According to the latest report by IMARC Group, titled “Heat Treating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global heat treating market size reached US$ 96.9 Billion in 2021. Heat treating refers to a controlled process of heating and cooling ferrous and non-ferrous metals by using specific predetermined methods to obtain desired chemical, physical, and mechanical properties. This treatment is employed to alter the microstructure of metals and alloys, thereby assisting in improving the durability, performance, and cost-effectiveness of the material. Heat treatment involves several stages, such as heating the metal slowly at uniform temperature, soaking it for an allotted period of time, and then cooling the material at room temperature. It is primarily used to manufacture other materials and components of automobiles, aircraft, and heavy equipment as it aids in increasing ductility and strength, improving brittleness, enhancing electrical and magnetic properties, and relieving stress, thereby making the material easier to weld or machine.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Heat Treating Market Trends
One of the key factors driving the global heat treating market is the increasing need to alter the composition of metals to produce a customized product for several end-use applications. For instance, in the automotive and aviation industries, heat treating services are used to enhance the effectiveness of vehicular components, which is supporting the market growth. This can also be attributed to the rising volume of air traffic, better regional connectivity, and the establishment of modern air routes. Additionally, rapid urbanization and industrialization, particularly in emerging economies, have prompted governments to continuously invest in infrastructure projects and construction of modern homes. This, in turn, is facilitating the demand for mechanical tools and equipment that can be heat-treated to offer high-quality and tolerance. Moreover, heat treating is widely being adopted in the biomedical sector to produce Nickel-Titanium (Ni-Ti)-based coils as it assists in improving the machinability, surface properties, strength, and thermomechanical behavior of the metal, thereby contributing to its market growth. Apart from this, key players are continuously investing in research and development (R&D) activities to engineer a smart system for automating the heat treating process, such as incorporating sensors, algorithms, a control unit, and drive circuit, which Is projected to drive the market further. Looking forward, the market is expected to grow at a CAGR of 4.1% during 2022-2027.
- Based on the material, the market has been divided into steel, cast iron, and others.
- On the basis of the process. the market has been classified into hardening and tempering, case hardening, annealing, normalizing, and others.
- Based on the equipment, the market has been segmented into fuel-fired furnace, electrically heated furnace, and others.
- On the basis of the application, the market has been divided into automotive, aerospace, metalworking, construction, and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Follow us on twitter : @imarcglobal