PUBLISHER: Grand View Research | PRODUCT CODE: 1574886
PUBLISHER: Grand View Research | PRODUCT CODE: 1574886
The global hardfacing welding market size was estimated at USD 1.73 billion in 2023 and is forecasted to grow at a CAGR of 5.3% from 2024 to 2030. This growth is attributed to its ability to improve the durability and lifespan of industrial components in industries including mining, oil & gas, construction, and manufacturing. Hardfacing protects surfaces exposed to high wear, abrasion, and corrosion, which reduces requirement for frequent replacements and downtime. With industries pushing for higher efficiency, cost savings, and extended equipment lifecycles, the adoption of hardfacing techniques is further expected to increase.
Advancements in technology have led to the integration of seamless fabrication, design, and inspection of welding technology with information technology is likely to continue. In addition, market players such as Kennametal, Inc. develop new process technology in-house and focus on delivering innovative solutions to customers. They also provide solutions to address customers' productivity requirements and manufacturing challenges.
The hardfacing welding market is extremely competitive in nature and characterized by the presence of several regional and international players. Prominent players use various strategies including business expansion, new product launches, and acquisitions to enhance their market position. These players provide various hardfacing products like electrodes, wires, powder, equipment, machines, and other welding consumables. The products are used to reduce the wear & tear of equipment in various industries such as agriculture, power generation, iron & steel, mining, and crushing.
Global Hardfacing Welding Market Report Segmentation
This report forecasts revenue growth at regional & country levels and provides an analysis of the industry trends in each of the segments from 2018 to 2030. For this study, Grand View Research has segmented the hardfacing welding market based on type, end use, and region: