San
Francisco, 28 September 2018: According to a report
published by Grand View Research, Inc.; the heat-treating
market is likely to reach a valuation of around USD 122.34
billion by 2025.
Growing application in several
sectors including aerospace, machining, construction, automotive, and
electrical and electronics can propel the market during the forecast period
(2014 to 2025).
Automotive and aerospace
industries are expected to play crucial role in boosting demand for these
services in the coming years. Demand for these services in automotive and
aerospace are expected to increase due to high demand for commercial vehicles
and rising air passenger traffic. Several components of automobile suffer with
heavy stress and therefore requires better durability. Thus, efficient treating
process can enhance the mechanical performance.
However, usage of conventional
technology and processing methods by the small and medium manufacturers in
developing countries is likely to hinder the market growth.
Worldwide heat-treating market
can be segmented on the basis of material, process, equipment, application, and
region.
As per material, the market
can be bifurcated into steel, cast iron, and others. Aluminum sector is likely
to show high growth in the years to come. Increasing demand for lightweight
components coupled with high tensile strength for airplane and automobiles in
order to cut primary and secondary weight is expected to increase demand for aluminum.
Steel segment dominated the market earlier, still the segment is expected to
drop its position during the forecast period. This can be attributed due to
rising use of aluminum and other metal to manufacture components in aerospace
and automotive industries. Cast iron material is expected to show sluggish
growth over the forecast period due to use of other metals such as aluminum,
titanium, nickel, and copper in several end-use industries.
Access
Research Report of Heat
Treating Market@ www.grandviewresearch.com/industry-analysis/heat-treating-market
Based on process, the market
can be categorized into hardening and tempering, annealing, case hardening,
normalizing, and others. In 2016, case hardening segment estimated for over
25.0%. the process is expected to exhibit high growth due to growing use of
case hardening process like carburizing, carbonitriding, and cyaniding in wide
range of end-use applications.
On the basis of equipment, the
market can be classified into fuel-fired furnace, electrically heated furnace,
and others.
As per application, the market
can be split into aerospace, automotive, metalworking, machine, construction,
and others. In 2016, automotive segment estimated for the largest market share
and likely to continue this trend over the forecast period. Rising production
of vehicles and increasing demand for fuel-efficient cars and light commercial
vehicles is expected to boost the segment.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/hvac-and-construction-technologies
Geographically, the market can
be divided into North America, Asia Pacific, Europe, Central & South
America, and Middle East & Africa.
In 2016, Asia Pacific
accounted for the largest revenue share and likely to grow at a CAGR of 3.9%.
Rising growth of construction, aerospace, and automotive sectors across major
developing countries such as China, Indonesia, and India are likely to increase
demand for these services in the region. Aerospace application in the region is
likely to show highest growth in the region in the coming years due to growing
manufacturing of airplane parts and systems in developing countries such as
China and India. Rapid infrastructure development in the region is also
expected to boost construction activities. This is expected to increase the
demand for these services over the forecast period.
The U.S. is expected to
support the market growth in North America. The automotive and aerospace
industry are recognized as the major drivers for the market growth in the
region. Additionally, growing production of automobile as well as other
manufacturing activities in Mexico is expected to boost the demand in the years
to come.
Some of the major companies in
the market include Solar Atmosphere Inc.; Bohler Uddeholm; American Metal
Treating Inc.; Bodycote Heat Treatments Ltd.; and Ajax Tocco International Ltd.
Participants in the market are increasingly adopting vertical integration
across the value chain. The companies are focusing on incorporation of heat
treatment conveniences inside the automobile manufacturing facilities. The
vendors are also emphasizing on technological collaborations, mergers, and
acquisitions between furnace manufacturers.
Access
Press Release of Heat Treating Market@ www.grandviewresearch.com/press-release/global-heat-treating-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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