LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the aluminum welding wires market in Europe to grow at a CAGR of close to 7% by volume, during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global aluminum welding wires market in Europe for 2017-2021. The report also lists automotive and transportation, and construction, as the two major end-user segments of which the automotive and transportation sector accounted for close to 73% of the market share in 2016.
According to Mahitha Mallishetty, a lead analyst at Technavio for metals and minerals research, “The aluminum welding wires market in Europe is expected to grow at a rapid rate during the forecast period, due to the increase in the demand for aluminum welding wires for repair and maintenance activities across all end-user industries due to the support of various initiatives.”
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the global aluminum welding wires market in Europe:
- Increase in demand for repair and maintenance
- Rising demand for power infrastructure
- Recovery of housing market in Europe
Increase in demand for repair and maintenance
There is an increase in the demand for aluminum welding wires for repair and maintenance applications in various segments, especially the automotive and infrastructure segments. Various initiatives undertaken by the organizations are boosting the market for repair and maintenance. For instance, the EU-funded project Long Life Bridges helps public authorities in evaluating whether to maintain, repair, or rebuild a specific bridge by developing new models to calculate the true safety of bridges more accurately. The increase in vehicle fleet too will eventually lead to an increase in the need for maintenance and repairs, thus, driving the demand for aluminum welding wires.
Rising demand for power infrastructure
Growing investments in the electric power infrastructure in Europe will drive the demand for welding consumables in the region. For instance, the demand for electric vehicles has increased from 40,745 in the first quarter of 2014 to 72,201 units in the first quarter of 2015. The EU has also allocated USD 36 million to develop electric vehicle charging infrastructure across the Netherlands. The rise in the demand for electric cars and continuous R&D in this sector should boost the demand for electricity, thereby fostering the growth of the aluminum welding wires market.
Furthermore, utilities are expected to execute equipment upgrades to the tune of USD 1.11 trillion by 2020 as the aging power generation and distribution infrastructure is unable to meet the current demand for electricity supply. Such upgrades and refurbishments should boost the demand for electricity infrastructure, thereby creating the demand for aluminum welding wires as they play a major role in transmission and distribution of electricity.
“In addition, the increase in demand for renewable energy is also providing potential growth opportunities for aluminum welding wires,” says Mahitha.
Recovery of housing market in Europe
The housing market in Europe is experiencing a steady recovery from the impact of the economic recession of 2009 and 2012. In 2015, housing prices in Sweden experienced a high annual growth rate of 15%, and Turkey had an annual growth rate of 7.19%. This growth is indicative of the growing investments in the housing market in these countries. It also signifies that there are opportunities for growth in the residential end-user segment for the aluminum welding wires market.
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