Published on : Dec 09, 2016
The U.S. market for welding consumables is fragmented owing to the presence of numerous companies providing similar products in competitive prices. Several leading manufacturers are selling their products in emerging countries at comparatively low prices. At present, key players in the U.S. are investing in the development and innovation of new types of welding consumables to establish a leading spot and compete in the market. They are also entering into strategic acquisitions and mergers to gain a competitive advantage over other companies. The prime companies operating in the market are Hilarius Haarlem Holland B.V. (HILCO), Kiswel Inc., Welding Alloys Group, Kobe Steel Ltd., Hyundai Welding Co. Ltd., Illinois Tool Works Inc., ESAB, voestalpine Böhler Welding GmbH, The Linde Group, Air Liquide S.A., and The Lincoln Electric Company.
Industries to Raise Demand for Welding Consumables
In the U.S., the building and construction industry held a share of over 20% in the welding consumables market in 2014. The progress of the buildings and construction segment in the welding consumables market in the U.S. can be accredited to the mushrooming infrastructure in the country and growing construction of commercial complexes, residential buildings, tunnels, railways, and bridges. Welding consumables are used as fabricating agents for these constructions. The power sector held a share of over 15% in the U.S. welding consumables market in 2014. The primary driver of this segment is the growing power generation activities in the country.
Automobile Industry to Contribute Positively towards Market Growth
One of the leading end-use industry of welding consumables is the oil and gas industry in the United States. The demand for welding consumables in the region is anticipated to rise substantially in the approaching years owing to the rehabilitation of existing oil and gas infrastructure and the construction of new oil and gas pipelines and manufacturing units. As a result of the rising safety alignment of the oil and gas industry, the market is expected to witness significant growth.
The U.S. welding consumables market is projected to expand at a 4.2% CAGR from 2015 to 2023. In 2014, the market was worth US$2.42 bn and is anticipated to stand at US$3.51 bn by the end of 2023.