Global Cored Arc-Welding Wire Market to Witness a Mild Growth at +0.8% CAGR, Reaching 981K Tons by 2030

IndexBox has just published a new report: World - Base Metal Cored Wire For Electric Arc-Welding - Market Analysis, Forecast, Size, Trends And Insights.

The cored arc-welding wire market is set to see a slight increase in performance, with a projected CAGR of +0.8% in volume and +3.0% in value from 2023 to 2030. This growth is fueled by rising demand for cored arc-welding wire worldwide.

Market Forecast

Driven by rising demand for cored arc-welding wire worldwide, the market is expected to start an upward consumption trend over the next seven years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.8% for the period from 2023 to 2030, which is projected to bring the market volume to 981K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.0% for the period from 2023 to 2030, which is projected to bring the market value to $4.1B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Cored Base Metal Wire For Electric Arc-Welding

Global cored arc-welding wire consumption amounted to 925K tons in 2023, almost unchanged from 2022. In general, consumption, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the consumption volume increased by 8.2%. As a result, consumption reached the peak volume of 1.1M tons. From 2018 to 2023, the growth of the global consumption remained at a lower figure.

The global cored arc-welding wire market value rose modestly to $3.3B in 2023, with an increase of 3.7% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +1.3% over the period from 2013 to 2023; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2021 when the market value increased by 9.4%. Over the period under review, the global market attained the peak level in 2023 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2023 were China (179K tons), the United States (166K tons) and India (83K tons), together accounting for 46% of global consumption. Japan, Brazil, Russia, Mexico, Indonesia, Turkey and Canada lagged somewhat behind, together comprising a further 23%.

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Mexico (with a CAGR of +9.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($948M) led the market, alone. The second position in the ranking was held by India ($311M). It was followed by China.

In the United States, the cored arc-welding wire market increased at an average annual rate of +3.6% over the period from 2013-2023. In the other countries, the average annual rates were as follows: India (+5.0% per year) and China (-4.1% per year).

The countries with the highest levels of cored arc-welding wire per capita consumption in 2023 were the United States (492 kg per 1000 persons), Japan (412 kg per 1000 persons) and Canada (381 kg per 1000 persons).

From 2013 to 2023, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Mexico (with a CAGR of +8.5%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Cored Base Metal Wire For Electric Arc-Welding

In 2023, the amount of cored arc-welding wire produced worldwide was estimated at 935K tons, with an increase of 1.7% on 2022 figures. Overall, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 7.7%. As a result, production attained the peak volume of 1.1M tons. From 2018 to 2023, global production growth remained at a somewhat lower figure.

In value terms, cored arc-welding wire production amounted to $3.4B in 2023 estimated in export price. The total output value increased at an average annual rate of +1.4% over the period from 2013 to 2023; the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when the production volume increased by 9.6%. Global production peaked in 2023 and is likely to see steady growth in the near future.

Production By Country

The countries with the highest volumes of production in 2023 were China (310K tons), the United States (178K tons) and India (69K tons), with a combined 60% share of global production. South Korea, Vietnam, Japan, Brazil, Russia, Poland and Italy lagged somewhat behind, together comprising a further 24%.

From 2013 to 2023, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Vietnam (with a CAGR of +5.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Cored Base Metal Wire For Electric Arc-Welding

For the third year in a row, the global market recorded growth in purchases abroad of cored arc-welding wire, which increased by 8.6% to 397K tons in 2023. The total import volume increased at an average annual rate of +2.2% from 2013 to 2023; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 with an increase of 15%. Over the period under review, global imports reached the peak figure in 2023 and are expected to retain growth in the near future.

In value terms, cored arc-welding wire imports expanded modestly to $1.3B in 2023. The total import value increased at an average annual rate of +1.7% over the period from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Global imports peaked in 2023 and are expected to retain growth in the near future.

Imports By Country

In 2023, Japan (33K tons), Mexico (31K tons), Indonesia (28K tons), the United States (20K tons), Canada (17K tons), India (15K tons), Thailand (14K tons), China (13K tons) and Vietnam (12K tons) represented the major importer of cored arc-welding wire in the world, constituting 46% of total import. The United Arab Emirates (12K tons) followed a long way behind the leaders.

From 2013 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Vietnam (with a CAGR of +13.8%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, Mexico ($116M), Canada ($93M) and the United States ($84M) appeared to be the countries with the highest levels of imports in 2023, together comprising 23% of global imports. China, Japan, India, Indonesia, Thailand, Vietnam and the United Arab Emirates lagged somewhat behind, together accounting for a further 25%.

In terms of the main importing countries, Vietnam, with a CAGR of +9.1%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average cored arc-welding wire import price stood at $3,210 per ton in 2023, shrinking by -3.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2022 an increase of 11%. Over the period under review, average import prices attained the peak figure at $3,361 per ton in 2013; however, from 2014 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($5,457 per ton), while Indonesia ($1,713 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by Canada (+6.2%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Cored Base Metal Wire For Electric Arc-Welding

In 2023, the amount of cored arc-welding wire exported worldwide rose markedly to 407K tons, with an increase of 12% compared with the previous year's figure. The total export volume increased at an average annual rate of +2.8% over the period from 2013 to 2023; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 15% against the previous year. The global exports peaked in 2023 and are expected to retain growth in years to come.

In value terms, cored arc-welding wire exports amounted to $1.3B in 2023. The total export value increased at an average annual rate of +2.5% from 2013 to 2023; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 25% against the previous year. Over the period under review, the global exports attained the peak figure in 2023 and are expected to retain growth in the near future.

Exports By Country

China was the key exporting country with an export of about 145K tons, which accounted for 36% of total exports. South Korea (54K tons) held a 13% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (12%) and the United States (8%). Poland (15K tons), Italy (15K tons), Japan (15K tons), Singapore (11K tons), Malaysia (11K tons) and Germany (8.5K tons) took a little share of total exports.

Exports from China increased at an average annual rate of +10.4% from 2013 to 2023. At the same time, Singapore (+17.6%), Vietnam (+11.3%), Italy (+6.0%) and Germany (+2.5%) displayed positive paces of growth. Moreover, Singapore emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.6% from 2013-2023. Malaysia, South Korea and Poland experienced a relatively flat trend pattern. By contrast, Japan (-1.8%) and the United States (-4.6%) illustrated a downward trend over the same period. From 2013 to 2023, the share of China, Vietnam and Singapore increased by +18, +6.5 and +2.1 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest cored arc-welding wire supplying countries worldwide were China ($240M), the United States ($202M) and South Korea ($133M), together comprising 46% of global exports. Vietnam, Germany, Japan, Italy, Poland, Singapore and Malaysia lagged somewhat behind, together accounting for a further 32%.

In terms of the main exporting countries, Vietnam, with a CAGR of +11.0%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2023, the average cored arc-welding wire export price amounted to $3,097 per ton, waning by -4.7% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of 11%. As a result, the export price reached the peak level of $3,248 per ton, and then shrank modestly in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Germany ($7,695 per ton), while Vietnam ($1,602 per ton) was amongst the lowest.

From 2013 to 2023, the most notable rate of growth in terms of prices was attained by the United States (+5.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform