The research study covers the present scenario and growth prospects of the global aluminum welding wires market for 2017-2021. Technavio’s database and industry-specific repositories are used for defining the hypothesis for the study, which is further fine-tuned through primary research involving industry experts.
The global aluminum welding wires market is expected to grow at a consistent rate during the forecast period. Aluminum alloys are used for various applications in industries such as automotive and transportation, construction, ship building, and others. The 4043 alloy finds extensive use in applications involving a base material belonging to 6xxx series and most cast alloys. Another alloy belonging to the same family series, 4047, is widely used in welding of automotive components, heat exchangers, and body panels of cars and trucks.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global aluminum welding wires market:
Increasing demand for lightweight vehicles
The global demand for aluminum has been on the rise with the growing demand for lightweight vehicles that use materials such as aluminum as a welding material to bring down the overall weight of a vehicle. The implementation of stringent global standards, such as the national pollution-control standards set by the US Department of Transportation or the US Environmental Protection Agency, has also fueled demand for aluminum welding wires.
Chandrakumar Badala Jaganathan, a lead metals and minerals research analyst at Technavio, says, “Aluminum is identified as a versatile material and is the second most chosen material after steel. It is used for applications in different end-use industries, such as building and construction, electrical, machinery, automotive, transportation, and other machinery.”
Increase in demand for welding wires for repair and maintenance
There has been a considerable increase in the demand for aluminum welding wires for repair and maintenance applications in various sectors, especially the automotive and infrastructure segments. Various initiatives taken by organizations are helping to boost market growth for repair and maintenance applications.
“The increase in vehicle numbers also leads to a higher requirement for maintenance and repair services, driving the demand for aluminum welding wires. The global automotive industry is on the rise owing to increased digital demands and diverging markets,” adds Chandrakumar.
Rising demand for power infrastructure
Growing investments in electric power infrastructure will drive the demand for welding consumables market. For instance, in Europe, the demand for electric vehicles increased by 31,456 units from the first quarter of 2014 to the first quarter of 2015. The EU has allotted USD 36 million for the development of electric vehicle charging infrastructure across the Netherlands.
In North America, more than half of the transformers and transmission lines are nearing their replacement dates. The US invested approximately USD 50 billion in 2016 in replacements, upgrading, and expansion activities.
- Air Liquide Welding
- The Lincoln Electric Company
- Voestalpine Böhler Welding
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