Welding products market to reach $19.7 billion by 2025
The global welding products market is projected to reach a market size of $19.7 billion by 2025, according to a new report by Grand View Research Inc., San Francisco, with growth driven by rising demand from the Asia Pacific region.
Increasing investments in infrastructure development, especially in emerging economies such as China and India, are fueling the demand for advanced technology, which in turn is leading to the growth of the market. Asia Pacific is expected to have higher growth rates, with rising demand from the automotive sector in these countries.
Asia Pacific dominated the global market in 2015 with estimated revenue of $3.88 billion, with significant growth from end-user industries expected in the near future. China is projected to have rising demand and to continue market domination through rapid urbanization and industrialization and favorable government policies for infrastructure development.
Worldwide, building and construction dominate the welding equipment market. Other key applications include transportation and automotive and marine. The global automotive application segment is projected to have a CAGR of more than 4 percent from 2016 to 2025.
To view the full report, "Welding Products Market Analysis, By Technology (Arc, Resistance, Oxy-fuel, Laser Beam), By Product (Stick Electrodes, Solid Wires, Flux-cored Wires), By End Use (Transportation & Automobiles, Building & Construction), And Segment Forecasts, 2013 – 2025," visit www.grandviewresearch.com/industry-analysis/global-welding-products-market.