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The global welding wires market size is expected to reach USD 14,636.7 Million by 2026. The rising implementations of advanced technologies such as hybrid MIG welding technology is a key factor driving the market, says Fortune Business Insights in a report, titled “Welding Wires Market Size, Share & Industry Analysis, By Type (Metal Inert Gas (MIG) Wire, Tungsten Inert Gas (TIG) Wire and Others), By Industry (Automotive, Building & Construction, Oil & Gas and Others) and Regional Forecast, 2019-2026.” The market was valued at USD 9,678.4 Million in 2018 and is anticipated to rise at a CAGR of 5.4% between 2019-2026.
As per the report, on the basis of type the market is segmented into metal inert gas (MIG) wire, tungsten inert gas (TIG) wire and others. The metal inert gas (MIG) wire is expected to account for maximum share in the welding wires market owing to its high tensile strength for the welding process.
MIG wire serves as both heat source and filler metal for thin sheet and thick section components welding. This factor will further aid the growth of the segment. MIG accounts for more than 50% of its usage in most industrial sectors as it offers flexibility and is suitable for mechanization. Furthermore, MIG wire welding has its application in the fabrication division for manufacturing and sheet metal work.
Increasing Construction Activities and Infrastructural Development Witnessed Globally Will Ssupport Growth
The increasing construction & infrastructure activities and rising urbanization are factors the will facilitate welding wires market growth. The surge in construction projects undertaken by various governments will aid manufacturers during the forecast period. For instance, as per the data shared by the International Trade Administration (ITA), over 15,000 projects worth approximately USD 791 Million are at various stages of completion.
The surge in foreign direct investments (FDI) in Middle Eastern countries from developed nations will create lucrative growth opportunities for the market. According to Abu Dhabi Executive Council’s circular, the government of Abu Dhabi amended a contract for the payment of subcontractors within 30 days of government payments, enhancing construction facilities without hampering the overall growth of the construction industry.
Advancement in Automotive Sector Will Propel Growth in Asia Pacific
As per the report, on the basis of geography the global market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. The Asia Pacific market was valued at USD 3,446.4 million in 2018 and is expected to remain dominant during the forecast period owing to the robust development in the infrastructure and automotive sector in countries such as India and China.
China is the key regional market of automotive and construction sector development with growing foreign direct investments. North America is predicted to witness significant growth during the forecast period. The increasing expansion of aerospace and defence, construction, and automotive sectors is predicted to boost the market in North America.
The market is expected to witness stable growth in Europe, Middle East, and Africa, and Latin America owing to the rising demand for welding wires in the regions. The automobile industry in the Middle East will witness high growth due to the steady rise of household disposable income in the region. This factor will enable the growth of the welding wires market in the region. According to the Automotive Association Middle East and North Africa (AMENA), Toyota sold approximately 2,896,848 vehicles over the period of 2014 to 2018 in the GCC countries
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/welding-wires-market-101597
The Global Welding Market Is Segmented Into:
Value (USD Million)