Solid Wires Market – Forecasts and Analysis by Technavio

September 28, 2017

LONDON–(BUSINESS WIRE)–#Research–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:

Automotive
Construction
Aerospace
Shipbuilding
Others

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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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