Welding Consumables Market to Observe Strong Development by 2020

Welding is an economic and effective process that involves the joining of materials, generally thermoplastics or metals through fusion. This technique is different from procedures such as soldering and brazing that do not make the base metal melt. Welding finds application in several industries such as oil and gas, pipelines, buildings and constructions, and automobiles. The welding industry includes welding services, consumables, and welding equipment. The welding consumables market holds a good share in the welding industry in comparison to welding services and welding equipment. The prime consumables used in several welding processes are filler metals and electrodes. Some of the core welding consumables product types include fluxes, SAW wires, flux-cored wires, solid wires, and stick electrode.

The demand for welding consumables in India is likely to experience strong growth owing to the incessant advancements in technology and extensive growth of the end-use industries. The Indian welding consumables market is likely to rise at a 5.6% CAGR between 2014 and 2020. The market was worth INR 30.88 bn in 2013 and is likely to rise at a valuation of INR 45.37 bn by the end of 2020.

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Welding stick electrodes conquered the welding consumables market of India in 2013 with over 45% share in hand. Stick electrodes are principally used in labor-intensive welding and are an inexpensive substitute of different types of welding consumables products. Nevertheless, the demand for fluxes and wires are predicted to rise considerably over the forecast period owing to their competent performance. Features such as appropriateness for automatic welding systems and open-air work, higher efficiency, lower wastage, and wide use among diverse welding technologies are likely to lead to growing preference for flux and solid cored wires. The segment of SAW wires and fluxes is anticipated to exhibit moderate growth, holding over 7% share of the market by the end of 2020. Based on revenue, flux cored wires is estimated to be the leading segment in terms of growth over the forecast period.

The progress of the end-use industries such as building and construction and transportation is anticipated to be a significant factor that is expected to drive the India welding consumables market in the near future. Additionally, the rise in investments in sectors such as oil and gas and energy is expected to lift the India welding consumables market. The Automobile and transportation sector emerged as the leading end user in terms of demand for welding consumables. In 2013, it held over 25% share. The power sector is expected to be the leading segment in terms of rate of growth, over the forecast period of 2014-2020. Other different applications such as marine and wear plates are projected to rise at a moderate rate in the coming years.

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The leading companies operating in the India welding consumables market are Voestalpine A G, Lincoln Electric, ESAB, Ador Welding Limited, Honavar Electrodes, and D&H Sécheron, among others. Among these companies, the welding consumables market in India has a huge number of unorganized and small players.