Heat Treating Market 2022 | Market Worth US$ 121.4 Billion by 2027 | Growth Rate (CAGR) of 4.1% | IMARC Group

The latest report by IMARC Group, titled "Heat Treating Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", offers a comprehensive analysis of the industry, which comprises insights on the global heat treating market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global heat treating market reached a value of US$ 96.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 121.4 Billion by 2027, exhibiting a CAGR of 4.1% during 2022-2027.

Heat treating represents the controlled process of heating and cooling both ferrous as well as non-ferrous metals by using specific predetermined methods to obtain desired chemical, physical, and mechanical properties. It usually involves various stages, such as heating the metal slowly, soaking it for an allotted period, and then cooling the material at room temperature. Heat treating assists in improving the durability, performance, and cost-effectiveness of materials. Consequently, it finds wide-ranging applications in several industries, including oil and gas, construction, aerospace, automotive, etc.

Covid-19 Overview:

The COVID 19 pandemic has adversely affected the heat-treating market. The outbreak of the pandemic led to a shutdown of manufacturing facilities across the globe. It had a crippling effect on various sectors worldwide. Furthermore, the halting of industrial production activities impacted metal production, especially steel. The disruptions caused by COVID 19 led to a temporary shutdown of the construction and automotive industry, loss of investment, and termination of planned projects, thereby negatively affecting the market growth

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Market Trends and Drivers:

The inflating need for altering the microstructure of metals and alloys is primarily driving the heat treating market. Additionally, the rising investments by government bodies in infrastructural development projects and the construction of modern homes are augmenting the adoption of mechanical tools and equipment that can be heat-treated to offer high quality and tolerance. This, in turn, is stimulating the market growth. Moreover, the growing utilization of heat treating process in the biomedical sector to produce Nickel-Titanium (Ni-Ti)-based coils as it helps in improving the surface properties, strength, and thermomechanical behavior of the metal is further positively influencing the global market. Apart from this, the introduction of a reliable and low-cost smart system by incorporating sensors, algorithms, a control unit, etc., for automating this procedure is anticipated to fuel the heat treating market over the forecasted period.

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Key Market Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:

• Ajax TOCCO International Ltd
• American Metal Treating Inc
• Bluewater Thermal Solutions
• Bodycote plz
• East-Lind Heat Treat Inc.
• General Metal Heat Treating
• Nabertherm GmbH
• Pacific Metallurgical Inc
• Seco/Warwick Inc.
• Thermax Limited
• Unitherm Engineers Limited

Breakup by Material:

• Steel
• Cast Iron
• Others

Breakup by Process:

• Hardening and Tempering
• Case Hardening
• Annealing
• Normalizing
• Others

Breakup by Equipment:

• Fuel-Fired Furnace
• Electrically Heated Furnace
• Others

Breakup by Application:

• Automotive
• Aerospace
• Metalworking
• Construction
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.