In the highly competitive global market for nickel
alloy welding consumables, the top five vendors, including Lincoln
Electric Holdings, Inc., ESAB, Illinois Tool Works Inc., and
voestalpine Böhler Welding GmbH, collectively accounted for a share
of nearly 50% in 2015, reports Transparency Market Research in a
recent report. Many domestic as well as international companies
operate across key countries, making the market’s portfolio an
excellent blend of branded, expensive products and local, inexpensive
products.
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Transparency Market Research states that the global
nickel alloy welding consumables market will exhibit a healthy 6.6%
CAGR in terms of valuation over the period between 2016 and 2024. As
a result, the market, which held an opportunity of US$3.32 bn in
2015, is expected to rise to US$5.87 bn by 2024. In terms of volume,
the market is expected to expand at a healthy CAGR of nearly 5% over
the same period.
Emerging Economies to Remain Most Promising
Avenues for Growth
Of the key nickel alloys used for welding operations
examined in the report, the segment of inconel alloys will dominate
the global market, accounting for a share of 45% by 2024.
Geographically, Asia Pacific is the most promising regional market
for nickel alloy welding consumables, and is expected to account for
a volume-wise share of 37% in the global market in 2016. Owing to
flourishing growth of key end-use industries such as oil and gas,
power, construction, and transportation across emerging economies in
Asia Pacific and Latin America, key market players have increased
focus on expansion across these regions through acquisitions and
establishment of production units.
Rapid Development across Key End-use Industries to
Bolster Market Growth
In the past few years, the realization regarding the
vast benefits of use of nickel across several critical applications
across a number of industries has helped increase the consumption of
nickel and its numerous alloys globally. The rise in demand has
helped increase the production capacities of nickel and enhanced the
availability of the metal and its several alloys. These factors are
expected to have a significant positive impact on the global nickel
alloy welding consumables market in the next few years, emerging as
the most impactful drivers of the market.
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The market for nickel alloy welding consumables is
also expected to benefit from the rapid development in the economies
of countries such as China, India, and South Africa, which have upped
the demand for raw materials for infrastructure development
activities. Rapid industrialization across these economies is also
expected to stimulate the demand for nickel alloys in the welding
industry.
Volatile Prices of Raw Materials to Hinder Market
Growth
The significant global rise in demand for nickel
alloys across the welding industry and the fluctuations in production
of nickel have collectively led to volatile prices of nickel alloy
welding consumables globally. Lack of suitable substitutes add to
constant fluctuations in costs of nickel alloy welding consumables,
and has a notable impact on the overall consumption of these
products, especially across cost-conscious developing economies and
small- and medium-sized enterprises.
Along with this, the factor of the lack of skilled
labors across the nickel alloy welding sector is also holding back
the global nickel alloy welding consumables market to a sizeable
extent. Applications across areas such as aviation and shipbuilding
require expertise and implementation of efficiency, any irregularity
in which can lead to substantial monetary and physical damage to the
end product. New technologies are being increasingly introduced in
the welding industry. However, the lack of a workforce with advanced
skills capable of handle these new technologies could stifle the
market.
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This review of the market is based on a recent market
research report published by Transparency Market Research, titled
“Nickel Alloy Welding Consumables Market - Global Industry
Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
For this study, the market has been segmented as
follows:
Nickel alloy welding consumables market: By
Product
- Stick Electrodes
- Wires
Nickel alloy welding consumables market: By
Technology
- Shielded Metal Arc Welding
- Gas Metal Arc Welding
- Gas Tungsten Arc Welding
- Flux Cored Arc Welding
- Submerged Arc Welding
Nickel alloy welding consumables market: By Alloy
Type
- Monel Alloys
- Inconel Alloys
- Other Alloys
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