The global welding wires market size was valued at USD 9,678.4 Million in 2018 is expected to reach USD 14,636.7 Million by 2026, exhibiting a CAGR of 5.4%.
The increasing R&D investments for the development of advanced welding technologies is a key factor driving the global welding wires market, says Fortune Business Insights in a report, titled “Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026.”
As per the report, the welding wires market on the basis of Industry is segmented into automotive, building & construction, oil & gas and others. The building & construction segment is expected to witness high growth by 85% to USD 8 trillion in the coming future owing to the product innovations and technological opportunities in building and construction sector. the welding wires market trends include the introduction of drones, 3D scanning, and printing, augmented reality, Building Information Modelling (BIM).
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The Prominent Companies Operating in The Global Welding Wires Market Include:
- The Lincoln Electric Company
- KOBE STEEL, LTD
- Ador Welding Ltd.
- ZULFI WELDING ELECTRODES FACTORY CO. LTD
- Kiswel Ltd.
- Chosun Welding Co., Ltd.
- Gedik Welding
- Tianjin Golden Bridge Welding Materials Group International Trading Co., Ltd.
- Capilla Welding Materials GmbH
- FSH WELDING GROUP
- RME MIDDLE EAST FZCO
In addition, the building & construction industry is growing at a rapid pace with 6% of global GDP, and nearly 8% of GDP from developing countries such as India, leading to growth in shipbuilding, pipe construction and others. The report provides a comprehensive summary of various aspects of the welding wires market, namely, growth drivers, obstacles, prominent market players, and key industry developments. Moreover, it presents accurate market figures, size, and volume. Along with this, it provides extensive data attributed to the leading segments of the market.
Market Segmentation –
- By Type
- Metal Inert Gas (MIG) Wire
- Tungsten Inert Gas (TIG) Wire
- Others (SAW Wires, etc.)
- By Industry
- Building & Construction
- Oil & Gas
- Others (Aerospace & Defence)
- By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, and Rest of Europe)
- Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
- Latin America (Brazil, Mexico, and Rest of Latin America)
Rising Investment in Power Utility Industry Will Aid Growth
The expansion of new energy sources such as smart grids, digital transformation, distributed generation, and wide range of customer-interface technologies is expected to aid the utility sector. This will,in,turn boost the welding wires market shares. The growing improvement in the performance of wind, solar energy sources and grid technologies will create lucrative growth opportunities for the welding wires market revenue. According to the International Trade Administration, Saudi Arabia needs to expand its power generation capacity from 82 GW in 2017 to 160 GW in 2040. The Saudi government companies are expected to invest substantially in the development of new projects along with the replacement of conventional power plants. For instance, the government will make a yearly investment of approximately USD 5 Million in power generation and USD 4 Million in the T&D infrastructure.
Metal Inert Gas (MIG) Wire to Hold Lion’s Share
The welding wires market on the basis of type is segmented into metal inert gas (MIG) wire, tungsten inert gas (TIG) wire, and Others. MIG wires segment is expected to witness high demand during the forecast period owing to its increasing demand in the arc welding process. MIG wires are manufactured using various raw materials namely stainless steel, nickel alloy, aluminum, cobalt, and others, providing high tensile strength for the welding process. MIG wire serves as both heat source and filler metal for thin sheet and thick section components welding. MIG accounts for more than 50% of its usage in most industrial sectors as it offers flexibility and is suitable for mechanization.In addition, The tungsten inert gas (TIG) wire, and Others segment is expected to witness considerable growth during the forecast period.
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