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The global welding consumables market is expected to be worth US$ 26.83 billion by 2030, with a steady CAGR of 5.7 percent. Welding helps to complete a variety of tasks in a variety of industries, including aircraft manufacturing, shipbuilding, defence, and construction. Welding is important in extending the life and repairing manufactured products.

While several technological advancements are improving the end product, the welding market, as well as other manufacturing facilities, are expected to benefit from the introduction of the “Internet of Things.” It has enabled a manufacturer to make its operational processes leaner and has aided in the acceleration of existing processes in order to reduce waste.

New welding machines are programmed to send alerts when they run out of filler wire, when a weld joint needs to be inspected, and when a job is finished. As a result of these developments, the welding consumables market is expected to grow steadily over the forecast period.

The global steel consumption in several end-use industries such as marine, automotive & transportation, and construction is driving the growth of the welding sector. Future Market Insights (FMI) forecasts the global welding consumables market will reach US$ 15.36 billion in 2020, growing at a 5.7 percent CAGR from 2020 to 2030.

Market participants are leaning toward automation at various stages of the welding process. Technological advances, such as the use of computer-assisted welding techniques and welding robots, are altering the modern welding landscape. These developments are expected to boost global market growth.

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FMI’s report on the market provides a comprehensive overview, addressing key market dynamics. Some of the takeaways from the report are as follows: 

“End users across industries are partnering with key companies to experiment and obtain product that best suits their requirements. Companies are focusing on improving product lines to cater different types of welding technologies and therefore different applications and end use industries.,” said a lead analyst at FMI.  

COVID-19 Impact on Welding Consumables Market

COVID-19 pandemic has brought several sectors to a screeching halt and impacted the world economy considerably. Production activities has been reduced since the enactment of nationwide lockdown and temporary suspension of non-essentials manufacturing facilities in worst hit countries across the world.

Some of the facilities are however now operating at about 50% of the capacity which has led to a slump in demand for welding consumables. However, as the regulations alleviates and fabrication activities gradually begin, the welding consumables market is anticipated to exhibit a steady expansion during the assessment period.

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Global welding consumables market is comparatively fragmented. The leading companies are accounting for about one-third of the overall market share. Rising number of regional manufacturers offering economical solutions will might intensify competition in the market. Players are investing in product innovation and merger and acquisition which is allowing them to not only expand their offerings but also to fortify their market position. Case in point

Lincoln Electric extended its flagship line of Ranger generators/welders by introducing the new Ranger 260MPX. It features a digital interface and a compact design, with carbon footprint of 20%, lower as compared to other products.

Voestalpine bought a huge stake in Selco s.r.l., a leading welding machine producer in Italy. The company is aiming to fortify its position in Europe as the takeover allows the Voestalpine to add welding machines to its product line.

Major companies identified in the global market include

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To Know More About Welding Consumables Market:

A new market research report published by Future Market Insights (FMI) on the global Welding Consumables market report offers comprehensive insights into the market demand trends and analysis of opportunities over the forecast period, 2020-2030. The report examines the welding consumables market through three different segments – product type, welding type, end use and region. The market report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply of welding consumables and product adoption across several end-use industries.

The post According to FMI, the global welding consumables market will be worth US$ 26.82 billion by 2030. appeared first on Future Market Insights.

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