San
Francisco, 26 September 2018 - According to a report published by Grand View
Research, Inc.; the heat-treating market is likely to reach a valuation of around USD122.34 billion by
2025.
Growing application in several sectors including aerospace,
machining, construction, automotive, and electrical and electronics can propel
the market during the forecast period (2014 to 2025).
Automotive and aerospace industries are expected to
play crucial role in boosting demand for these services in the coming years.Demand
for these services in automotive and aerospace are expected to increase due to
high demand for commercial vehicles and rising air passenger traffic.Several
components of automobile suffer with heavy stress and therefore requires better
durability. Thus, efficient treating process can enhance the mechanical
performance.
However, usage of conventional technology and
processing methods by the small and medium manufacturers in developing
countries is likely to hinder the market growth.
Worldwide heat-treating market can be segmented on
the basis ofmaterial, process, equipment, application, and region.
As per material, the market can be bifurcated into steel,
cast iron, and others.Aluminum sector is likely to show high growth in the
years to come. Increasing demand for lightweight components coupled with hightensile
strength for airplane and automobiles in order to cut primary and secondary weight
is expected to increase demand for aluminum.Steel segment dominated the market
earlier, still the segment is expected to drop its position during the forecast
period. This can be attributed due to rising use of aluminum and other metal to
manufacture components in aerospace and automotive industries. Cast iron
material is expected to show sluggish growth over the forecast period due to use
of other metals such as aluminum, titanium, nickel, and copper in several end-use
industries.
Based on process, the market can be categorized into
hardening and tempering, annealing, case hardening, normalizing, and others.In
2016, case hardening segment estimated for over 25.0%. the process is expected
to exhibit high growth due to growing use of case hardening process like carburizing,carbonitriding,
and cyanidingin wide range of end-use applications.
On the basis of equipment, the market can be classified
into fuel-fired furnace, electrically heated furnace, and others.
As per application, the market can be split intoaerospace,
automotive, metalworking, machine, construction, and others. In 2016,automotive
segment estimated for the largest market share and likely to continue this
trend over the forecast period. Rising production of vehicles andincreasing
demand for fuel-efficient cars and light commercial vehicles is expected to
boost the segment.
Geographically, the market can be divided into North
America, Asia Pacific, Europe, Central & South America, and Middle East
& Africa.
In 2016, Asia Pacific accounted for the largest
revenue share and likely to grow at a CAGR of 3.9%. Rising growth ofconstruction,
aerospace, and automotivesectors across majordeveloping countries such as
China, Indonesia, and Indiaare likely to increase demand for these services in
the region. Aerospace application in the region is likely to show highest
growth in the region in the coming yearsdue to growing manufacturing of
airplane parts and systems in developing countries such as China and India.
Rapid infrastructure development in the region is also expected to boost
construction activities. This is expected to increase the demand for these
services over the forecast period.
The U.S. is expected to support the market growth in
North America. The automotive and aerospace industry are recognized as the
major driversfor the market growth in the region.Additionally,growing production
of automobile as well as other manufacturing activities in Mexico is expected
to boost the demand in the years to come.
Some of the major companies in the market includeSolar
Atmosphere Inc.; Bohler Uddeholm; American Metal Treating Inc.; Bodycote Heat Treatments
Ltd.; and Ajax Tocco International Ltd. Participants in the market are
increasingly adopting vertical integration across the value chain. The
companies are focusing on incorporation of heat treatment conveniencesinside
the automobile manufacturing facilities. The vendors are also emphasizing on technological
collaborations, mergers, and acquisitions betweenfurnace manufacturers.
Full
Research Report On Global Heat Treating Market By Grand View Research:
www.grandviewresearch.com/industry-analysis/heat-treating-market
www.grandviewresearch.com/industry-analysis/heat-treating-market
Further
key findings from the report suggest:
- The heat treating market was valued at USD
90.73 billion in 2016 and is expected to exhibit a CAGR of 3.5% from 2017
to 2025. The market is primarily driven by increasing demand for metal treatment
services from key end-use verticals
- The cast iron material segment was valued at
USD 9.43 billion in 2016 and is projected to witness comparatively slower
growth over the forecast period. This can be attributed to increasing use
of other metals such as aluminum, copper, titanium, and nickel in various
end-use industries
- In 2016, the case hardening process segment was
valued at USD 23.99 billion, expanding at the highest CAGR of 3.7% over
the forecast period. This growth can be attributed to increasing use of
carburizing for surface hardening as opposed to conventional hardening
- Asia Pacific dominated the global market in
terms of revenue; the market was valued at USD 34.21 billion in 2016 and
is projected to expand at a CAGR of 3.9%. Rapid growth in key end-use
industries across emerging economies of India, China, Indonesia, and Vietnam,
among others is expected to benefit regional market growth over the
forecast years
- Key industry participants are engaged in
technical collaborations, mergers with furnace manufacturers, and
strategies to expand geographical reach in order to increase profit
margins and application portfolios.
Browse More
Reports Of This Category By Grand View Research:
www.grandviewresearch.com/industry/hvac-and-construction-technologies
www.grandviewresearch.com/industry/hvac-and-construction-technologies
Grand View Research has segmented the global heat treating market on the
basis of material, process, equipment, application, and region:
Heat
Treating Material Outlook (Revenue, USD Million, 2014 - 2025)
- Steel
- Cast
iron
- Others
Heat
Treating Process Outlook (Revenue, USD Million, 2014 - 2025)
- Hardening
& tempering
- Case
hardening
- Annealing
- Normalizing
- Others
Heat
Treating Equipment Outlook (Revenue, USD Million, 2014 - 2025)
- Fuel-fired
furnace
- Electrically
heated furnace
- Others
Heat
Treating Application Outlook (Revenue, USD Million, 2014 - 2025)
- Automotive
- Aerospace
- Metalworking
- Machine
- Construction
- Others
Heat
Treating Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North
America
- U.S
- Europe
- Germany
- U.K.
- Asia
Pacific
- China
- India
- Japan
- Central
& South America
- Brazil
- Middle
East & Africa
- South
Africa
Access
Press Release Of This Research Report By Grand View Research:
www.grandviewresearch.com/press-release/global-heat-treating-market
www.grandviewresearch.com/press-release/global-heat-treating-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More
Information: www.grandviewresearch.com
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