Welding is the most economical and efficient way to join metals permanently. When it comes to welding, it is vital to use the right consumable or a filler material to ensure that there is a strong bond between the two metals. Apart from this the other components to a weld include the metal being welded, the heat source, and the shield from the air. The rising demand for welding consumables from the construction and energy industries, who form the largest end-user segments of this market, is giving this market a pool of opportunities. In fact, the welding consumables market is expected to grow at a CAGR of over 5% by 2022. ( Source: Global Welding Consumables Procurement Intelligence Report). What’s in the store for the welding consumables market in the next four year? Let’s take a look:
The demand for welding consumables is increasing at a constant rate from end-user segments such as heavy machinery, automotive, transportation, construction, energy, and process industries. APAC is currently the largest market for welding consumables, and its market share is expected to increase from 2018-2022. The presence of key end-user industries such as construction, energy, and automobile in the region and their rapid growth is attributed to factors such as favorable macroeconomic environment, growing population, and rising purchasing power. The rising investments made by countries in MEA, especially Saudi Arabia, the UAE, and Qatar, toward infrastructure development activities with respect to tourism will further drive the market growth of welding consumables.
In the recent times the welding consumable market has witnessed some groundbreaking innovations. For instance, a leading welding consumable suppliers in Europe adopted vending machines for the delivery of welding consumables to their automobile customers. These vending machines can be conveniently located across the plant and restocked regularly. Buyers’ employees can obtain the required consumables by typing the password. This reduces the procurement administration and inventory management costs for buyers and makes the JIT practice possible on their floor. It also enhances the safety of buyers’ employees by reducing the WIP inventory on the shop floor. Request a sample for more info.
There are two basic types of pricing models followed in the welding consumables market – fixed tariff pricing and volume-based pricing. In fixed tariff pricing, welding consumables are sold at a fixed price irrespective of the quantity procured. And in volume based pricing prices offered to buyers depend on the procurement volume and demand forecasts. In this case, the unit price of products may decrease with an increase in purchase volume as buyers would be offered discounts with respect to an increase in purchase volume.
Some of the top suppliers in the global welding consumables market include:
- Lincoln Electric
- Illinois Tool Works
- Tianjin Golden Bridge
SpendEdges’s latest report on the global welding consumables market gives comprehensive insights on the procurement best practices, pricing insights, supply market insights, and market innovations.