Overview of the Welding Equipment & Consumables Market: 2023 - 2033

EXECUTIVE SUMMARY

The global welding consumables market, valued at US $18.02 billion in 2023, is projected to grow at a 6% CAGR from 2023 to 2033, while the global welding equipment market, valued at US $14 billion, is expected to grow at a 7% CAGR over the same period.

By welding type, arc welding is anticipated to dominate the market throughout the forecast period. For consumables, the stick electrodes segment is expected to occupy the highest market share, while wires are the fastest-growing category. In addition, the construction segment is likely to hold the highest market share during the forecast period driven by rapid infrastructural development and technological advancements within the sector.

In Canada, the welding consumables and equipment market is anticipated to reach $735 million by 2028, driven by robust construction sector growth, increased automation and robotics in manufacturing, new innovations and technologies, plus a heightened focus on safety and environmental responsibility.

By segment, the Canadian welding equipment market will surpass welding consumables. Arc welding will hold the highest market share, while oxy-fuel welding will exhibit the highest CAGR from 2023 to 2028. Stick electrodes led the market in 2022, but flux-core wires are expected to show the highest CAGR during the forecast period. The automotive sector is projected to dominate in market share.

Challenges for the industry include cost pressures, environmental regulations, and a skilled labor shortage. Key trends encompass increased automation, eco-friendly consumables, and growing demand in the construction and automotive sectors.

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