Heat Treating Market: Asia Pacific Is Estimated To Expand At The Fastest CAGR Over The Forecast Period

 Heat Treating Industry Overview

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.


Heat Treating Market Segmentation

Grand View Research has segmented the global heat treating market based on material, process, equipment, application, and region:

Based on the Material Insights, the market is segmented into Steel, Cast Iron, and Others.

  • Steel led the market and accounted for over 80.0% share of the global revenue in 2021. Growing demand for heat-treated steel parts in the construction industry, especially in the U.S., China, and India, is expected to propel the demand for heat treating for steel over the forecast period.
  • The cast iron segment is estimated to expand at a CAGR of 3.1% from 2022 to 2030, in terms of revenue. Key factors driving the industry include increasing demand for pipe fittings, electrical fittings, machine parts, and hardware due to several advantages of heat-treated cast iron, which include the prevention of rust and hardening.

 

Based on the Process Insights, the market is segmented into Hardening & Tempering, Case Hardening, Annealing, Normalizing, and Others.

  • The case hardening segment led the industry and accounted for over 25.0% share of the global revenue in 2021. The demand for case hardening in automotive is expected to remain in electric vehicles for constant velocity joints (CVJ). Moreover, increasing infrastructural development in railways is expected to positively impact the segment growth.
  • The annealing heat treating segment is estimated to expand at a CAGR of 4.0% from 2022 to 2030, in terms of revenue. Key factors that are responsible for driving the industry include an increase in demand for various annealing processes such as soft annealing, coarse-graining annealing, and stress relieving in the automotive, semiconductors, and construction industries.

 

Based on the Equipment Insights, the market is segmented into Fuel-fired Furnace, Electrically Heated Furnace, and Others.

  • Electrically heated furnaces led the industry and accounted for over 45.0% share of the global revenue in 2021. High operational efficiency achieved using an electrically heated furnace and higher environmental sustainability as compared to conventional fuel-fired systems is expected to propel the demand for electrically heated furnaces over the forecast period.
  • Other equipment such as induction furnace and plasma heated furnace is estimated to expand at a CAGR of 3.2% from 2022 to 2030, in terms of revenue. Key factors that are responsible for driving the industry include energy-efficient, easy to clean, fast, and well-controlled melting process.

 

Based on the Application Insights, the market is segmented into Automotive, Aerospace, Metalworking, Machine, Construction, and Others.

  • The automotive segment led this industry and accounted for over 30.0% share of the global revenue in 2021 on account of the growing EV industry and the increasing demand for greener technologies, which can deliver energy-efficient heat treating. Moreover, new and advanced equipment required for EVs is expected to propel industry growth.
  • This aerospace segment is expected to expand at a lucrative CAGR of 4.4% over the forecast period owing to the increase in demand for this process for several aerospace components such as spacecraft and satellites. Supportive government policies such as the implementation of FDI in the aerospace and defense sectors fueled the entry of foreign manufacturers through public and private partnerships boosting the industry growth.

 

Heat Treating Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

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

 

Order a free sample PDF of the Heat Treating Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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