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Steady Expansion Forecast for Heat Treating Market, Projected to Reach $140.99 Billion by 2029
Heat Treating Market
Heat Treating Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of heat treating has seen consistent growth over the past few years. It's projected to increase from $107.51 billion in 2024 to $112.26 billion in 2025, marking a compound annual growth rate (CAGR) of 4.4%. The observed historical growth can be attributed to factors such as the expansion of the automotive industry, advancements in the aerospace sector, a surge in construction needs, developments in metallurgy, an upturn in the manufacturing of industrial machinery, and increased usage in the energy sector.
Heat Treating Market Size Forecast: What's the Projected Valuation by 2029?
The market size for heat treating is predicted to witness a robust expansion in the forthcoming years. The market is projected to surge to $140.99 billion by 2029, with a compound annual growth rate (CAGR) of 5.9%. The anticipated growth during the forecast duration can be credited to factors such as the globalization of supply chains, the usage of cutting-edge materials, the increasing demand for high-temperature alloys, the burgeoning nuclear power industry, the escalating adoption of metal injection molding, a rise in the production of electric vehicles, and advancements in computational modeling. The forecast period will also see emerging trends like the adoption of advanced heating technologies, the amalgamation of automation and industry 4.0, improvements in quenching and cooling technologies, research and development in innovative heat treating methods, and the revival of investment in industrial infrastructure.
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What Are the Drivers Transforming the Heat Treating Market?
The expansion of the automotive industry is anticipated to fuel the progression of the heat-treating market. Heat treatment plays a vital role in the automotive sector by enhancing the durability of aluminium body pieces and reinforcing engine and drivetrain parts. The escalating production of automobiles is predicted to create substantial demand for heat treatment. To illustrate, the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based global automobile manufacturing association, reported in 2023 significant expansion in the worldwide automotive industry. Total vehicle production in 2023 skyrocketed to 93546599 units, a marked rise from the 85016728 units manufactured in 2022. Consequently, the escalating demand from downstream industries is predicted to steer the market.
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What Long-Term Trends Will Define the Future of the Heat Treating Market?
Forming strategic alliances and cooperative efforts are becoming increasingly significant in the heat-treatment industry. Industry leaders are heavily focused on harnessing these tactics to strengthen their market standing. For example, in July 2022, AddUp, an American industrial metal 3D printing solution provider, entered into a collaboration with ECM Group, a French thermal solution manufacturer. The objective of this cooperation is to jointly create thermal treatment solutions for additive manufacturing-produced goods. Furthermore, in August 2022, Thermtech, an American firm that produces and distributes thermal oxidizer and waste heat systems, teamed up with Gasbarre Thermal Processing Systems to acquire three additional furnaces. This partnership is intended to broaden their capabilities in neutral hardening, stress alleviation, normalizing, and annealing. Gasbarre Thermal Processing Systems, an American company, designs, manufactures, and services a comprehensive range of heat treatment machinery suitable for virtually any process.
Which Segments in the Heat Treating Market Offer the Most Profit Potential?
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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Which Firms Dominate the Heat Treating Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in the Heat Treating Market?
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.
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