The India welding consumables market is highly fragmented with the top six companies accounting for 29.5% of the market in 2013, states Transparency Market Research in its new study. These companies are: Elektriska Svetsnings Aktie Bolaget (ESAB), Lincoln Electric Company, Ador Welding Limited, Bohler High Performance Metals Pvt. Ltd., Voestalpine Bohler, and D&H Sécheron Group. Many international players are gaining market share in India by expanding their production capacity. With South Korean companies exporting welding consumables to India, Indian manufacturers are facing stiff competition. Thus, the degree of competition is expected to remain high in the coming years. The threat of substitutes is expected to be low despite the presence of substitutes such as brazing, lock bolts, and soldering, as these methods do not produce strong joints.
According to the report, the welding consumables market in India is expected to rise from INR 34,478.2 mn in 2015 to INR 45,366.6 mn by 2020. On the basis of product, the stick electrodes segment is expected to lead and account for 46.6% of the market by 2020 in terms of volume. The self-shielding property of stick electrodes helps cut down on the cost of the equipment and this is driving their demand. By application, the automobile and transportation segment will lead and account for 26.9% of the market by volume. This is because welding technology is used in almost every step of automobile manufacturing. Furthermore, the number of vehicles has increased in the country due to a rise in the disposable income, thus driving the growth of this segment.
Construction of New Oil and Gas Manufacturing Facilities to Boost Market
The increasing investments in the oil and gas industry are leading to the construction of new gas manufacturing facilities and new pipelines. This is expected to create a demand for welding consumables in India. The repair of existing oil infrastructure will also aid in the growth of the market. Similarly, a surge in infrastructural development activities will help drive the welding consumables market in India. The construction of residential and commercial buildings in the future is expected to create heightened demand for welding consumables. The automotive industry is also witnessing a growth in the past few years owing to growing population and improved lifestyles, translating into higher demand for automobiles. This is fueling the demand for welding consumables in India.
Foreign Competition and Supply of Raw Materials to Pose Challenge
Along with domestic competition, Indian welding consumables manufacturers have been facing competition from foreign companies, particularly the South Korean manufacturers. This is anticipated to hamper the growth of the Indian welding consumables market. The availability of skilled or trained labor is another issue faced by the Indian welding consumables industry. This is because an increasing number of laborers are migrating to other countries owing to the better wages offered. This has become a serious concern as manufacturers are unable to provide quality services to customers owing to a lack of skilled labor. The impact of this restraint is likely to reduce in the future as manufacturers opt for robotic or automated welding machines.
The power industry is expected to emerge as one of the promising application segments in the coming years. As the demand for wind power is increasing due to environmental concerns, the construction of wind turbines in large numbers is likely to occur, driving the Indian welding consumables market.
This information is based on the findings of a report published by Transparency Market Research, titled “Welding Consumables - India Industry Analysis, Size, Share, Growth, Trends and Forecast 2014–2020.”
The welding consumables market in India is segmented as follows:
- Welding Consumables Market & India Product Segment Analysis
- Stick electrodes
- Solid wires
- Flux-cored wires
- SAW wires and fluxes
- Others (Including gases, etc.)
- Welding Consumables Market – India Application Analysis
- Automobile & transportation
- Building & construction
- Power sector
- Oil & gas
- Wear plate
- Others (Including repair and maintenance, etc.)
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