LONDON--(BUSINESS WIRE)--The aluminum welding wires market is expected to grow by 55.07 K MT during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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The growing stringency of regulations on vehicle emissions has led to an increase in the demand for lightweight and fuel-efficient vehicles. Hence, automobile manufacturers are continuously working on lowering emission levels by improving driving dynamics and improving the fuel efficiency of their vehicles. This is increasing the use of aluminum in the automobile industry for a variety of applications ranging from sheets for the vehicle body to welding materials. Aluminum is lightweight, corrosion resistant, and recyclable. Therefore, the rising demand for lightweight vehicles is expected to fuel the growth of the global aluminum welding wires market during the forecast period.
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As per Technavio, the increase in demand for welding wires for repair and maintenance will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Aluminum Welding Wires Market: Increase in Demand for Welding Wires for Repair and Maintenance
The market is witnessing an increase in the demand for welding wires for repair and maintenance from various end-user industries, especially from the automotive and infrastructure segments. For instance, the increase in the sale of new vehicle models worldwide is leading to a higher requirement for maintenance and repair services. Besides, the growing investment in electric power infrastructure is expected to significantly increase the demand for welding consumables. For instance, the EU has allotted USD 36 million to develop electric vehicle charging infrastructure across the Netherlands to support the rising adoption of EVs in the region. Similarly, in 2018, the US invested nearly USD 50 billion for replacement, upgrade, and expansion activities across the country. Many such factors are expected to have a positive impact on the growth of the global aluminum welding wires market during the forecast period.
“Rising demand for power infrastructure and rapid industrialization and urbanization will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Aluminum Welding Wires Market: Segmentation Analysis
This market research report segments the aluminum welding wires market by end-user (automotive and transportation, construction, and others) and region (APAC, Europe, MEA, North America, and South America).
The APAC region led the aluminum welding wires market in 2019, and the region is expected to register the highest incremental growth due to the increased sales of lightweight vehicles in Australia and South Korea.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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