Global aluminum welding wire market forecast to grow at CAGR of 6.25 percent from 2017-2021

According to a recent report from Research and Markets, Dublin, analysts forecast the global aluminum welding wire market to grow at a CAGR of 6.25 percent during the period from 2017 to 2021.

Commenting on the report, an analyst from the research team said, "One trend in market is inclusion of Ti and Sr in ER4043 aluminum alloy welding wire. The inclusion of Ti and Sr in ER4043 aluminum welding wire pertaining to its microstructure has proven to change the eutectic silicon morphology and has led to the development of ER4043 aluminum rods properties. The proportional addition of Sr refines the process, thereby resulting in enhanced properties for the aluminum welding wires."

One market driver is the increasing demand for lightweight vehicles. The global demand for aluminum has been on the rise with the growing demand for lightweight vehicles that use materials such as aluminum as a welding material to bring down the overall weight of a vehicle. The implementation of stringent global standards, such as the national pollution-control standards set by the U.S. Department of Transportation or the U.S. Environmental Protection Agency, also has fueled demand for the second most chosen material after steel. It is used for applications in building and construction, electrical, machinery, automotive, and transportation.

One market challenge is price competition from China.

The full report can be found here.