ALBANY, N.Y.--(BUSINESS WIRE)--The welding consumables market in India will exhibit a 5.6% CAGR from 2014 through 2020 to reach INR 45.37 billion by 2020, says a latest report by Transparency Market Research. Welding consumables market in India was worth INR 30.88 billion in 2013, according to the report titled, “Welding Consumables Market - India Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
The report notes that in India, the demand for welding consumables depends chiefly on the volume of steel produced. TMR analysts forecast that transportation, oil and gas, building and construction and power industries will fuel demand in the welding consumables market in the coming years. However, the market will have to contend with unfavorable factors such as unpredictable supply of raw materials, stiff competition from international entities, and a pressing need for skilled labor.
In India, the welding industry is composed of numerous large, medium and small manufacturers of welding consumables. The international players in the welding consumables market in India are: ESAB India Limited, Lincoln Electric Company Pvt. Ltd and Voestalpine AG.
The most dominant sector within the welding consumables market in India in 2013 was welding stick electrodes, which accounted for over 45% of the total share in 2013. Desirable attributes of welding stick electrodes, such as their ease of use in manual welding and low-costs have helped this segment expand consistently.
Through the remainder of the forecast period, however, the demand for wires and fluxes is poised to rise firmly. This will result from the following advantageous features of flux and solid cored wires: Lower wastage, compatibility with automatic welding systems, suitability for outdoor use and higher productivity.
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About Transparency Market Research
Transparency Market Research (TMR) is a U.S. based market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.