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DUBLIN, Oct. 13, 2022 /PRNewswire/ — The “Welding Consumables Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” report has been added to ResearchAndMarkets.com’s offering.
The global welding consumables market reached a value of US$ 15.3 billion in 2021. Looking forward, the market is projected to reach US$ 21.3 billion by 2027, exhibiting a CAGR of 5.58% during 2022-2027.
Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different End-use industries. These insights are included in the report as a major market contributor.
Welding consumables refer to flux and filler metals that are used in the process of welding. Filler metals are melted to create a strong joint between two metals, whereas flux prevents the oxidation of hot metals during this process. Some of the raw materials utilized in the production of welding consumables include nickel, copper, rutile, ilmenite and aluminum.
These consumables ensure cost-effective welding, assist in safeguarding the molten weld from contaminants present in the air and prevent the formation of porosity in the weld pool. As a result, they are extensively employed in the construction, automobile, energy, ship building and aerospace industries.
In the automobile industry, welding consumables are used in the production of lightweight and high-quality vehicle parts. Improvements in the safety features of vehicles, along with evolving automobile designs, have escalated the sales of automobiles, thereby bolstering the growth of the welding consumables market.
Moreover, the introduction of several development and housing projects has provided thrust to the construction industry in emerging economies such as China, India and South Africa. Some of the other factors that are stimulating the growth of the …
Full story available on Benzinga.com
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