Heat Treatment Market size is anticipated to surpass USD 120 billion by 2027, according to a new research report by Global Market Insights Inc.
Increasing demand for heat-treating products in the automotive industry, specifically in developing regions, will augment the industry growth. Heat treatment technology has gained popularity over the years due to its high tensile strength & thermal stability, durability, and excellent performance building capacity. The automobile sector is likely to dominate the overall market owing to the increasing adoption of aluminum body parts and steel structural parts to improve fuel efficiency and maintain environmental norms. Major automotive parts manufacturers are focusing on lightweight materials for exterior and interior applications to achieve structural integrity.
Furthermore, favorable government policies and regulations will gradually drive heat treating market demand. European countries have adopted various policies under the EU regulations to minimize CO2 emission by 2030, which will further foster the demand for light commercial vehicles. Moreover, rapid economic activities in the developing regions are poised to proliferate the demand for passenger & heavy-duty vehicles and significantly influence the business expansion.
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The recent COVID-19 pandemic has negatively impacted business growth owing to disruptions in the supply chain, temporary production halting, and frequent project cancellations. Governments & regulatory bodies have imposed lockdowns and several restrictions to combat the situation. Nevertheless, rapid vaccination policies and government initiatives to ameliorate economic conditions will showcase a steady recovery of the industry.
Browse key industry insights spread across 130 pages with 156 market data tables & 23 figures & charts from the report, “Heat Treating Market Size By Material Type (Steel, Cast Iron), By Process (Carburizing, Nitriding, Hardening, Tempering, Normalizing, Annealing), By Equipment Type (Electrically Heated Furnace, Fuel-Fired Furnace), By Application (Automotive, Aerospace & Defense, Machinery, Construction & Infrastructure, Metals), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Cast iron to achieve significant heat treatment market share
Cast iron generated more than USD 11 billion in 2020 and is estimated to exhibit steady growth through 2027. The annealing process is commonly applied for cast iron to reduce internal stress and improve machinability. The growing demand for cast iron can be ascribed to its numerous applications in various end-use industries including automotive, construction, mining, and energy.
Electric furnaces will exhibit sustainable growth
Based on equipment type, electrically heated furnace is predicted to witness 4.3% CAGR till 2027. Electric furnaces can operate at elevated temperatures and are effective in specific heat treatment applications. Factors including high stability, zero electrochemical effect on metal components, and significant reduction of thermal processing costs will create opportunities. Moreover, energy and ecological concerns will further enhance its applicability and fuel the overall heat treatment market revenue.
Annealing will spur the process segment
The annealing process held a significant market share in 2020 and is expected to be valued at above USD 14 billion by 2027. The annealing process alters the microstructure of metallic materials by changing their electrical and mechanical properties. Growth of the segment is majorly attributed to widespread applications in the metals industry owing to an effective reduction in hardness & internal stresses and subsequent improvement of the product performance.
Increasing demand from base metal and metal items
The metals segment is set to register growth rate of more than 3.5% up to 2027. Heat treatment processes are widely applicable in the metals industry due to the enhanced physical & chemical properties of the materials. Rising demand for industrial tools & equipment, machining parts, structures, etc., will further stimulate the heat treatment market statistics.
North America will proliferate the overall industry
North America for accounted over 25% share in 2020 and is projected to showcase considerable growth through 2027. Rapid technological developments in various end-user industries such as automotive, aerospace & defense, building & construction, etc., across the region will complement the business growth. Countries include the U.S. and Canada are actively adopting lightweight vehicles to maintain fuel emission norms by 2025.
Merger & acquisition will show a competitive advantage
Key heat treating market players are Bodycote Heat Treatments Ltd., Bluewater Thermal Solutions, Metcor Inc., Specialty Steel Treating, Euclid Heat Treating, Advanced Heat Treatment Corporation, Nitrex, Houston Heat Treat, Avdhoot Heat Treat Pvt Ltd., Team Inc., Peters Heat Treating Inc., Summitglow Ltd., Thermex Metal Treating Ltd., Advanced Heat Treat Corp., Metal Heat Co., Ltd., and Premier Thermal Solutions LLC. The industry is highly competitive and leading players are adopting several business strategies to improve their footholds.