Heat Treating Market Share, Competitive Landscape and Growth Prospects By 2025
The global heat treating market size is projected to touch USD 122.34 billion by the end of 2025, as per the report released by Million Insights. It is estimated to grow with a CAGR of 3.5% over the estimated duration. The extensive use of metal heat treatment services in various industries such as aerospace, energy, automotive, and construction is predicted to bode well for the market growth from 2017 to 2025.
Steel is the widely preferred material in the heat treatment applications. The growing use of steel for machining and construction applications is predicted to fuel the segment growth in the upcoming years. Some other metals used in these processes are nickel, aluminum, copper, and iron. Aluminum is anticipated to grow considerably owing to increasing demand from automotive and aerospace industries over the estimated years.
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The extensively used heat process includes annealing, hardening & tempering, and case hardening. Case hardening is projected to showcase substantial growth from 2017 to 2025 owing to the growing preference for carbonitriding, carburizing, and nitriding for surface hardening in machine and metalworking applications. The traditional process segment is anticipated to lose its market presence over the forecast period due to shifting preference for annealing and surface hardening processes across various industries such as defense, mining, automotive, and aerospace.
Automotive category led the market in 2016 owing to shifting preference of customers for commercial vehicles due to growing aviation demand. However, the aerospace segment is predicted to foresee the highest growth in the developing nations.
Further key findings from the report suggest:
- The global heat treating market was worth USD 90.73 billion in 2016 and is predicted to ascend with a CAGR of 3.5% over the forecast period. The market growth is attributed to the rising demand for metal treatment services in end-use industries.
- The cast iron category touched USD 9.43 billion in 2016 and is predicted to foresee shallow growth in the coming years. The growth is restrained by shifting preference for other metals such as nickel, copper, and aluminum in the industries.
- The case hardening division was worth USD 23.99 billion and is anticipated to exhibit a CAGR of 3.7% from 2017 to 2025. Rising use of carburizing for surface hardening over conventional hardening process is predicted to drive market in the coming years.
- Asia Pacific led the market, touching revenue of USD 34.21 billion in 2016 and is expected to ascend with a CAGR of 3.9% from 2017 to 2025. The rapid expansions of leading end-use industries in developing nations are predicted to boost the market growth over the forecast duration.
- Key players are emphasizing on technological alliances, M&A and product innovation to increase their market presence over the forecast duration.
Global Heat Treating Market: Key Players
Bohler Uddeholm; Solar Atmosphere Inc.; Bluewater Thermal Solutions; Bodycote Heat Treatments Ltd.; Ajax Tocco International Ltd.; and American Metal Treating Inc.
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