Although moderately consolidated among a few prominent players, the global nickel alloy welding consumables market exhibits a highly competitive business landscape. A new study by Transparency Market Research (TMR) indicates that major players meet approximately 50% of the global demand for nickel welding consumables worldwide. Players such as Illinois Tool Works Inc., Voestalpine Bohler Welding GmbH, ESAB, Lincoln Electric Holdings Inc. and Colfax Corp. constantly strive to outdo themselves. They rely on innovation and technological advancement to increase their product sales and hence their market share. Local players also create tough competition for leading companies. In an effort to gain a foothold in the market, they provide consumables at discounted rates. This ultimately forces established brands to lower their prices, which disrupts their returns, the research study says.
Market opportunity to increase to 5.4% CAGR between 2017 and 2025
The global nickel alloy welding consumables market has gained popularity in recent years.
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The abundant availability of nickel worldwide and the effectiveness of nickel alloys as coated electrodes and wires are driving their demand in various industries, such as construction, energy, automotive, and marine. This, in turn, creates an opportune market for nickel alloy welding consumables.
According to the report, opportunities in the global nickel alloy welding consumables market are proliferating at a healthy CAGR of 5.40% from 2017 to 2025. In 2016, the market was worth US$3.5 billion and the researchers estimate it should rise to as much as US$5.6 billion. by the end of the forecast period.
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Although the market for nickel alloy welding consumables shows a booming future, it may experience some setbacks in the coming years. The fluctuating production of the metal could hamper the growth of this market over the next couple of years. The market may also suffer due to volatility in raw material prices and shortage of skilled labor needed to perform various welding tasks, the market researcher notes.
Asia-Pacific Market Expected to Record Exceptional Rise
In terms of geography, the global nickel alloy welding consumables market is spread across Latin America, Asia-Pacific, Middle East & Africa, North America and Europe. With a total market share of 33.80%, Asia-Pacific dominated the global market in 2017. The presence of a well-established nickel alloy market in China and India is the key factor that propelled the nickel alloy welding consumables market in Asia-Pacific. The regional market is expected to continue growing at a steady pace and account for nearly 36% of the overall market share by the end of the forecast period. The expansion of transportation and manufacturing industries in Asia-Pacific will support this impending growth.
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On the other hand, North America and Europe are expected to report slowdown in their respective nickel alloy welding consumables markets as the demands are likely to mature in the near future. However, the advancement of the building and construction industry in the UK, Germany and Canada will create opportunities for producers of nickel alloy welding consumables in the near future. While Latin America, the Middle East and Africa currently hold less share in the global market, their valuation is expected to increase in the coming years. Growth in the oil and gas industry will support the Middle East and Africa market and increase in construction projects will propel the Latin America market, the research report states.
The review is based on a report by Transparency Market Research, titled “Nickel Alloy Welding Consumables Market (Product – Coated Electrode and Wires; Alloy – Monel and Inconel; Technology – Armored Metal Arc, Gas Metal Arc, Gas Tungsten Arc, Cored Arc and Submerged Arc; Application – Petroleum and Gas, Power, Construction, Marine, Transportation and Manufacturing) – Global Industry Analysis, Size, Share, Growth, Trends and Forecasts 2017-2025.”
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