World News: 14:31 GMT Friday 12th July 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, July 12, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global welding products market size is expected to reach USD 20.48 billion by 2025It is anticipated to expand at a CAGR of 5.7% during the forecast period. Surge in demand for welding products, particularly from building and construction and automotive industry, is expected to contribute to the overall growth.The market is majorly driven by growing demand from construction industry. Rapid urbanization and infrastructure development are the key factors propelling the growth of the construction industry, which in turn is projected to boost the demand for welding products. Welding technology is extensively used in the construction of pipelines, bridges, buildings, and other engineering projects for infrastructure development.Welding products are consumed in various applications such as construction and building, transportation and automotive, marine, oil and gas, and others. 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 market growth. Asia Pacific is expected to witness a high CAGR owing to the rising demand from the automotive sector in these countries coupled with increased awareness pertaining to high-quality automotive components.Asia Pacific led the global welding products market in 2018 and is projected to continue its dominance, progressing at a CAGR of 6.6% over the forecast period. Robust growth in applications in emerging economies such as China and India is a prominent factor driving the demand for welding products. China is the key market for welding products in Asia Pacific, which accounted for a revenue of USD 1.95 billion in 2018. The market growth is highly dependent on the growth of its application areas.
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Related Topics: Building Materials
Globe Newswire: 14:31 GMT Friday 12th July 2019
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