Global Welding Consumables market share 2024, Forecast To 2033

The welding consumables market has displayed strong growth, ascending from $15.79 billion in 2023 to $16.95 billion in 2024, depicting a robust compound annual growth rate (CAGR) of 7.3%. The growth in the historic period is attributed to the rise in industrialization, the surge in infrastructure development, an increase in construction, manufacturing, and infrastructure development activities, the diverse applications of welding technology, and the expansion of the automotive industry. Moving forward, the welding consumables market is anticipated to experience strong growth, projected to reach $22.56 billion in 2028 at a consistent CAGR of 7.4%. The expected growth in the forecast period can be attributed to the expansion of the electric vehicle industry, the utilization of lightweight materials, the digitalization and implementation of Industry 4.0 principles, the growth of the renewable energy sector, and the ongoing infrastructure upgradation. Major trends in the forecast period include the adoption of laser and electron beam welding, the implementation of digital welding management, the integration of automation and robotics, the promotion of environmentally friendly consumables, and the increased investment in research and development.