Heat Treating Market– Statistics And Analysis & Forecast To 2030

Posted by Mrudula Karmarkar on September 2nd, 2022

The global heat treating market size is expected to reach USD 136.25 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 3.4% from 2022 to 2030. The growing automotive industry and the rising demand for heat-processed metals and alloys in industrial activities and the construction industry are expected to boost the demand over the forecast period.

The COVID-19 pandemic has prompted companies to increase local manufacturing in the automotive industry. Moreover, an increase in the demand for environmentally-friendly heat-treating technologies such as vacuum heat treatment is expected to augment the demand over the forecast period.

Heat treatment in aerospace manufacturing is an important process as it increases the strength of metals used, thereby increasing the weight to strength ratio of components. An increase in M&A activities and restructuring in the aerospace industry is expected to augment the aerospace industry growth, thereby positively affecting the industry growth. As companies look for greener technological processes, vacuum heat treatment has accelerated market growth. Vacuum heat treatment does not require further forming, maintains a uniform high temperature, and generates no carbon. Moreover, vacuum heat treatment allows more flexibility and adaptability to change.

Companies in the industry exhibit integration from the manufacturing of heat-treating furnaces. They provide numerous commercial and customized heat treating services for the testing of the end products and supply them to end-users. Key industry players operate through well-integrated plants equipped with state-of-the-art machinery and situated in key locations. Technological development in the market is expected to be a key factor in industry growth. Vacuum technology, Nano Carburizing, Nitriding, Sulfonitriding, and induction heating are some of the technologies that have growth potential over the forecast period. The demand for technologies that reduce consumption and emission of technical gases is also expected to drive the industry.

The rapid growth of the electric vehicle industry, coupled with the growing demand for metallurgical alterations to suit specific applications, is expected to boost the market growth over the forecast period. The pandemic is likely to accelerate the adoption of electric vehicles and is likely to become a key factor for major structural changes in this process, which is highly used in the automotive industry. EVs require heat treatment for specialized materials in DC and AC motors, laminations, bearings, and shafts. Heat treatment for EVs requires a flexible heat treating approach and is likely to increase the demand for new equipment over the forecast period.

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The COVID-19 pandemic resulted in significant losses for the automotive industry of the U.S. resulting in supply chain and raw material price volatility. Moreover, the pandemic accelerated the growing environmental concerns, which are anticipated to increase the demand for environmentally-friendly heat treatment equipment over the forecast period. The furnaces used in heat treating consume a significant amount of energy to achieve the desired temperature required for heating the metals. The conventional gas-fired and fuel-fired furnaces use fossil oil (FO) and light diesel oil (LDO) as fuel for heat treating. This leads to higher heat losses and thus high environmental impact, which is likely to hamper the industry growth.

Heat Treating Market Report Highlights

  • The steel material segment is anticipated to expand at a lucrative CAGR from 2022 to 2030, in terms of revenue, on account of the increasing demand for the heat-treated metal from the automobile and aviation industries
  • The case hardening process segment led the market and accounted for over 25.0% share of the overall revenue in 2021 owing to the increasing adoption of carburizing and carbonitriding over the traditional hardening process
  • Asia Pacific is estimated to expand at the fastest CAGR over the forecast period on account of rapid industrialization in China and India and favorable government policies in the aerospace industry
  • In Europe, Germany accounted for the largest revenue share of over 30.0% in 2021 owing to the presence of a well-established and advanced automotive industry and increased investment in the aerospace industry
  • Key players are currently engaged in expanding their production capacity to cater to future demand for equipment and setting up online marketplaces to diversify their distribution channels amidst the COVID-19 pandemic

Heat treatment processes that are commonly used to improve the microstructure of these automotive components encompass annealing, isothermal annealing, normalizing, spheroidizing, quenching, tempering, austempering, and case hardening. Growing requirements for lightweight and fuel-efficient automobiles motivated the demand for heat treating to achieve desirable properties of automotive components.

The pandemic is expected to trigger self-sufficiency in manufacturing, primarily in the U.S. and Europe. Increased use of technologies such as IIOT technology and application of data analytics and continuous monitoring of furnaces are expected to augment the industry growth over the forecast period.

COVID-19 has prompted market participants to take steps to secure their future. Implementing automation to ensure uniformity in their operations and boost production and efficiency is one of them. Furthermore, increasing demand for customizations is expected to transform the conventional processes.

Companies operating in the market are focusing on using sustainable technologies to reduce environmental impact. They are focusing to reduce energy consumption and pollutant emission. This has led to a significant change in the heating process and is expected to positively impact the industry growth over the forecast period. Some prominent players in the global heat treating market include:

  • Bluewater Thermal Solutions LLC
  • American Metal Treating Inc.
  • East-Lind Heat Treat Inc.
  • General Metal Heat Treating, Inc.
  • Shanghai Heat Treatment Co. Ltd.
  • Pacific Metallurgical, Inc.
  • Nabertherm GmbH
  • Unitherm Engineers Limited
  • SECO/WARWICK Allied Pvt. Ltd.
  • Triad Engineers

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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