% |
The United States welding materials market is projected to reach USD 4.2 billion in the forecast period. It expanded at a CAGR of 6.1% in the historical period. The country has always been the leading market for welding electrodes due to development of manufacturing, construction, and energy industries.
Demand for welding materials is closely linked to economic movement, with periods of economic development leading to augmented construction and manufacturing activity. This is further expected to drive demand for welding materials. Growing demand for electric cars and hybrid cars is also estimated to benefit sales in the welding materials market.
Changing preferences toward personalization and maintaining vehicle quality & fuel economy are likely to increase the frequency of vehicle maintenance & repair activities. It is expected to drive welding material sales in the United States.
Automobile manufacturers in the United States attract the most foreign direct investment (FDI) in the automotive sector. Process innovation, research & development improvements, and growth of automobile production are expected to drive the welding materials market.
The country is also marked by the presence of global automakers, including Volkswagen, BMW, and Mercedes. They are working to increase annual production, thereby boosting demand in the welding materials market.
The United Kingdom welding materials market is projected to be valued at USD 787.4 million by 2033. It expanded at a CAGR of 5.6% in the historical period.
Focus of the government has been on sustainable infrastructure development related to railways, urban mass transit, power generation, oil & gas, and renewable energy production. It is expected to help meet the needs of welding consumables from the growing population.
Demand for welding materials in the United Kingdom is also driven by increased automobile production. Growing demand for passenger cars, mainly in untapped areas, is set to create new opportunities. The government is progressively investing in refining and expanding industrial infrastructure.
China welding materials market is projected to cross a value of USD 4.5 billion by 2033. It expanded at a CAGR of 6.0% in the historical period. It is the leading and prominently growing welding materials market in the world.
The country's booming manufacturing sector, developed infrastructure, and growing demand from several industries are contributing to sales in the welding materials market. China's automotive industry continues to increase, so does demand for welding materials used in the manufacturing, assembly, and repair of vehicles.
China invests in research and development, which might lead to advances in welding technology, materials, and automation. Acceptance of new technologies such as automation systems and robotics is expected to boost the specialized welding materials market.
China's role as a key exporter of manufactured goods might have an impact on the global welding materials market. As the country’s products are exported to several regions, welding material sales might remain high as they are used in production.
China's focus on renewable energy and green technology presents opportunities for welding materials market. This might be applicable in areas such as solar energy, wind power, and electric vehicle manufacturing.
Japan welding materials market is projected to top a valuation of USD 3.4 billion by 2033. It expanded at a CAGR of 6.0% in the historical period.
Japan has a thriving manufacturing industry and demand for welding materials is tied to segments such as electronics, automotive, machinery, and infrastructure development. The country's emphasis on quality, precision, and advanced technology impacts the choice of materials and welding processes.
Japan's electronics and precision businesses play an important role in the welding materials market. Production of electronic components, semiconductor devices, and precision machinery needs precise & reliable soldering processes. These often make use of specialized materials, which is set to push the welding materials market.
The aerospace sector, although not as large as industries such as automotive and electronics, still contributes to high welding material sales. Manufacturing aerospace components and structures need materials that can withstand extreme conditions.
Government regulations and incentives related to quality, emissions, and workplace safety standards are shaping the market for welding materials. Compliance with these rules is expected to lead to the application of specific materials and techniques in Japan.
South Korea welding materials market is estimated to exceed a valuation of USD 1.1 billion by 2033. It expanded at a CAGR of 5.1% in the historical period.
South Korea is known for its advanced manufacturing capacity and technological innovation. The country's emphasis on precision engineering, electronics, and high-tech industries is set to augment demand for innovative welding materials and techniques.
Similar to other industrialized countries, the automotive sector is a key driver of the welding materials market in South Korea. Production of automobiles, auto parts, and components requires a wide range of welding consumables to meet industry standards & specifications.
South Korea is also a country with a huge role in the field of shipbuilding and global marine engineering. These industries rely deeply on welding materials for shipbuilding, offshore rigs, and marine infrastructure. Its continued efforts in infrastructure development, urbanization, and modernization might contribute to increasing demand for welding materials.
South Korea's focus on research and innovation is also expected to propel demand for new welding materials and technologies. Local manufacturers are set to continuously strive to improve the performance, efficiency, and environmental impact of materials.
The table below signifies leading sub-categories under type and technology categories in the welding materials market. Electrode and filler materials are expected to dominate the market for welding materials by exhibiting 4.7% CAGR in the evaluation period. Under the technology segment, the arc welding category is projected to lead the global welding materials market at a 4.5% CAGR.
| Category | Forecast CAGR (2023 to 2033) |
|---|---|
| Electrode & Filler Materials (Type) | 4.7% |
| Arc Welding (Technology) | 4.5% |
Based on technology, the arc welding category is projected to account for the most significant welding materials market share through 2033. It registered an average CAGR of 5.8% from 2018 to 2022.
Arc welding technology is increasingly being used due to features such as flexibility and ability to work in all conditions. Continued growth of robotic arc welding is a key factor driving the segment in the welding materials industry.
Arc welding is often used in the automotive sector for procedures such as projection, spot, and seam welding. These three types of welding processes are deployed due to their beneficial properties.
High stability, cost-effectiveness, and low environmental impact are three of the most significant properties. Increasing resistance welding demand from the automotive and transportation sectors is expected to drive the welding materials market by 2033.
Arc welding technology is in high demand in applications such as transportation & automation, mold manufacturing, and full-body welding. Continuous innovation in laser technology might also play a significant role. Ability to weld hard-to-reach areas and small parts would further push development of new welding materials.
In terms of type, electrode & filler materials are expected to generate lion’s share in the welding materials market by 2033. It expanded at 6.0% CAGR in the historical period from 2018 to 2022.
Electrode materials and fillers are considered essential components in the welding procedure. Their ability to be used to join metals together by creating strong bonds between the base metals might expand demand. Choice of electrode and filler material might depend on aspects such as the type of metal being welded, as well as the welding technique.
Due to fast welding time, high efficiency, and low welding cost, this segment is expected to propel the welding materials market. Rapid adoption of this equipment in several end-use industries such as construction, automotive, and aerospace is also expected to drive sales.
Electrode materials and fillers surge productivity, reduce cycle times, and increase efficiency. In addition, weld quality can be enhanced by eliminating human participation in the welding process.
It is expected to help in minimizing the risk of human error. In the fully automatic welding process, there is no human involvement, which reduces labor costs.
Selection of electrode materials and fillers is critical to achieving high-quality welds with anticipated mechanical & performance characteristics. Diverse welding processes and applications might need specific electrodes and filler materials to ensure optimal results, thereby augmenting demand.
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Key welding materials market players are presenting new and improved products in the market to meet the rising demand. Global companies are entering new markets in emerging regions to expand their consumer base and strengthen their presence.
Welding material suppliers are also adopting several strategies, including mergers, acquisitions, joint ventures, new product development, and geographic expansion. They are doing so to improve market penetration and meet industry requirements.
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| Attribute | Details |
|---|---|
| Estimated Welding Materials Market Size (2023) | USD 15.2 billion |
| Projected Welding Materials Market Valuation (2033) | USD 24.7 billion |
| Value-based CAGR (2023 to 2033) | 4.9% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value (USD billion) |
| Segments Covered | Type, End Use, Technology |
| Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Middle East & Africa |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan, and Australia |
| Key Companies Profiled | Ador Welding Ltd; Air Liquide SA; Air Products and Chemicals, Inc.; Colfax Corporation |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
The welding materials market is likely to top USD 24.7 billion in 2033.
The welding materials market is set to expand at 4.9% CAGR from 2023 to 2033.
Electrode and filler materials segment might witness a 4.7% CAGR from 2023 to 2033.
Arc welding technology is expected to show 4.5% CAGR from 2023 to 2033 and dominate.
Ador Welding Ltd, Air Liquide SA, and Air Products & Chemicals, Inc. are key players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 5.1. Electrode & Filler Materials 5.2. Fluxes & Wires 5.3. Gases 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Technology 6.1. Arc Welding 6.2. Resistance Welding 6.3. Oxy-fuel Welding 6.4. Other Technologies 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use 7.1. Transportation 7.2. Building & Construction 7.3. Heavy Industry 7.4. Other End Uses 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 8.1. North America 8.2. Latin America 8.3. Western Europe 8.4. Eastern Europe 8.5. South Asia and Pacific 8.6. East Asia 8.7. Middle East and Africa 9. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. Key Countries Market Analysis 17. Market Structure Analysis 18. Competition Analysis 18.1. Ador Welding Ltd. 18.2. Air Liquide SA 18.3. Air Products And Chemicals 18.4. Colfax Corporation 18.5. Illinois Tool Works 18.6. Linde AG 18.7. Praxair 18.8. The Lincoln Electric Company 18.9. Tianjin Bridge Group Co. 18.10. Electro Plasma 19. Assumptions & Acronyms Used 20. Research Methodology
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Welding Materials Market
