Heat Treating Market Size

Heat Treating Market Size

Heat Treating Market size exceeded USD 90 billion in 2020 and is projected to grow at over 3.7% CAGR from 2021 to 2027. The growing aerospace & defense sector coupled with an increasing metals industry will propel the demand.

The aerospace industry in recent times has witnessed tremendous growth led by the rising number of passengers opting for air travel. The growing middle-class population and increasing disposable incomes in many Asia Pacific countries will further boost demand for air travel. Moreover, better regional connectivity and modern infrastructure will positively impact the aerospace industry. The growing air travel has resulted in various airlines booking new & used aircraft to meet the rising demand.

To get key market trends

  Download Free Sample

Furthermore, the growing military confrontation around the world is anticipated to augment the demand for defense hardware. Recently, China has increased its military spending by 6.8%, reaching USD 200 billion. Moreover, the rising tension in West Asia is expected to catapult the production of military equipment for combat purposes.

The rising demand for various industrial equipment and machine is another factor driving the heat treatment industry. The growing economies of China, India, Vietnam, Brazil, etc., are likely to observe significant growth in their economies. The industrial sector in these countries is set to become more competitive and export-oriented.
 

The high cost associated with setting up heat treatment units is predicted to have a negative impact on the product demand. The requirement for a skilled labor force to deal with heat-processed metals & alloys is anticipated to be challenging for the heat treating market.