PUBLISHER: Grand View Research | PRODUCT CODE: 1268864
PUBLISHER: Grand View Research | PRODUCT CODE: 1268864
The U.S. hardfacing welding market size is expected to reach USD 495.9 million by 2030, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. The growth is attributed to the increasing adoption of hardfacing welding by various industries, such as oil & gas, mining, construction, shipbuilding, and aerospace. Furthermore, with the growth of the following industries, the need for hardfacing will increase substantially as the need for the number of equipment will also increase. For instance, the construction and industrial spaces in the U.S. are witnessing growth, while construction spending in the country is also increasing.
It implies that there will be an increasing need for hardfacing as wear resistance will be necessary for earthmoving equipment, such as cranes and crushers, in the industry to increase lifespan and reduce costs. Hardfacing is a process in which a stronger metal is deposited over the base metal to improve the wear resistance of the equipment. It, hence, helps increase the lifespan of equipment and save costs for companies across industries. Hardfacing increases the lifespan of equipment by 30%-300% depending on the application, which is 25%-75% of the cost of replacing the part. Hardfacing is also used for rebuilding worn metal parts with build-up or build-up overlay, which restores the metal parts.
In addition, it is used for protecting new metal parts from wear and damage, which is further positively affecting the growth of hardfacing welding techniques. For a hardfacing process, application, base metal, and other factors determine the selection of hardfacing alloy. Raw materials required for hardfacing welding consumables include alloys, chemicals, steel, tungsten ore concentrates, and cobalt. There are many suppliers for raw materials, such as non-ferrous metals and chemicals, in the country whereas, cobalt is mostly imported into the U.S. The shortage of required raw materials is not expected and hence the bargaining power of suppliers is likely to remain low to medium over the forecast period.
The industry value chain comprises raw material suppliers, manufacturers, suppliers/distributors, and end-users. Prominent companies, such as ESAB Corp., Illinois Tool Works, Inc., The Lincoln Electric Company, and Kennametal, Inc., are integrated across the manufacturing, marketing, and distribution stages of the value chain. These companies manufacture & supply hardfacing welding products, such as electrodes, wires, and powders, for a wide range of end-user application sectors, such as shipbuilding, fabrication, oil & gas, aerospace, and mining. Moreover, key players invest in various technologies to develop innovative products. Thus, the competitive rivalry is likely to remain high in the market over the forecast period.