A preview of Polaris Market Research & Consulting's latest report, which predicts a steady CAGR of 4.7% to reach $25.40 billion by 2034, has been published.
CAGR stands for Compound Annual Growth Rate. It’s a metric used to show the mean annual growth rate of an investment, business, or market over a specified period, assuming the growth happens steadily year over year.
At its core, the welding materials market owes much of its dynamism to the integration of automation and robotics. Industries like automotive and aerospace are increasingly adopting advanced materials like aluminum and composites to enhance fuel efficiency and reduce emissions. This demand for lightweight, high-strength materials has spurred innovation in both welding technologies and consumables. For instance, arc welding continues to dominate due to its versatility, while resistance welding sees rapid adoption in high-volume manufacturing settings like the automotive sector.
Geographically, Asia Pacific is leading the charge, with industrialization and infrastructure development driving demand in countries like China and India. Meanwhile, industries in North America and Europe are also investing heavily in advanced welding solutions for electric vehicles, energy infrastructure, and precision construction.
Source:
Polaris Market Research & Consulting
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