The Heat Treating Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Heat Treating Global Market Report 2024, The heat treating market size has grown steadily in recent years. It will grow from $103.95 billion in 2023 to $109.06 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to growth in automotive industry, expansion of aerospace sector, increased demand in construction, advancements in metallurgy, rise in manufacturing of industrial machinery, increased utilization in energy sector..
The heat treating market size is expected to see strong growth in the next few years. It will grow to $132.87 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to globalization of supply chains, adoption of advanced materials, demand for high-temperature alloys, expansion of nuclear power industry, growing adoption of metal injection molding, rise in electric vehicle manufacturing, advancements in computational modeling.. Major trends in the forecast period include adoption of advanced heating technologies, integration of automation and industry 4.0, advancements in quenching and cooling technologies, r&d in novel heat treating methods, resurgence of investment in industrial infrastructure,
The growing automotive sector is expected to propel the growth of the heat-treating market going forward. Heat treatment is used in many items in the automotive industry to harden aluminum body parts and strengthen engine and drivetrain components. The increasing automobile manufacturing is expected to generate a high demand for this heat treatment. For instance, in May 2023, according to the European Automobile Manufacturers Association (ACEA), an Italy-based association, in 2022, 85.4 million motor vehicles were produced around the world, an increase of 5.7% compared to 2021. Similarly, the manufacturing of cars in India grew to 3.08 million units in 2021, compared to 2.43 million units in 2020. Hence, the growing demand from end-user industries is expected to drive the market.
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The heat treating market covered in this report is segmented –
1) By Material: Steel, Cast Iron, Other Material Types
2) By Equipment: Electrically Heated Furnace, Fuel-Fired Furnace, Other Equipment
3) By Process: Carburizing, Nitriding, Hardening, Tempering, Normalizing, Annealing, Other Processes
4) By End-Users: Automotive, Aerospace, Machinery, Construction, Metals, Other End-Users
Strategic partnerships and collaborations have emerged as the key trends gaining popularity in the heat-treating market. Key players operating in the heat-treating sector are focused on partnerships and collaborations to reinforce their position. For instance, in July 2022, AddUp, a US-based provider of complete industrial metal 3D printing solutions partnered with ECM Group, a France-based thermal solutions manufacturer. With this collaboration, both intend to develop thermal treatment solutions for items made with additive manufacturing. Moreover, in August 2022, Thermtech, a US-based thermal oxidizer and waste heat system producer and distributor partnered with Gasbarre Thermal Processing Systems to obtain three more furnaces to expand their capacity for neutral hardening, stress relief, normalizing, and annealing. Gasbarre Thermal Processing Systems is a US-based designer, producer, and servicer of a complete line of heat treatment machinery for practically any procedure.
The heat treating market report table of contents includes:
1. Executive Summary
2. Heat Treating Market Characteristics
3. Heat Treating Market Trends And Strategies
4. Heat Treating Market – Macro Economic Scenario
5. Global Heat Treating Market Size and Growth
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26. South America Heat Treating Market
27. Brazil Heat Treating Market
28. Middle East Heat Treating Market
29. Africa Heat Treating Market
30. Heat Treating Market Competitive Landscape And Company Profiles
Top Major Players:
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