Impact Assessment of COVID-19 Outbreak on Welding Consumables (Stick Electrode, Solid Wires, Flux-cored Wires, SAW Wires & Fluxes and Others) Market
Transparency Market Research has published a new report titled “Welding Consumables Market – Indonesia Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 – 2023.” According to the report, the Indonesia welding consumables market was valued at US$150.3 mn in 2014 and is anticipated to reach US$293 mn in 2023, expanding at a CAGR of 7.7% between 2015 and 2023. In terms of volume, the welding consumables market in Indonesia stood at 64.5 kilo tons in 2014.
Welding, an effective and economical process, is employed widely in various industries such as automobile, building & construction, pipeline, and oil & gas. Growth of the welding industry is highly dependent on the consumption of steel in various end-use industries. Welding equipment and consumables are primarily used in the welding industry. Demand for welding consumables in Indonesia has been increasing significantly due to constant technology advancements and substantial growth in end-use industries.
Key end-use industries driving the welding consumables market in Indonesia include automobile, building & construction, power, and oil & gas. Furthermore, capacity addition and infrastructural development in power and oil & gas sectors are estimated to boost the demand for welding consumables in the country. Factors such as availability of raw materials and increasing competition from other countries in Asia, especially China, Japan, South Korea, and Malaysia, may hamper market growth. However, rise in investments resulting from the emerging scope of public-private partnership projects in Indonesia is likely to enhance the production and consumption of welding consumables in different end-user industries in Indonesia.
In terms of demand, stick electrodes accounted for more than 50% share of the welding consumables market in Indonesia in 2014. Flux-cored wires is anticipated to be one of the fastest growing product segments during the forecast period. Market shares of flux-cored wires and SAW wires and fluxes are estimated to increase during the forecast period due to rising implementation of emerging welding technologies in various end-user industries.
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Automotive & transportation dominated the market for welding consumables in Indonesia in 2014 and accounted for over 20% of the share in the same year. Increase in domestic demand in the automotive industry coupled with growth in manufacturing activities for automotive and automotive parts in Indonesia is expected to further propel the demand for welding consumables in the near future. Automotive & transportation is estimated to be one of the fastest-growing segments of the welding consumables market in Indonesia from 2015 to 2023. Oil & gas, building & construction, and power sectors are the other major end-users of welding consumables in Indonesia.
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