Aluminum Welding Wires Market - Drivers and Forecasts by Technavio

Technavio has published a new report on the global aluminum welding wires market from 2017-2021. (Graphic: Business Wire)

LONDON--()--Technavio analysts forecast the global aluminum welding wires market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.

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.

Top vendors:

  • Air Liquide Welding
  • ESAB
  • Novametal
  • The Lincoln Electric Company
  • Voestalpine Böhler Welding

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com

Release Summary

Technavio analysts forecast the global aluminum welding wires market to grow at a CAGR of more than 6% during the forecast period, according to their latest report.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com