The market overview of Heat treatment of metal
According to a new analysis, the worldwide heat treatment market is estimated to reach USD 122.34 billion by 2025, with a 3.5 percent CAGR during the forecast period. Over the forecast period, increasing penetration of metal treatment services in automotive, aerospace, construction, energy, and metalworking industries is likely to be a major market driver.
What is the backbone of the metal industry?
The metal heat treatment business relies heavily on steel. Steel's increasing use in construction and machining applications is expected to boost segment growth in the coming years. Aluminium, iron, copper, and nickel are some of the other metals that are often employed. Aluminium is predicted to rise significantly due to the metal's increasing use in the aerospace and automotive industries. Hardening and tempering, case hardening, and annealing are the most frequent heat treatment methods. Due to the increased popularity of carburizing, nitriding, and carbonitriding for surface hardening in metalworking and machining applications, case hardening is predicted to grow significantly over the projection period.
The rise of the automotive industry with Heat treatment of Metal as their flagship application
In 2016, the automotive industry became the most prominent application segment in terms of market share. However, due to a rapidly rising aerospace industry in emerging economies around the world, aerospace is predicted to grow at the fastest rate during the next eight years. Bluewater Thermal Solutions, Bodycote Heat Treatments Ltd., Summitglow Ltd., Ajax Tocco International, and Metcor Inc. are among the companies in the industry that manufacture furnaces, provide treatment services, and operate surface treatment facilities.
The following are some of the report's other main findings:
- In 2016, the heat treating market was worth USD 90.73 billion, and from 2017 to 2025, it is predicted to grow at a CAGR of 3.5 percent. Increased demand for metal treatment services from key end-use verticals is driving the market.
- The cast iron material segment was worth USD 9.43 billion in 2016 and is expected to develop at a slower rate over the next few years. This is due to the increased usage of other metals in many end-use sectors, such as aluminium, copper, titanium, and nickel.
- The case hardening process industry was worth USD 23.99 billion in 2016, and it is expected to grow at a CAGR of 3.7 percent over the projected period. This increase can be due to the increased usage of carburizing for surface hardening rather than traditional hardening methods.
- In terms of revenue, Asia Pacific dominated the global industry; the market was valued at USD 34.21 billion in 2016 and is expected to grow at a CAGR of 3.9 percent over the next five years. Over the forecast years, rapid growth in major end-use sectors across emerging nations such as India, China, Indonesia, and Vietnam is expected to promote regional market growth.
- Technical alliances, mergers with furnace manufacturers, and plans to expand geographical reach are all being pursued by key industry participants in order to boost profit margins and application portfolios.
Heat Treating Material Outlook (Revenue, USD Million, 2014 - 2025)
Heat Treating Process Outlook (Revenue, USD Million, 2014 - 2025)
- Hardening & tempering
- Case hardening
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