Market Research Reports Search Engine (MRRSE), has announced the addition of a new report, titled “Nickel Alloy Welding Consumables Market- Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.” The report presents a detailed analysis of the market by taking into account current trends, competitive dynamics, and future prospects in terms of sales and revenue.
The global nickel alloy welding consumables market is predicted to exhibit a healthy CAGR of 6.6%. Rising at this pace, the market is expected to reach US$5.87 bn by 2024 from US$3.32 bn in 2015. In terms of volume, the market is predicted to clock a healthy CAGR of nearly 5% over the same period.
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Currently, a lot many factors are driving the market. The most noteworthy among them is the significant expansion in the transportation and power industry, which make use of nickel and its alloys. Nickel also finds applications in renewable energy facilities such as wind and solar energy. This would further pave the way for growth in the global nickel alloy welding consumables market. Rapidly developing nations, with China at the forefront, have mainly bolstered the demand for nickel alloys in the welding industry on account of large scale infrastructure development and swift pace of industrialization. Besides the dominant China, Gulf Cooperation Council countries are also expected to drive the market with a predicted strong CAGR of 7.14% in the period between 2016 and 2024.
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Crimping the growth of the market is the price volatility resulting from a combination of robust demand for nickel alloys in the welding industry and variations in production of nickel. Aggravating the situation further is the lack of proper substitutes. This has negatively impacted the uptake of these products, particularly across cost-conscious emerging economies and small- and medium-sized enterprises. Dearth of skilled workers with adequate knowledge about the use of welding technologies and welding consumables has also dampened growth significantly.
As far as the competitive landscape is concerned, it is witnessing cutthroat competition with many domestic and international players spread across key regions in the global market for nickel alloy welding consumables. This has resulted in a wide array of products in the market, ranging from the expensive, branded ones to the cheaper, local varieties. The top five vendors in the market, namely ESAB, Lincoln Electric Holdings, Inc., Illinois Tool Works Inc., and Voestalpine Böhler Welding GmbH, together held almost half the market share in 2015.
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The report has bifurcated the global nickel alloy welding consumables market on the basis of products into wires and stick electrodes. Depending upon the welding technology, it has divided the market into gas metal arc welding, shielded metal arc welding, flux cored arc welding, gas tungsten arc welding, and submerged arc welding. Based on the alloy type, the market has been segmented into inconel alloys, monel alloys, and other alloys. End-use application-wise, the market has been classified into oil and gas, construction, transportation, power, marine, manufacturing, and other applications. Applications such as transportation and manufacturing are expected to occupy a leading share in the nickel alloy welding consumable market.
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