The rise in construction activities and infrastructure development projects in developing countries across the globe has created immense business opportunities for the global stick welding electrode market
Wilmington, Delaware, United States, May 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – According to the market research by TMR, the Stick Welding Electrode Industry was worth US$ 850.3 Mn in 2022 and is estimated to be valued at US$ 1.2 Bn by the end of 2031. Stainless Mig Welding
Rapid urbanization in emerging economies worldwide has led to the development of commercial and residential projects. This is anticipated to augment the growth of the stick welding electrode market during the forecast period.
Stick welding is a process that involves striking an arc between the workpiece and consumable electrode and forming a weld. Stick welding electrodes are applied in industries such as automotive, aerospace and defense, oil & gas, marine, automotive, and building & construction.
Stick electrodes can be used to weld various materials, including cast iron, stainless steel, aluminum, and steel. The usage of stick electrodes in the welding process is increasing significantly in end-use industries, as they require minimal equipment and are cost-efficient. Thus, the stick welding electrode market is anticipated to witness strong growth in the near future.
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Stick Welding Electrode Market: Growth Drivers
Rise in demand for welded steel in construction activities is projected to propel the stick welding electrode market. Surge in R&D activities has led to technological advancements in the stick welding processes and development of novel innovative products such as low hydrogen stick electrode. These innovative technologies are supporting the growth trajectory of the stick welding electrode market.
High demand for green construction to support the environmental has boosted the demand for renovation and re-development activities. Additionally, rise in focus on sustainability, which can be achieved through the renovation of existing infrastructure, and increase in spending on redevelopment projects in developing countries across the globe are likely to drive the stick welding electrode market.
Surge in usage of stick welding electrode in the automotive sector for joining vehicle parts, water pipelines, wire ends, radiators, and railway tracks is projected to augment the global industry. Strong demand for stick welding electrode in the marine industry and repair and maintenance sector has also increased the scope of expansion of the stick welding electrode market.
Key Findings of Stick Welding Electrode Market Report
The building & construction end-use segment is anticipated to witness immense growth in the near future, as construction activities have increased in developing countries across the globe. The demand for stick welding electrode is high in construction industry due to its durability and reliability.
Demand for oil and gas is increasing rapidly across the globe. This has created the need to construct new pipelines for the smooth flow of oil and gas. Furthermore, adoption of improved welding procedures has made the process efficient and accurate. Availability of a wide range of consumables and welding equipment specially designed for the oil and gas industry is anticipated to drive the oil & gas end-use segment. The stainless steel electrode type segment is projected to witness significant growth due to the high demand in the construction industry. Additionally, surge in construction activities in various countries is driving segment growth.
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Stick Welding Electrode Market: Regional Dynamics
Asia Pacific is expected to account for a major market share owing to the increase in construction activities in developing countries such as India and China
Europe is also expected to experience significant growth in the stick welding electrode market owing to the rapid expansion of the construction industry. Additionally, the emerging trend of redevelopment activities is likely to create multiple opportunities for business growth.
North America is also projected to witness lucrative market growth owing to the expansion of building & construction and automotive sector in the region
Stick Welding Electrode Market: Competitive Landscape
Leading players operating in the market are investing significantly in manufacturing novel stick welding electrodes with increased accuracy and precision. This is anticipated to create lucrative growth opportunities for the stick welding electrode market. Furthermore, rise in marketing and promotional activities have contributed to the sales of stick welding electrodes. Strategic collaborations for market expansion have led to alliances, partnerships, mergers, acquisitions, joint ventures, and startups. This is estimated to bolster business growth. Novel product launches have enhanced the product portfolio of companies. Promotional activities and advertisements have created product awareness, thus propelling the industry growth.
Key players operating in the global market are
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Stick Welding Electrode Market: Segmentation
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