Nickel and its alloys are highly regarded as excellent materials for welding operations owing to properties such as high temperature strength and resistance to thermal expansion and corrosion. As a result, Nickel-alloy-based welding fillers have gained widened popularity in the past few decades. The increasing use of nickel in end-use applications such as renewable energy, aerospace, LNG, and shipbuilding has augmented the market and is expected to present healthy growth opportunities to the global nickel alloy welding consumables market in the near future.
Transparency Market Research estimates that the global market will witness a significant rise in its overall valuation in the next few years, from US$3.32 bn in 2015 to US$5.87 bn by 2024. This translates to a 6.6% CAGR over the period between 2016 and 2024. In terms of volume, the market is expected to exhibit a nearly 5% CAGR over the same period.
Applications across Oil and Gas Industry to Lead to Promising Returns
Nickel alloy welding consumables can be very expensive compared to consumables made of other metals such as stainless steel, and with unskilled workers, the cost of welding can rise significantly. Thus, the applications of nickel alloy welding consumables are somewhat limited to critical applications across industries such as power generation, oil and gas, marine, construction, manufacturing, and transportation.
Of these, the oil and gas industry is presently the leading contributor to the global nickel alloy welding consumables market’s revenues and is expected to retain its dominant stance in the next few years as well. Applications of nickel alloy welding consumables across the oil and gas industry are expected to account for a share of over 22% of the global market in 2016. The rising use of nickel alloys in welding activities across heat exchangers, pipelines, valves, drilling machines, and pressure vessels in the oil and gas industry will lead to promising growth prospects for the nickel alloy welding consumables market.
Growth across Industrial Sectors in Asia Pacific to Foster Nickel Alloy Welding Consumables Market
On the basis of geography, the global market for nickel alloy welding consumables has been analyzed for five regions: Asia Pacific, Middle East & Africa, North America, Latin America and Europe. Of these, markets in developed regions such as North America and Europe are mature and provide limited growth opportunities in terms of untapped potential. However, the positive growth across the manufacturing and power sectors observed in Canada and Germany in the past few years could provide sizeable growth avenues for the nickel alloy welding consumables market. Europe and North America together are expected to constitute nearly 50% of the global market in terms of volume in 2016.
Asia Pacific dominated the global market in terms of volume, and is expected to remain the most attractive region for the global nickel alloy welding consumables market in the next few years as well, expected to account for a volume-wise share of more than 37% in 2016. The region’s attractive growth prospects can be attributed to factors such as high population rates and significant development across many end-use industries, which has attracted substantial investment and trade activities in the industrial sector in the region. Also, international players in the global nickel alloy welding consumables market have increased their focus on the region and are attempting to expand manufacturing, marketing, and sales channels to exploit the vast set of untapped growth opportunities.
The global market for nickel alloy welding consumables is dominated by few international vendors but also features a large number of domestic players commanding prominent share of the overall market. The top five companies in the market, including ESAB, Lincoln Electric Holdings, Inc.,
Illinois Tool Works Inc., Chevron Phillips Chemical Company LLC, and voestalpine Böhler Welding GmbH, collectively held a nearly 50% share in 2015. Other key vendors in the market are Sandvik Materials Technology AB, Kobe Steel, Ltd., Ador Welding Ltd., Colfax Corporation, Tianjin Golden Bridge Welding Materials Group Co., MEC Holding GmbH, and Special Metal Corporation, Ltd.
This research study analyzes the market for nickel alloy welding consumables in terms of revenue (US$ Bn) and volume (kilo tons). The nickel alloy welding consumables market has been segmented on the basis of product, alloy type, welding technology, end use applications, and geography. The geographical segmentation includes regions, which are further divided into 20 countries. The report features a detailed regional segmentation with market growth forecasts for the period between 2016 and 2024. For the research, 2015 has been considered as the base year and 2016 the estimated year, while all forecasts have been given for the period from 2016 to 2024. Market data for all the segments has been provided at the regional and country-specific levels from 2016 to 2024.
The report provides a broad competitive analysis of companies engaged in the development of nickel alloy welding consumables. The report also includes key market dynamics such as the drivers, restraints, and opportunities affecting the global nickel alloy welding consumables market. These market dynamics are analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive analysis of the market with the help of the Porter’s Five Forces Analysis model, which helps in understanding the five major forces that affect the structure and profitability of the global nickel alloy welding consumables market. The forces analyzed are the bargaining power of buyers, the bargaining power of suppliers, the threat of new entrants, the threat of substitutes, and the degree of competition.
The high-level analysis in the report provides detailed insights into the nickel alloy welding consumables business globally. There are currently numerous drivers for the market. The most prominent drivers include rapid growth in various industries such as transportation and power and the increasing use of nickel and its alloys. With nickel finding applications in renewable energy including wind and solar energy, the nickel alloy welding consumables market may find new avenues for demand generation. Lack of skilled workers and knowledge about the use of welding technologies and welding consumables might act as restraints for the consumable market. Market attractiveness analysis and comparison analysis was carried out for the nickel alloy welding consumables market on the basis of product, alloy, technology, application, region, and country. Market attractiveness was estimated on the basis of common parameters that directly impact the market.
The global nickel alloy welding consumables market has been segmented on the basis of products into stick electrodes and wires. By welding technology, the market has been segmented into shielded metal arc welding, gas metal arc welding, gas tungsten arc welding, flux cored arc welding, and submerged arc welding. By alloy type, the market has been segmented into monel alloys, inconel alloys, and other alloys. Furthermore, the nickel alloy welding consumables market has been segmented by various end-use applications including oil & gas, power, construction, marine, and other applications. Other applications consist of the transportation and manufacturing sector. Applications such as transportation and manufacturing are expected to occupy a leading share in the nickel alloy welding consumable market.
In terms of geography, the market has been segmented into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. China is expected to remain the dominant market in the nickel alloy welding consumables with market for nickel alloy welding consumables reaching 417.74 kilo tons by 2024. GCC countries are anticipated to show a significant growth rate of 7.14% in the period between 2016 and 2024. The rapid development in infrastructure and trading activities in the emerging economies of the region, such as Latin America, Asia Pacific, Middle East, and Africa, will boost the market for nickel alloy welding consumables.
Key players in the nickel alloy welding consumables market are Ador Welding Ltd., Colfax Corporation, Illinois Tool Works, Inc., Kobe Steel, Ltd., Lincoln Electric Holdings, Inc., MEC Holding GmbH, Sandvik Materials Technology AB, Special Metal Corporation, Tianjin Golden Bridge Welding Materials Group Co., Ltd., and voestalpine Böhler Welding GmbH. Other players included are Arcos Industries, LLC, Berkenhoff GmbH, Cor-Met Inc., Kunshan Gintune Welding Co., Ltd., Lin’an Dayang Welding Material Co., Ltd., Oxford Alloys, Inc., Ramtec Welding Products Limited, Senor Metals Pvt. Ltd., and Weld Mold Company.
Nickel alloy welding consumables market: By Product
- Stick Electrodes
Nickel alloy welding consumables market: By Technology
- Shielded Metal Arc Welding
- Gas Metal Arc Welding
- Gas Tungsten Arc Welding
- Flux Cored Arc Welding
- Submerged Arc Welding
Nickel alloy welding consumables market: By Alloy Type
- Monel Alloys
- Inconel Alloys
- Other Alloys
Nickel alloy welding consumables market: By Application
- Oil & Gas
- Other Applications
Nickel alloy welding consumables market: By Region
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East and Africa
- Latin America
- Rest of Latin America