The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
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Welding is typically a sculptural process of joining various metals and thermoplastics together by means of coalescence. It is an economical and effective process for creating strong joints between two or more parts. Filler metals melt during the course of welding and give a strong joint. Flux is commonly used to produce a shield of gas around the weld pool for preventing the oxidation of hot metals. Flux typically acts as a deoxidizer preventing the formation of porosity in the weld pool. Flux and filler metals together are known as welding consumables.
Welding finds application in various end-use industries such as building & construction, automobile & transportation, marine, power generation, and oil & gas etc. The welding industry growth is highly dependent on the global steel consumption in various end-use industries. Stick electrode, flux-cored wires, solid wires, SAW wires and fluxes, etc. are some of the welding consumables employed during the welding process. However, flux does not form the final part of welding and is wasted during the course of welding.
The global welding consumables market is projected to register a healthy CAGR during the forecast period, particularly in the growing economies such as China & India.
The global welding consumables market is forecast to witness high growth over the forecast period owing to the positive outlook in various end-use industries such as the automotive & transportation, marine, and construction industries.
Slow adoption of advanced technologies, particularly in the developing countries poses a threat to the growth of the global welding consumables market.
The principal trends that are positively impacting the growth of the market are the upcoming technologies that are being developed, and especially those technologies which are designed to weld thick metal parts.
Also, the players in the global welding consumables market are inclined towards automation at different stages in the welding process, and it is predicted that the development of robots and automation software would be viable trends which would positively influence the growth of the global welding consumables market over the forecast period.
The global welding consumables market is segmented on the basis of welding technique, welding consumable type, end-use industry, and region.
On the basis of welding technique, the global welding consumables market is segmented into:
On the basis of welding consumables type, the global welding consumables market is segmented into:
In 2014, the stick electrode segment witnessed dominance in the global welding consumables market, constituting for a major market share, closely trailed by the solid wires segment.
However, the solid wires and stick electrodes segment are predicted to lose share in the global welding consumables market on account of the increasing popularity of SAW wires and flux-cored wires segment.
On the basis of end-use industry, the global welding consumables market is segmented into:
The global construction industry is booming and is anticipated to be one of the primary reasons driving the growth of the global welding consumables market. The rise in the construction activities globally is projected to lead high demands for welding consumables in the construction industry, fueling the growth of the global welding consumables market over the forecast period.
The global welding consumables market is projected to witness a considerable growth in CAGR from 2015 to 2025. Currently, North America and Europe are the matured market for welding consumable providers. However, Asia-Pacific, and MEA are expected to become lucrative regional market for key players operating in the global welding consumables market. FMI forecasts, the market in Asia-Pacific region is expected to grow at fastest CAGR over the forecast period.
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Some of the key players operating in the global welding consumables market are,