The Mexico welding consumables market size is anticipated to reach USD 915.8 million by 2025, expanding at a CAGR of 7.1%, according to a new report by Grand View Research Inc. Increasing demand for advanced welding technologies in high-end manufacturing applications is likely to have a positive impact on market. Moreover, an increasing number of construction projects in the country are expected to support the market growth.
Rapid innovations in the automotive and aerospace sectors are anticipated to introduce new products with improved durability and enhanced performance, thus are likely to boost the market. These products provide an ease in the welding mechanism, thus are popular in small and large scale welding applications. In 2018, the automotive and transportation application segment accounted for largest market share. The segment is anticipated to exhibit highest CAGR over the forecast period.
Prominent players in the market include Colflax Corporation; Voestalpine AG; The Lincoln Electric Company; Obara Corporation; and CenterLine Holding Inc. These players compete based on designs, material quality, and pricing structures.
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Technological improvements aimed at enhancing the durability and performance of the machinery and automotive components are likely to aid industry growth. The consumables offer systematic bonding of metal parts that are used in varied applications in the manufacturing industry. Moreover, cost-efficiency offered by these products are anticipated to have a positive impact on the market.
Further key findings from the report suggest:
- The laser beam technology segment is anticipated to exhibit the fastest CAGR of 8.1% over the forecast period on account of high weld quality, less operational time, and substituting the use of electrodes
- The automotive and transportation segment accounted for a share of 43.1% in 2018 on account of increasing related manufacturing operations in Mexico
- The revenue for stick electrodes in the country stood at USD 202.4 million in 2018. Automotive applications are anticipated to propel the demand for stick electrodes
- The building and construction application segment is likely to have a positive impact on theMexico welding consumables market owing to pipelined construction projects to be completed by 2025
- The market is expected to register notable mergers and acquisitions such as The Lincoln Electric Company acquiring Air Liquide Welding Ltd., a subsidiary of Air Liquide, at a purchase price of USD 142.53 million.
In Mexico, stick electrodes emerged as the major product category in 2018. Well-established automotive and aerospace manufacturing sectors in the country have contributed to the growth. Furthermore, increasing penetration of multinational manufacturing companies in the country is expected to propel the demand for welding consumable products.
The welding consumable products are manufactured using high-performance metals such as copper, nickel, and stainless steel. Technical innovations by the leading players to introduce rigid and durable products have enhanced the operations. The above-mentioned factors are likely to drive the demand for the product in the manufacturing of automotive parts and heavy machinery.
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Key participants in the industry are focusing on achieving optimum business growth by offering the welding consumables to the original equipment manufacturers in the country. The market is characterized by extensive competition, wherein, the players are offering consumables along with other products and technologies.
These products are majorly used in welding technologies such as arc, resistance, oxy-fuel, and laser beam welding. Strong bonding with smooth finish coupled with the easy handling of the products has increased their popularity in major end-use industries. However, high labor cost for welding operations is anticipated to slow down the growth over the forecast period.
Introduction of automation technologies in the manufacturing industry has initiated the utilization of robotic arms for welding operations, and thus, offer efficient and errorless welding and cutting of the metal components. Rising needs for precision in joining operations and growing trends for miniaturization of machinery has influenced the Mexico welding consumables market.
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Key players are also focusing on the enhancement of their offerings by introducing advanced technology products and services to the consumers. Moreover, a strategic initiative such as mergers and acquisitions, joint ventures, and third-party contracts are considered for strengthening their presence in the industry.
Prominent players in the market include Colflax Corporation; Voestalpine AG; The Lincoln Electric Company; Obara Corporation; and CenterLine Holding Inc. These players compete based on designs, material quality, and pricing structures. Moreover, players are focusing on providing other products and services in order to stay competitive in the market.
Grand View Research has segmented the Mexico welding consumables market on the basis of technology, product, and end use:
Mexico Welding Consumables Technology Outlook (Revenue, USD Million, 2014 - 2025)
- Arc
- Resistance
- Oxy-Fuel
- Laser Beam
- Others
Mexico Welding Consumables Product Outlook (Revenue, USD Million, 2014 - 2025)
- Stick Electrodes
- Solid Wires
- Flux-Cored Wires
- Saw Wires and Fluxes
- Others
Mexico Welding Consumables End-use Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive & Transportation
- Building & Construction
- Marine
- Others
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In 2018, stick electrodes accounted for the largest product category and contributed USD 202.4 million to the overall revenue. In stick electrode welding, electricity is supplied by the equipment, which energizes the electrode, thereby generating an electric arc and producing intense heat. Stick electrodes are widely used in arc welding on account of their beneficial properties including corrosion resistance, ductility, and high tensile strength.
The flexibility and ruggedness of solid wires have propelled their utility in application areas such as house electrical wiring and breadboards that require flexible wires. These wires are easy to bend and route and are extremely cost-efficient, thus are widely used in various welding applications. Moreover, these wires are cheaper to manufacture as compared to its counterparts and are used in applications that require flexibility.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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