Yahoo Finance [Latest] Global Welding Wire Market Size/Share Worth USD 13.8 Billion by 2030 at an 5.20% CAGR: Markets N Research (Analysis, Drivers, Leaders, Report, Trends, Forecast, Segmentation, Growth, Growth Rate, Value)
The global welding wire market size is projected to grow from USD 3.5 billion in 2022 to USD 13.8 billion by 2030, exhibiting a CAGR of 5.20% during the forecast period.
Chicago, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Markets N Research has recently released expansive research on Global Welding Wire Market with 220+ market data Tables, Pie Chart, and Graphs & Figures spread through Pages and easy to understand detailed analysis. The report endows with wide-ranging statistical analysis of the market’s continuous developments, capacity, production, production value, cost/profit, supply/demand and import/export. This market report provides best solutions for strategy development and implementation depending on client’s needs to extract tangible results. This market research report serves the clients by providing data and information on their business scenario with which they can stay ahead of the competition in today's rapidly changing business environment.
As per the report titled "Welding wire Market Size, Share & COVID-19 Impact Analysis, By Product Type (Composite Metal-Cored Wires, Gas-Shielded Flux-Cored Arc Welding Wire and Solid Gas Metal Arc Welding Wire), By Material (Alloys, Stainless Steel, Aluminium and Others), By Application (Fabrication, Maintenance and Retrofit), By Business Type (Original Equipment Manufacturer (OEM) and Aftermarket), By End User Industry (Automotive, Construction, Aerospace, Defence, Shipbuilding and Others), and Regional Forecasts, 2023-2030" observes that the market size in 2022 stood at USD 10.2 billion and USD 13.8 billion in 2030. The market is expected to exhibit a CAGR of 5.20% during the forecast period.
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Welding Wire Market Analysis:
Government efforts, rising demand for building and infrastructure projects in emerging nations, and growing emphasis on the use of automated processes are the main drivers driving growth of the worldwide welding wires market. Throughout the forecast period, a growing need for lightweight structures is anticipated to fuel market expansion for welding wires. The penetration of sophisticated welding techniques will be boosted by expanding construction activity across several regions, including the Middle East, Africa, and Asia Pacific, supporting industry demand in the future.
Recent development:
October 2019: The voestalpine Böhler Welding Group GmbH opened its first production site in the United States. For voestalpine Böhler Welding to continue expanding its product portfolio in the United States, local manufacture is an essential first step. The company's global reach will grow as a result.
Report Scope:
Report Coverage | Details |
Forecast Period | 2023-2030 |
Forecast Period 2023 to 2030 CAGR | 5.20 % |
2030 Value Projection | 13.8 billion |
Base Year | 2022 |
Market Size in 2022 | 10.2 billion |
Historical Data for | 2016 - 2021 |
Segments covered | By Product Type, By Material, By Application, By Business Type, By End User Industry, and By Geography |
Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
List Of Key Companies Profiled:
Dow Chemicals
Eastman Company
Exxon Mobil
Shell
BP
Hobart Brothers LLC unveiled new gas-shielded flux-cored wire
In Novemver 2021, the FabCO 91K2-M gas-shielded flux-cored wire was unveiled by Hobart Brothers LLC. These new wires allow operators to work within a wider range of welding conditions without sacrificing quality or mechanical qualities. The company's product line will benefit from this.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the welding wire market plan acquisitions to improve their brand recognition globally. For instance, in May 2019, for the benefit of welding instructors and educational institutions, Lincoln Electric collaborated with the Tooling U-SME to develop the U/LINC welding curriculum platform to be more approachable and available for training solutions.
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MNR research methodology
Driving Factors:
Expanding Regional Engineering And Construction Projects To Support Market Expansion
All types of structures with varied sizes, degrees of complexity, and uses are made by the engineering and construction sectors. "The most crucial factors in this sector are component durability and the framework's structural integrity. This explains why a lot of metals are used in the construction sector. The practice of welding is common in the building industry, particularly when creating metal frameworks that are structurally sound by joining numerous parts. Non-structural details are also produced and kept up-to-date using it.
Increased Financial Support For The Global Power Utility Sector To Drive Market Growth
New energy sources will likely influence future energy revolution, intelligent grids, digital transformation, distributed generation and empowered consumers. The utility industry will probably benefit from a variety of customer-interface technology. The utility business is going through an exciting shift due to improvements in wind and solar energy sources' high cost of performance and scalability, as well as smart grid technologies that offer real-time information about dispersed or localized energy sources. According to the International Trade Administration, Saudi Arabia's electricity generation capacity must increase from 82 GW in 2017 to 160 GW in 2040.
Restraining Factors:
Increased Welding Wire Prices That Impede Market Expansion
Fabricators in the modern world have many options when determining the welding technique and consumables to utilize for a certain application. Numerous factors must be taken into account, including the welder's competence, the equipment, the accessibility of consumables, environmental concerns, and the process economics. Welders always seek a workable option that uses a budget-friendly method when selecting whether to implement any fabrication procedure. Furthermore, the welding processes' quality, productivity, and profitability are impacted by pre- and post-weld activities, product flow, inventory management, and equipment. Because filler metal can incur costs in various ways that aren't always obvious, it is crucial.
Challenging Factors:
Increased Labor Costs Will Impede Market Expansion In The Welding Process
The majority of the overall welding costs are labor-related. The amount of components a welder can finish in an hour is constrained, and they are paid hourly. Naturally, this number can change depending on the welder's education and experience. A welder can only produce a particular amount of welded material in the allocated period. Welding costs have inevitably increased due to the numerous standards that must be satisfied for welding operations and the daily increases in laborers' hourly rates.
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Global Welding Wire Market Segmentations:
Global Welding Wire Market By Product Type:
Composite Metal-Cored Wires
Gas-Shielded Flux-Cored Arc Welding Wire
Solid Gas Metal Arc Welding Wire
Global Welding Wire Market By Material:
Alloys
Stainless Steel
Aluminium
Others
Global Welding Wire Market By Application:
Fabrication
Maintenance
Retrofit
Global Welding Wire Market By Business Type:
Original Equipment Manufacturer (OEM)
Aftermarket
Global Welding Wire Market By End User Industry:
Automotive
Construction
Aerospace
Defence
Shipbuilding
Others
Global Welding Wire Market Regional Insights:
Asia Pacific is projected to hold the largest share of the welding wire market over the forecast period. A strong development in the construction and automotive sectors from growing nations like China and India is anticipated to enhance the market's dependence on the end-use industries. With increasing foreign direct investments, China is the primary regional market for developing the automotive and construction sectors. On the other hand, North America welding wire market is anticipated to grow significantly.
Further Report Findings:
The market in the Asia Pacific is expected to gain a huge portion of the global welding wire market share in the coming years because construction activity is increasing in developing nations like India, China, and Japan.
Increased product demand from the commercial and residential sectors is projected to fuel market expansion.
In North America, the growth in this region is primarily driven by the presence of a sizable number of autos and automakers. The constantly growing investment in workers' safety is anticipated to aid growth in the regional market.
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Key questions answered in this report:
What is the size of the Welding Wire market and what is its expected growth rate?
What are the primary driving factors that push the Welding Wire market forward?
What are the Welding Wire Industry's top companies?
What are the different categories that the Welding Wire Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Welding Wire market sample report and company profiles?
Key Offerings:
Market Share, Size & Forecast by Revenue | 2023−2030
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis By Product Type, By Material, By Application, By Business Type, By End User Industry, and By Geography
Table of Content
Chapter 1: Preface
Chapter 2: Report Summary
Chapter 3: COVID 19 Impact Analysis
Chapter 4: Global Welding Wire Market, By Product Type Segment Analysis
Chapter 5: Global Welding Wire Market, By Material Segment Analysis
Chapter 6: Global Welding Wire Market, By Application Segment Analysis
Chapter 7: Global Welding Wire Market, By Business Type Segment Analysis
Chapter 8: Global Welding Wire Market, By End User Industry Segment Analysis
Chapter 9: Welding Wire Market – Regional Analysis, 2023 – 2030
Chapter 9: Welding Wire Market – Industry Analysis
Chapter 10: Competitive Landscape
Chapter 11: Company Profiles
Chapter 12: Research Methodology
Chapter 13: Questionnaire
Chapter 14: Related Reports
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Key Insights from Primary Research/Key Insights & Findings from the report:
As per the analysis shared by our primary respondents, the Welding Wire market is expected to grow annually at a CAGR of around 5.20%.
Through primary research, it was established that the Welding Wire market was valued at around USD 10.2 billion in 2022.
The Welding Wire market is segmented based on product: composite metal-cored wires, gas-shielded flux-cored arc welding wire and solid gas metal arc welding wire. The gas-shielded flux-cored arc welding wire category was predicted to show maximum market share in the year 2021.
The key factor driving the market is Expanding Regional Engineering And Construction Projects
The “Asia Pacific” region will lead the global Welding Wire market during the forecast period 2022 to 2030.
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Read Summary @ https://www.linkedin.com/pulse/global-welding-wire-market-size-forecast-analysis-share-james-ramsey/
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