A new report by Transparency Market Research (TMR), discusses the vendor landscape of the Indian welding consumables market in much detail. It states that the market is witnessing immense competition among players both big and small, The leading companies operating in the India welding consumables market are Lincoln Electric, Voestalpine A G, ESAB, Honavar Electrodes, Ador Welding Limited, and D&H Sécheron, among others. The analysts from TMR have made an observation that there are several unorganized and small players of welding consumables in India which are expected to make a mark for themselves in the future.
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As per TMR, the Indian welding consumables market will be worth INR 45.37 bn by 2020. On the basis of type of welding consumables, the demand for wires and fluxes is expected to be high on account of their high performance. They also have several benefits including suitability for outdoor work, use in automatic welding systems, low wastage, and high productivity.
The flux cored wires segment is predicted to be the fastest growing segment in the years to come. By application, the automotive and transportation sector has been leading. However, it is the power sector which will expand at the fastest pace. Moderate growth is also forecasted for marine and wear plate applications.
Flourishing Construction and Building Sector in India Behind Growth
As per the lead author of this market research report, the Indian welding consumables market is slated to be chiefly driven by the expanding building and construction industry. The significant increase in the investments in the energy sector as well as oil and gas sector is also bolstering the demand for welding consumables. Advancements in technology and innovations in the same will be key for widening the application area of welding consumables. Therefore players within the market are advised to focus on technological advancements and invest in R&D so as to create growth opportunities for themselves and the market overall.
As welding consumables have their applications across industries such as oil and gas, marine, power generation, construction and building, transportation, and automobile, their demand is witnessing a steady increase with the growth of these industries. In fact it can be said that the welding consumables market is highly dependent on consumption of steel by several industries.