Driving Welding Equipment Accessories and Consumables Market Growth Through Steel Industry Demand

LONDON, GREATER LONDON, UK, November 2, 2023 /EINPresswire.com/ -- The global welding equipment accessories and consumables market is set to witness substantial growth, with the market size projected to increase from $23.36 billion in 2022 to $25.61 billion in 2023, demonstrating a compound annual growth rate (CAGR) of 9.6%. The market is anticipated to maintain this upward trajectory, reaching $35.7 billion by 2027, driven by a steady CAGR of 8.7%.

Market Segmentation and Key Players
• Technology: Arc Welding, Oxy-fuel Welding, Other Technologies
• Application: Automotive, Building and construction, Heavy Engineering, Railway & Shipbuilding, Oil & Gas, Other Applications
• Equipment Type: Welding Electrode, Filler Metal, Oxy-fuel Gas

Noteworthy market players, including Air Liquide S.A., Lincoln Electric, and the Linde Group, are actively engaged in leveraging technological advancements to drive product innovation and meet the evolving demands of the welding equipment accessories and consumables market.

Explore the sample report for an overview of the global welding equipment accessories and consumables market:
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Demand Surge in the Steel Industry Driving Market Growth
The robust demand for welded metals in the steel fabrication industry has significantly bolstered the growth of the welding equipment accessories and consumables market. Notable statistics from the American Iron and Steel Institute reveal the continuous expansion of the steel industry, with the United States producing 1,803,000 net tons of raw steel as of January 2022, accompanied by a capability utilization rate of 81.9%. Similarly, India's steel industry, as reported by IBEF, demonstrated noteworthy production figures, with 102.49 MT of crude steel and 94.66 MT of finished steel in FY2021. This surge in demand for steel underpins the increased adoption of welding equipment and consumables, reinforcing market growth during the forecast period.

Technological Advancements Redefining Market Dynamics

The welding equipment accessories and consumables market is witnessing an era of rapid technological advancements, with industry leaders investing in cutting-edge innovations to enhance product performance and efficiency. Notable examples include Lincoln Electric's introduction of the Vantage 441X diesel engine-driven welder, equipped with a 41hp turbocharged Perkins diesel engine and 100% duty cycle DC welding output, ensuring enhanced power, performance, and fuel efficiency, thus catering to the evolving needs of the welding industry.

Regional Analysis and Projected Growth
Asia-Pacific emerged as the leading region in the welding equipment accessories and consumables market in 2022 and is expected to maintain this dominant position throughout the forecast period. The comprehensive market analysis covers key regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, providing valuable insights into regional dynamics and market trends.

For comprehensive insights into the global welding equipment accessories and consumables market, access the complete report:
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Welding Equipment, Accessories, and Consumables Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Welding Equipment, Accessories, and Consumables Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on welding equipment, accessories, and consumables market size, welding equipment, accessories, and consumables market drivers and trends, welding equipment, accessories, and consumables market major players, competitors' revenues, market positioning, and welding equipment accessories and consumables market growth across geographies. The welding equipment, accessories, and consumables market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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