The global welding wire market is experiencing significant growth and will grow considerably during the forecast period. Welding is a process of fabrication in which two or more parts are fused together by the application of heat and pressure which melts the applied region, thus forming a joint as the parts cool. As the strength of any metal part is only as much as the strength of its joint, welding wires are a key element of any welding machine as it is directly responsible for the strength and durability of the weld. With the increasing demand in the automotive manufacturing and construction industry, the requirement for welding processes has drastically increased, thereby increasing the demand of welding wires. Welding wire are majorly consumed in oxy fuel welding and arc welding processes. The wide range of welding wires available in the market for various different types of welding has increased the applications of welding wires, thus boosting the growth of welding wire market.
Welding wires also known as consumables, are slim metallic rods, that are ignited by the supply of electricity to generate a heated arc for the purpose of fusing metal parts together. The welding wires melt itself, while welding two metals to assist in forming a strong joint, act as a filler material and safeguard the molten weld from several atmospheric containments. As the welding wires are a consumable product which is under high demand, the welding wire market is set to witness significant growth in the forecast period.
COVID-19 impact analysis
- In the initial stages of the COVID-19, factories in several countries were forced to shut down as the governments implemented strict lockdowns to stop the spread of the virus which resulted in a steep decrease in the demand for welding wires.
- COVID-19 has already affected the sales of welding wires since second quarter of 2020 and is anticipated to cause a negative impact on the market growth throughout the 2021.
- The major demand for welding wire was previously noticed from countries including the India, U.S., Germany, Italy, the UK, and China, which are negatively affected by the spread of the coronavirus, thereby declining the demand.
- The decrease in demand from end users such as automotive manufactures, ship builders and construction industry due to the restrictions laid by the government on the account of COVID-19 has negatively impacted the growth of welding wire industry.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Welding wire manufacturers can afford declining sales only for a few months, after which the players have to modify their investment strategies.
- With the increasing number of vaccinations and leniency in restrictions laid by the government, the welding wires market has shown signs of recovery.
Top Impacting Factors
Welding is extensively used in the automotive industry to manufacture various vehicle parts. Welding is also used in transportation industry to join rails in railway or metro projects as the welds provide a seamless, strong and durable joint. This has increased the use of welding as a fabrication process, thus increasing the demand for welding wires. The rising number of refineries and supply systems in the oil and gas industry as well as water treatment and supply facilities are the drivers for the growth of global welding wire market. Easy usability as well as good strength of joint act as benefit for the potential buyers. The availability of wide range of welding wires in the market for various types of welding further adds to the growth of welding wire market. The increasing industrialization and rise in the number of small-scale metal works industry further adds to the demand for welding wires. The rise in the use of welding wires from the end user such as automotive manufacturers, ship builders and construction industry has directly increased the growth potential of the welding wire market. The emission of harmful greenhouse gases during the process of welding which contribute to the rising temperature of earth are major restraints in the growth of welding wires market. The increasing development by the emerging economies in manufacturing, construction and defense ensure significant growth of welding wire market in the forecast period.
- The increasing demand in the automotive industry for light weight and high-performance vehicle to meet the latest safety and efficiency regulations has increased the use of welding as a manufacturing process, thus being a driver for the welding wire market.
- The introduction of several projects in the infrastructure as well as industrial sector in emerging economies such as China, India, Indonesia, Brazil and South Africa has fueled the demand for welding wires.
- The industry leaders have increased investments in research to introduce new products which will enhance product quality by reducing the complexity of the welding process.
- New TIG cut lengths with properties such as high silicon formulation using stainless steel alloys which give clean and high-quality weld have been introduced by The Lincoln Electric Company.
- The Lincoln Electric Company has announced the purchase of major stake in Kaynak Tekniği Sanayi ve Ticaret A.Ş. which is a leading manufacturer of welding electrodes to increase its presence in Europe, the Middle East, and Africa.
Key Benefits of the Report
- This study presents the analytical depiction of the welding wire industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the welding wire market share.
- The current market is quantitatively analyzed to highlight the welding wire market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed welding wire market analysis based on competitive intensity and how the competition will take shape in coming years.
Welding Wires Market Report Highlights
By Product Type
By End User Industry
By Business Type
Key Market Players
voestalpine Böhler Welding GmbH, Ador Fontech Limited, The Lincoln Electric Company, Jiangsu ZhongJiang Welding Wire Co., Ltd., Harris Products Group, D&H Sécheron, Tianjin Bridge Welding Materials Group Co.,Ltd., I A Barnes & Co Ltd, Berkenhoff GmbH, Saarstahl