From buildings and bridges, to planes, trains and automobiles, much of what holds our world together requires a weld. According to to Zion Market Research, the global market for welding products continues to expand, fueled by growth in end-use industries like infrastructure development and manufacturing.
In a recent press release, Zion Market Research projected the welding market will expand at a CAGR of 7.5% between 2017 and 2022 and reported the global welding products market reached $20.67bn in 2016. By 2022, Zion expects it to grow to $32.63bn.
With manufacturing representing a 73% share of the US industrial gas business, according to Intelligas Consulting, Zion’s projection of strong demand for welding products in manufacturing is good news for gases and hardgoods suppliers. The company’s expectation of increased demand for welded steel in the construction industry also bodes well for industrial gas producers and distributors.
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