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Global welding products market is expected to reach $23.78 billion by 2020

Transparency Market Research, Albany, N.Y., has released "Welding Products Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 -2020.” According to the report, the global welding products market, valued at $17.47 billion in 2013, is expected to reach $23.78 billion by 2020.

Increasing demand for welding products from the automobile and construction industries is expected to augment market growth during the forecast period. The wind industry is a potential growth area for the welding products market as well, especially in emerging Asia-Pacific economies. However, the shortage of skilled labor in the manufacturing industries, as well as high labor costs, is expected to restrain market growth, especially in developed economies.

The Asia-Pacific region dominated the global welding products market in 2013, garnering more than 40 percent of the overall market. It was followed by Europe, which is expected to lose market share to the developing regions during the forecast period. The decline in market share can be ascribed to a shortage in the raw material supply and the economic crisis. North America and the rest of the world followed Europe with a combined share of about 32 percent in 2013.