LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global solid wires market is expected to grow at a CAGR of more than 4% during the forecast period.
This research report titled ‘Global Solid Wires Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The global solid wires market is expected to experience a steady growth during the forecast period. The majority of demand is expected from the automotive and construction sector. The automotive industry is a high-volume industry that requires high precision and accuracy when it comes to welded components. Hence, there is a critical demand for advanced technology welding equipment that serves the purpose by efficiently producing high-quality welded parts for cars, semi-tractor trailers, trucks, agricultural vehicles, specialty vehicles, among others. This sector is expected to witness large-scale welding operations for aluminum alloys and components as global automobile manufacturers are slowly shifting their focus on manufacturing lightweight vehicles.
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Technavio’s heavy industry research analysts categorize the global solid wires market into the following segments by end-user. They are:
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The top three revenue-generating end-user segments of the global solid wires market are discussed below:
Global solid wired market by automotive
The automotive sector has been a major determinant behind various technological upgrades in welding equipment and the process as a whole. Stringent requirements for reliability, quality, and precision has led to the incorporation of robotics and automation technologies in welding processes in the automotive sector, thus enabling high levels of accuracy and competence in the welding of automotive parts.
According to Gaurav Mohindru, a lead tools and components research analyst from Technavio, “The automotive industry involves the design, manufacture, and sales of motor vehicles globally. It has become an important economic sector for generating revenue. The increasing use of automobiles globally in recent years has helped in the steady growth of the automotive industry, and thereby have a positive impact on the global solid wires market.”
Global solid wires market by construction
The construction sector uses welding consumables, such as stick electrodes and welding wires, comprehensively. Welding consumables have become an essential part of the construction industry. Welding helps in forming many integral parts that are used in the construction of bridges, buildings, pipelines, and massive offshore oil and gas rigs.
“Significant opportunities in construction activities are now available in emerging economies of APAC. The most important countries include Vietnam, the Philippines, and Indonesia because these nations invest billions of dollars in the construction market. These investments are expected to grow annually at around 6% in the next five years. With the increase in construction activities, there will be ample demand for steel. This is expected to drive the demand for solid wires during the forecast period,” adds Gaurav.
Global solid wires market by aerospace
The aerospace industry is another major end-user in the welding consumables market, where welded components are widely used in building a defense and commercial aircraft. The structural strength reliability is a very important parameter in the design and manufacture of an aircraft. The industry primarily demands high strength-to-weight ratio materials and consequent welding to assemble components, such as wing roots, bulkheads, hinges, engine mounts, spars, brackets, beams, landing gear cylinders and struts, wheels, and brake carriers.
The commercial passenger aircraft sector experienced a strong revenue growth in 2016, owing to high production levels, mainly driven by growing passenger traffic and the demand for next-generation aircraft. Thus, the steady increase in the number of commercial aircraft fleet and the recent rise in global defense budgets are expected to have a significant impact on the aerospace industry and thereby have a positive influence on the global solid wires market.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Colfax (ESAB)
- Hyundai Welding
- Illinois Tool Works (ITW)
- The Lincoln Electric Company
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