Indonesia Welding Consumables Market: Positive Outlook of Power and Oil and Gas Industries will Propel Market to US$293 mn by 2023.

Opportunities for growth of the global welding consumables market are high at the micro as well as the macro level at present. Increasing welding consumables requirement due to the high demand for welded steel in residential and commercial building construction is expected to boost the global welding consumables market in the coming years. 

As per a recent study by Transparency Market Research on the Indonesia welding consumables market in the market was valued at US$150.3 mn in 2014 and is expected to reach US$293 mn in 2023. Overall, the market is expected to expand at a CAGR of 7.70% between 2015 and 2023. By volume, TMR states that the Indonesia welding consumables market stood at 64.5 kilo tons in 2014. 

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Technological Advancement Driving Indonesia Welding Consumables Market

The welding industry consists of welding equipment, welding consumables, and welding services. Among them, the welding consumables market is observing rapid and continuous technological advancements. Upgradation of welding techniques in various welding applications is also fueling this market. This market has also been experiencing a rapid change from the conventional electrodes towards solid and flux cored wired products due to the higher production efficiency of welding consumables products. 

Some of the commonly known welding consumables such as solid wires, SAW wires and fluxes, stick electrodes, flux-cored wires, and various welding gases, and rods used for various welding purposes are extensively used in the oil and gas as well as power sectors. In addition, these consumables are also employed in automobiles and transportation, building and construction, and the marine industry.    Growth of the welding industry, and thus of the welding consumables industry, is mainly dependent on the consumption of steel in different industries.

Growth of Oil and Gas Industry in Indonesia Propels Market for Welding Consumables

The demand for welding consumables in Indonesia has been growing significantly due to the consistent development in technology, advancements in systems, and substantial growth of end-use industries.   The oil and gas and power sectors are the major end users of this market in Indonesia. The emergence of many new projects in the oil and gas industry in Indonesia is likely to enhance the production and consumption of welding consumables. Moreover, capacity addition and infrastructural development in the power and oil and gas sectors are expected to boost the demand for welding consumables in the country. A rise in investment resulting from the emerging scope of public-private partnership projects is also likely to boost the production and consumption of welding consumables in Indonesia. 

However, lack of raw materials and growing competition from major countries in Asia such as South Korea, China, Japan, and Malaysia may restrain the growth of the market in Indonesia. The automotive and transportation segment is estimated to be one of the fastest growing application segments of the market in the coming future. This segment dominated the market for welding consumables in Indonesia. In 2014, this segment took up more than 20% of the market due to an increase in domestic demand, coupled with growth in manufacturing activities of automobiles and automotive parts in Indonesia. 

Browse Full Indonesia Welding Consumables Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/indonesia-welding-consumables-market.html

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