U.S. Hardfacing Welding Market Report 2023: Increasing Need to Save Costs and Increase Equipment Lifespan Fuels Growth

U.S. Hardfacing Welding Market

Dublin, May 15, 2023 (GLOBE NEWSWIRE) -- The "U.S. Hardfacing Welding Market Size, Share & Trends Analysis Report By Type (SAW, FCAW, SMAW), By Application (Metalworking, Shipbuilding, Mining), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.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.

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.U.S. Hardfacing Welding Market Report Highlights

The submerged arc welding (SAW) segment accounted for the highest revenue share in 2022 due to increased commercial construction activities in the U.S. The technology is used for creating an electric arc between a workpiece and a fed electrode

The mining application segment held the second-largest share in 2022. Hardfacing welding techniques are becoming increasingly important in mines as they help protect the mining equipment that is exposed to abrasion and wear. The technology is considered an improved alternative to recover components that have undergone abrasion in mines

For instance, according to the Universidad Nacional de Colombia. The coatings deposited by the shielded metal arc welding (SMAW) technique can be used to repair worn components of mining equipment

The Northeastern region of the U.S. held a significant market revenue share in 2022 and will expand further at a steady CAGR from 2023 to 2030 due to the rapid growth of the transportation and aerospace sectors. The region comprises Connecticut, Rhode Island, Maine, Vermont, New Hampshire, and Massachusetts

The market is highly fragmented and is characterized by the presence of several SMEs as well as large-scale companies

Key Attributes:

Report Attribute

Details

No. of Pages

87

Forecast Period

2022 - 2030

Estimated Market Value (USD) in 2022

$331.5 Million

Forecasted Market Value (USD) by 2030

$495.9 Million

Compound Annual Growth Rate

5.2%

Regions Covered

United States

Key Topics Covered: Chapter 1. Methodology and Scope Chapter 2. Executive Summary Chapter 3. U.S. Hardfacing Welding Market Variables, Trends, and Scope3.1. Market Lineage Outlook3.2. Value Chain Analysis3.3. Regulatory Framework3.4. Technology Overview3.5. Market Dynamics3.5.1. Market Driver Analysis3.5.1.1. Increase in the need to save costs and enhance the lifespan of equipment3.5.1.2. Rising demand for hardfacing across a range of industries3.5.2. Market restraint analysis3.5.2.1. Availability of skilled workforceChapter 4. U.S. Hardfacing Welding Market: Type Estimates & Trend Analysis4.1. Key Takeaways4.2. Type Market Share Analysis, 2022 - 20304.3. U.S. hardfacing welding market estimates & forecast, by type, 2018 - 2030 (USD Million)4.4. Submerged Arc Welding (SAW)4.5. Flux Cored Arc Welding (FCAW)4.6. Shielded Metal Arc Welding (SMAW)4.7. Gas Metal Arc Welding (GMAW)4.8. Gas Tungsten Arc Welding (GTAW)4.9. Plasma Transferred Arc Welding (PTAW)4.10. Oxy-Fuel Welding (OFW)4.11. Electro Slag Welding (ESW)4.12. OthersChapter 5. U.S. Hardfacing Welding Market: Application Estimates & Trend Analysis5.1. Key Takeaways5.2. Application Market Share Analysis, 2022 - 20305.3. U.S. hardfacing welding market estimates & forecast, by application, 2018 - 2030 (USD Million)5.4. Metalworking5.5. Shipbuilding5.6. Mining Industry5.7. Oil & Gas5.8. OthersChapter 6. U.S. Hardfacing Welding Market: Regional Estimates & Trend Analysis Chapter 7. Competitive Landscape Companies Mentioned

Illinois Tool Works Inc.

The Lincoln Electric Company

Kennametal Inc.

Arc Specialties

Welding Alloys Group

Waldun

ESAB Corporation

Kjellberg Group

DAIHEN Corporation

Polymet

Selectrode Industries, Inc.

F.W. Winter Inc. & Co.

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U.S. Hardfacing Welding Market