Welding Equipment, Accessories, and Consumables Market Set to Reach $32.5 Billion by 2026
The welding equipment, accessories, and consumables market is projected to grow from USD 25.9 billion in 2021 to USD 32.5 billion by 2026, at a CAGR of 4.6% during the forecast period. Innovations and technological advancements in the automotive industry to cater to the growing demand from customers is expected to create higher demand for welding products which is likely to drive the global welding equipment, accessories, and consumables market during the forecast period. APAC is the fastest-growing market for welding equipment, accessories, and consumables due to growing population, favorable investment policies, growing economies, and government initiatives directed at promoting electronics and automobile industries in the region.
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The welding equipment, accessories, and consumables market is dominated by major players such as Lincoln Electric Holdings, Inc (US), Colfax Corporation (US), Illinois Tool Works Inc. (US), Kobe Steel Ltd (Japan), and Air Liquide S.A( France). These players have adopted growth strategies, such as joint ventures and contracts to further expand their presence in the global welding equipment, accessories, and consumables market.
Lincoln Electric Holdings, Inc. (Lincoln Electric) is engaged in the manufacturing of arc welding equipment, consumable welding products, and other welding and cutting products. Its welding products include arc welding power sources, wire feeding systems, robotic welding packages, fume extraction equipment, consumable electrodes, and fluxes. The company also offers computer numeric controlled (CNC) plasma and oxy-fuel cutting systems, and regulators and torches used in oxy-fuel welding, cutting, and brazing. Lincoln Electric’s products cater to the automotive, oil & gas, construction, infrastructure, and shipbuilding industries. Lincoln Electric operates across Europe, the Americas, Asia Pacific, the Middle East, and Africa.
Colfax Corp. operates as a diversified technology company that supplies its products to government and commercial consumers around the world. The main subsidiary of Colfax Corporation is ESAB, based in the UK. ESAB has 26 manufacturing plants in 4 continents and sales/support representatives in 80 countries. ESAB’s cutting and welding products include electrodes, cored & solid wires, and fluxes. The company provides fabrication technology equipment that ranges from portable welding machines to large, customized cutting and automated welding systems. ESAB is recognized for its expertise in manufacturing products used in the energy, machinery, power generation, fabrication, construction, ship building, transportation, and other sectors. ESAB operates with over 10,000 employees across 35 facilities worldwide.
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The Asia-Pacific (APAC) region stands as the global leader in both the production and consumption of welding equipment, accessories, and consumables. Nearly all major manufacturers and end-use companies in this industry have a significant presence in the APAC region. The remarkable growth observed in recent years can be attributed to factors such as a burgeoning population, favorable investment policies, robust economic development, and governmental initiatives aimed at fostering the electronics and automobile sectors within the region.
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