Heat Treating Market: Segmented: By Material (Steel, Cast Iron, and Others), By Process (Hardening and Tempering, Case Hardening, Annealing, Normalizing, and Others), By Equipment (Fuel-Fired Furnace, Electrically Heated Furnace, and Others), By Application (Automotive, Aerospace, Metalworking, Construction, and Others) And Region - Global Analysis of Market Size, Share & Trends For 2021-2022 And Forecasts To 2032
[170+ Pages Research Report] Heat Treating Market to surpass USD 153.29 billion by 2032 from USD 98.8 billion in 2021 at a CAGR of 4.1% in the coming years, i.e., 2022-32.
Heat Treating is a procedure in of heating and cooling the metals in order to achieve the desired properties. Heat Treating improves strength, formability, corrosion resistance, and durability of metals and are used to manufacture parts of aircraft, automobiles, heavy equipment, spacecraft and others. Hardening and tempering, annealing, tempering, case hardening, and normalizing are some of the common processes of heat treatment. The equipment type utilized is fuel fire furnace and an electrically heated furnace. Axes, fasteners, bearings, cutting tools, saws, axles, gears, laminations, camshafts and crankshafts require heat treating process.
Global Heat Treating market is expected to project a notable CAGR of 4.1% in 2032.
Flourishing automotive industry, growing demand from aerospace and construction industries, rise in disposable income, and growing industrialization in emerging economies are fueling the growth of Global Heat-Treating market.
Steel segment holds the largest market share
Global Heat Treating market is classified on the basis of material into Steel, Cast Iron, and Others. Steel segment is dominating the market with the largest market share. The growth is attributed to the growing use in various industries across the economies. Steel is preferred as it is lightweight and has high tensile strength properties and is utilized in many machining applications. Rising demand in emerging nations is also contributing to the growth of Steel segment.
Automotive segment holds the largest market share
Global Heat-Treating market is classified on the basis of application into Automotive, Aerospace, Metalworking, Construction, and Others. Automotive segment is dominating the market with the largest share and is expected grow at noteworthy rate during the forecast period. The growth is attributed to the rising production of lightweight vehicles and increasing demand of electrical vehicles along with the growing disposable income of individuals.
Expansion of Automotive Industry
The flourishing automotive industry is driving the growth of Global Heat-Treating market. Heat treatment is used for customizing properties of metals as it increases the durability and strength of various automobile parts and components. Rising demand for lightweight components in automobiles to improve operational efficiencies is inducing adoption of heat-treating processes. Heat treatment is utilized in EVs for laminations, shafts, AC and DC motors, and bearings. Moreover, rapid production and increasing demand for new vehicles along with the rising disposable income of individuals will contribute to the growth of Heat Treating market.
Growing Demand from Various End-Use Industries
Heat treatment is widely used in different end-use industries such as construction, aerospace and metal working industries which is driving the growth of the market. Growing inclination of passengers towards air travel has induced the demand for various aerospace components. Growing construction activities and infrastructural developments across the world are boosting the demand of heat treatment processes. Furthermore, rising investments and manufacturing activities in emerging economies are creating opportunities for the market growth.
Energy Inefficiency and Environmental Concerns
Heat treatment processes requires high amount of energy for its operations which is a major factor restraining the market growth. Heat Treating equipment such as fuel-fired furnace has negative impact on environment which is hindering the growth of the market.
Global Heat Treating market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Asia Pacific is dominating the global market with the largest share. Rising industrial activities and infrastructural development projects in the region are fueling the market growth. Rapid growth in the automotive sector, high investments in manufacturing industries and rising disposable income of individuals are boosting the growth of the market.
Coronavirus pandemic has adversely affected the economies around the globe. Nationwide lockdown regulations were imposed in many countries to control the spread of the virus and social distancing norms were strictly followed by the citizens. The pandemic disrupted the supply chains and procurement of raw materials. Automotive sector was badly affected by the covid-19 with sharp decline in manufacturing and demand from consumers. Covid-19 had a negative impact on Global Heat Treating market. However, the market is expected to grow significantly in the post-pandemic scenario.
Heat Treating Market is further segmented by region into:
Heat Treating Market Segments:
|Market size value in 2021
|USD 98.8 billion
|Revenue forecast in 2032
|USD 98.8 billion
|CAGR of 4.1% from 2022 to 2032
|Base year for estimation
|Revenue in USD million and CAGR from 2022 to 2032
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
|Material, Process, Equipment, Application, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|Bluewater Thermal Solutions LLC, Bodycote Heat Treatments Ltd., American Metal Treating Inc., East-Lind Heat Treat Inc., General Metal Heat Treating, Inc., Peters Heat Treating Inc., Euclid Heat Treating, Pacific Metallurgical, Inc., Metcor Inc., Nabertherm GmbH, Avdhoot Heat Treat Pvt Ltd., Unitherm Engineers Limited, SECO/WARWICK Allied Pvt. Ltd., Houston Heat Treat, Summitglow Ltd., and Other Prominent Players
Global Heat Treating market size was estimated at USD 98.8 billion in 2021 and is expected to reach USD 153.29 billion in 2032.
Heat Treating is a procedure in of heating and cooling the metals in order to achieve the desired properties. Heat Treating improves strength, formability, corrosion resistance and durability of metals and are used to manufacture parts of aircrafts, automobiles, heavy equipment, spacecraft and others.
Steel, Electrically Heated Furnace, and Automotive segment accounted for the largest Global Heat Treating market share.
Key players: Bluewater Thermal Solutions LLC, Bodycote Heat Treatments Ltd., American Metal Treating Inc., East-Lind Heat Treat Inc., General Metal Heat Treating, Inc., Peters Heat Treating Inc., Euclid Heat Treating, Pacific Metallurgical, Inc., Metcor Inc., Nabertherm GmbH, Avdhoot Heat Treat Pvt Ltd., Unitherm Engineers Limited, SECO/WARWICK Allied Pvt. Ltd., Houston Heat Treat, Summitglow Ltd., and Other Prominent Players are the key players in the Global Heat Treating market.
Expansion of Automotive Industry and Growing Demand from Various End-Use Industriesare the factors driving the Global Heat Treating market.
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