Global Heat Treating Market to Reach US$ 127.0 Billion by 2028, Propelled by Growing Production of Automobile Components

March 17, 2023 | Chemical & Materials

According to the latest report by IMARC Group, titled “Heat Treating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global heat treating market size reached US$ 100.6 Billion in 2022. Heat treating process involves the processing of both ferrous and non-ferrous metals by heating and cooling them to varying degrees throughout a certain extent of time. As a result of the treatment procedure, a material's physical and chemical properties can be altered. This method assists in optimizing the thermal and mechanical properties of a vast range of metals and obtaining the desired set of values of those properties for numerous metallic components. Microstructures are often improved with these processes, such as annealing, isothermal annealing, normalizing, spheroidizing, quenching, tempering, and austempering. Some of the most common heat treating equipment units include salt bath furnaces, batch type furnaces, vacuum furnace, deep freeze, and high-speed tool steels. It provides several advantages, including enhanced ductile strength, improved tensile strength, and higher level of durability.

Global Heat Treating Market Trends:

The global market is majorly driven by the rapid product utilization in the production of automobile components. This can be attributed to considerable growth in the automotive industry, resulting in increased vehicle sales. In line with this, an enhanced focus on sustainable development resulting in the higher uptake of electric vehicles (EVs) with DC and AC motors requiring specialized heat treatment is fueling the market growth. Moreover, the augmenting demand for heat-treated steel components in construction activities is also providing an impetus to the market. Besides this, the augmenting demand for metallurgical alterations in numerous heavy industry applications is impacting the market positively. Additionally, the rising adoption of heat-treating process in the biomedical sector to produce Nickel-Titanium (Ni-Ti) alloy-based coils and treat cerebral aneurysms is creating lucrative growth opportunities in the market. Continual technological advancements, such as the implementation of the industrial internet of things (IIoT) and smart systems for automating the heat-treating process, are also creating a positive market outlook. Some of the other factors contributing to the market include the expansion of the tourism sector, the rising volume of air traffic, considerable growth in the oil and gas industries, and extensive research and development (R&D) activities conducted by the key players. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 127.0 Billion by 2028, exhibiting a CAGR of 3.9% during 2023-2028.

Market Summary:

Based on the material, the market has been segmented into steel, cast iron, and others.
On the basis of the process, the market has been divided into hardening and tempering, case hardening, annealing, normalizing, and others.
Based on the equipment, the market has been categorized into fuel-fired furnace, electrically heated furnace, and others.
On the basis of the application, the market has been classified into automotive, aerospace, metalworking, construction, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Ajax TOCCO International Ltd, American Metal Treating Inc, Bluewater Thermal Solutions, Bodycote plc, East-Lind Heat Treat Inc., General Metal Heat Treating, Nabertherm GmbH, Pacific Metallurgical Inc, Seco/Warwick Inc., Thermax Limited, and Unitherm Engineers Limited.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Material, Process, Equipment, Application, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Ajax TOCCO International Ltd, American Metal Treating Inc, Bluewater Thermal Solutions, Bodycote plc, East-Lind Heat Treat Inc., General Metal Heat Treating, Nabertherm GmbH, Pacific Metallurgical Inc, Seco/Warwick Inc., Thermax Limited and Unitherm Engineers Limited
Customization Scope	10% Free Customization
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Global Heat Treating Market to Reach US$ 127.0 Billion by 2028, Propelled by Growing Production of Automobile Components

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