Press release
Growing Automotive Sector Fuels Growth In The Heat-Treating Market: Key Factor Driving The Growth In The Heat Treating Market
Heat Treating
What Is the Expected Heat Treating Market Size During the Forecast Period?
In the past few years, there has been a steady expansion in the size of the heat treating market. It's projected to increase from $107.51 billion in 2024 to $112.26 billion in 2025, displaying a compound annual growth rate (CAGR) of 4.4%. This progression throughout the historic period can be traced back to the flourishing automotive industry, the expansion in the aerospace sector, a surge in demand within construction, advancements made in metallurgy, a rise in manufacturing industrial machinery, and more utilization in the energy sector.
Projected advancements indicate robust upsurge in the heat treating market size for the forthcoming years, with predictions of reaching $140.99 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.9%. Contributing factors for the expected upswing during the projected period include the globalization of supply chains, acceptance of innovative materials, demand for high-temperature alloys, growth in the nuclear power industry, accelerating prevalence of metal injection molding, increases in electric vehicle manufacturing, and breakthroughs in computational modeling. Prominent trends during the forecast period comprise the adoptance of superior heating technologies, the assimilation of automation and industry 4.0, advancements in cooling and quenching technologies, R&D efforts in innovative heat treating techniques, and a revival of investment in industrial infrastructure.
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What Are the High-Growth Segments in the Heat Treating Market?
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
Subsegments:
1) By Steel: Carbon Steel, Alloy Steel, Stainless Steel, Tool Steel
2) By Cast Iron: Gray Cast Iron, Ductile Cast Iron, White Cast Iron, Malleable Cast Iron
3) By Other Material Types: Aluminum, Titanium, Copper Alloys, Nickel Alloys
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What Key Drivers Are Expected to Influence Future Heat Treating Market Growth?
The rising trend in the automobile sector is projected to stimulate the development of the heat-treating market. The process of heat treatmet is adopted in various aspects of the car industry to make aluminium body parts more resilient and enhance the stability of engine and drivetrain components. The anticipated growth in automobile production is forecasted to create substantial demand for this heat treatment procedure. Specifically, in 2023, the global car industry displayed impressive expansion as reported by the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-situated international alliance of car makers. This growth took the form of a hike in total vehicle production to 93546599 units, a considerable surge compared to 85016728 units produced in the previous year of 2022. Consequently, this mounting demand from client industries is anticipated to fuel the market's expansion.
Which Companies Hold the Largest Share Across Different Heat Treating Market Segments?
Major companies operating in the heat treating market are Bluewater Thermal Solutions, American Metal Treating Inc., East-Lind Heat Treat Inc., Pacific Metallurgical Inc., Nabertherm GmbH, Unitherm Engineers Limited, Peters' Heat Treating Inc., Shanghai University Heat-treatment Co. Ltd., Thermax Limited, Uddeholm Canada, Ajax TOCCO International Ltd., Solar Atmospheres, Metcor Inc., Specialty Steel Treating, NITREX.COM, Industrial Steel Treating Company Inc., Foresight Finishing LLC, Queen City Steel Treating Co., S.M. Engineering & Heat Treating Inc., General Metal Heat Treating Inc., Scarrott Metallurgical Company, Circle City Heat Treating Inc., Metlab Corporation, Thermotech Refractory Contractors, Superior Heat Treat LLC, Bodycote PLC, Metal Heat Co. Ltd., ONEX Corp., Paulo Thermal Processing, Advanced Heat Treat Corp.
What Trends Are Driving Growth in The Heat Treating Market?
There is a noticeable trend of strategic alliances and joint efforts in the heat-treating market. The primary entities involved in the heat-treating industry are emphasizing such arrangements to strengthen their market standing. For instance, AddUp, an industrial metal 3D printing solutions provider from the US, teamed up with ECM Group, a thermal solutions manufacturer based in France, in July 2022. This partnership aims to create thermal treatment solutions for products developed through additive manufacturing. Furthermore, in August 2022, Thermtech, an American thermal oxidizer and waste heat system producer and dealer, joined hands with Gasbarre Thermal Processing Systems to add three additional furnaces to their facility for neutral hardening, stress relief, normalizing, and annealing processes. Gasbarre Thermal Processing Systems, another US entity, designs, manufactures, and services a comprehensive range of heat treatment machinery for nearly any process.
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What Are the Emerging Geographies for The Heat Treating Market Growth?
Asia-Pacific was the largest region in the heat-treating market share in 2024. The regions covered in the heat treating market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Heat Treating Market?
2. What is the CAGR expected in the Heat Treating Market?
3. What Are the Key Innovations Transforming the Heat Treating Industry?
4. Which Region Is Leading the Heat Treating Market?
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