Industries are expected to prefer welding process over other conventional fabrication process including soldering and brazing , since they are more efficient , offer higher product strength and accounts for less production cost . Lack of Skilled labor in industries pertaining to handling the welding products coupled with high labor cost is expected to pose a major challenge and restraint for the market growth over the forecast period . Based on the product type , the welding consumables market has been segmented into solid wires , stick electrodes , saw wires and fluxes , flux cored wires . Stick electrodes segment holds the largest market share in the global industry owing to high demand and prevalence of welding in regions including Africa and Middle East .
These electrodes are mainly used as a low cost alternative for welding process Wires and fluxes are expected to witness significant growth rate over the forecast period owing to increasing demand from consumer appliances and automotive segments . Flux-cored wires provide clean and strong welds , and high deposition rate . Efficient performance and higher productivity of wires and fluxes is estimated to be the key factors driving the market growth .
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On the basis of application , the market has been classified into building & construction , automotive & transportation , defense & aerospace , and marine applications . Building and construction is expected to dominate the global market owing to increasing infrastructure projects and manufacturing industries . Regional initiatives such as Make in India campaigns are expected to boost the manufacturing sector in the country thereby resulting in an increased demand for welding processes . Automotive and transportation is expected to witness significant growth rate owing to increasing technological developments and launch of new vehicles into the market . Increasing investments in oil & gas and energy sectors is estimated to propel the global welding consumables market
Asia pacific is expected to hold the largest market in the global industry owing to high prevalence of end use industries . Growing manufacturing sector coupled with government initiatives is expected to be the major factor driving the market growth in this region . Africa and Middle East is anticipated to witness high growth rate owing to raw materials availability and increasing automotive industry demand .
Key market vendors in the global welding consumables market include Lincoln Electric , ESAB , Vorarc Welding CC , Illinois Tool Work , and Promax Welding . Other industry participants include DAIHEN Corporation , Obara Corporation , Kiswel Inc , Kobe Steel Limited , Royal Arc Electrodes Limited , Arcsel LLC , and Corodur Fulldraht GmbH . The key market players have developed their own distribution networks , as distribution is a critical success factor in this industry . For instance , ESAB , Voestalpine , and Lincoln Electric have a network of