Welding cable is made with a high conductor strand count to ensure a high degree of flexibility, and it is also made with highly durable insulation that protects it from the elements as well as other physical and chemical stressors on job sites.
Welding cable is sometimes marketed as flexible welding cable because it is made with a high conductor strand count that keeps it flexible so that it can be manipulated on site without damaging the cable, and without too much extra effort.
Welding cable is primarily used for power transmission to welding equipment, though depending on its rating may be useful for other applications as well.
Some welding cable can be used for other things, such as solar panel cable, battery leads (automotive only unless rated for marine use) as generator leads, and more.
Welding cable is often made with red or black insulation because it is often rated for use as a battery lead. Therefore, red and black insulation demarcate the cable in question as for the positive and negative lead, respectively.