Heat Treating Market Analysis

Heat Treating Market Analysis

Steel material accounted for above 80% of the heat treating market share in 2020. The growing use of steel in various end-user industries and machining applications is positively impacting the product demand. Growing consumption of steel in various emerging economies to drive their industrial growth.

The fuel-fired furnace segment is predicted to reach USD 72 billion revenue by 2027. Fuel-fired furnace is the most common type of furnace system utilized in the heat treatment process. This is due to its low operating cost and easy maintenance. Growing demand for various metals and alloys from the construction industry owing to rising investments in the building & construction industry along with infrastructure development in various countries is supporting the market demand.

The hardening segment is estimated to register growth rate of around 3.2% through 2027. The primary intent of hardening is to strengthen the metal, which is then utilized in different end-user industries. The hardening process addresses the deficiencies by bringing metals and alloys into a reliable solution with fine particles to further strengthen the metals & alloys.
 

The automotive segment held more than one-third market share in 2020. The automotive sector is in the transition phase, various manufacturers are actively producing electric vehicles. The rising demand for electric vehicles is expected to spur the automotive industry in the coming years, which will have a positive impact on the market growth. Industry participants are increasingly becoming more competitive by launching new & improved vehicles. The rising middle-class population and increasing disposable incomes in many emerging economies are highlighted through the rising sales of automotive in these countries.
 

The Asia Pacific heat treatment market size is set to capture nearly USD 53 billion by 2027. The growth of industrial activities in these countries is increasing at a significant rate impelled by various government policies to further develop and strengthen their manufacturing activities. Various automotive companies in India have now started studying the scheme and redesigning & calibrating their production plans in the country to increase their automotive production.