Heat Treating Market – Growth, Trends, COVID-19 Impact and Forecasts (2023-2029)

Heat Treating Market was valued at US$ 92.38 Bn. in 2022. The Global Heat Treating Market size is estimated to grow at a CAGR of 3.8 % over the forecast period.
Heat Treating Market Overview:
Heat treating is the process of heating & cooling metals, both ferrous and non-ferrous, at various stages. It aids in the attainment of the desired physical and mechanical qualities.

The report explores the Heat-Treating market's segments (Material Type, Application, Equipment Type, and Process). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). This market report provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2018 to 2022. The report investigates the Heat Treating Market's drivers, restrictions, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Heat Treating Market's contemporary competitive scenario.To know about the Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2022 is a year of exception and analysis, especially with the impact of lockdown by region.
Heat Treating Market Dynamics:
Heat treating is required by many industries such as Defense & Military, Aerospace, and others which are driving the market:

The Heat treating is a group of processes that includes thermal, industrial, and metalworking all together to alter the physical and sometimes the chemical properties of the material. The Heat treatment is used in manufacturing many materials like glass. The heat-treating techniques include annealing, case hardening, precipitation strengthening, tempering, carburizing, normalizing, and quenching. The most common application of heat treatment is metallurgy. The heat treatment is also used in the Aerospace & Defense sector.

The increase in the growth of the Aerospace & Defense sector would lead to the growth of the Heat-Treating Market. In the past few years, there is a tremendous rise in the number of passengers opting for air travel. Also, the growing military and defense sector is demanding defense hardware. The rising tension between the countries is another factor for the rise in the demand for the defense hardware which would lead to the increase in the growth of demand for the heat-treating market.

Moreover, China has fueled its military spending by 6.9%, which raises to USD250 Billion. The growing needs for various industrial equipment and machinery in the developing and underdeveloped countries are also driving the market positively by increasing the demand for the Heat-Treating Market. The rapidly growing industries due to the urbanization and globalization in the countries like India, China, Vietnam, Brazil, etc., are significantly growing with rising economies contributing to the growth of the heat-treating Market.

The rising technological advancements in the aerospace and automotive industry are the creating a major requirement for the Heat treatment:

The Heat-Treating Market is aided by the rising technological advancements in the automotive and aerospace industries. The heat treatment processes are mostly used for the metal and the ceramic materials for improving their existing properties and economic life. The rapid urbanization has led to the growth of the construction industry which would proliferate the market during the forecast period.

The Heat-treating products can be designed and customized for offering high-quality and high tolerance materials. The rise in the trend of shifting from fuel-furnace to electrically heated furnaces is also environmentally friendly. The Heat-treating processes have high demands in the Defense & Military, Computers, Construction, Metallurgy, Machineries, and others. These are creating upcoming opportunities for the Heat-treating market. All these sectors are fueling the growth of the Heat-treating Market.

The high cost and greater distortion can limit the growth of the market:

The Heat treatment is growing because of the adoption of the light-weighted materials by different sectors such as the Construction sector, Industrial sectors for the requirement of machinery, and others. But the heat processing has some limitations like distortion, surface oxidation, added cost, and others. The greater distortion levels due to which the metals can crack during the process of induction hardenings on the metal parts.

The limitation on materials can also affect the heat treatment negatively as the process can only work with the materials that contain enough carbon and some other elements so that they can support all the processes that are caused by martensitic transformation. Heat treating can be done on certain steel that has a shape that is suitable for induction hardening. From all these limitations, one of the major limitations is the high capital investment. Setting up heat treating processes is an expensive process, it requires a huge investment but however, but it would be dependent on the degree of automation built into the equipment. These all factors are restraining the Heat-Treating Market.
Heat Treating Market Trends:
The increase in the growth of the Aerospace & Defense sector would lead to the growth of the Heat-Treating Market. The rising technological advancements in the automotive and aerospace industries. The heat treatment processes are mostly used for the metal and the ceramic materials for improving their existing properties and economic life. The rise in the trend of shifting from fuel-furnace to electrically heated furnaces is also environmentally friendly. The rapid urbanization has led to the growth of the construction industry which would proliferate the market during the forecast period.

The increasing demands for various industrial equipment and machinery in the developing and underdeveloped countries such as India, China, Brazil, and others. The Heat-treating processes have high demands in the Defense & Military, Computers, Construction, Metallurgy, Machineries, and others.
Heat Treating Market Segment Analysis:
Based on Product types, the Heat-Treating market is segmented into the Electrically heated furnace, Fuel-fired furnaces, and others. The electrically-heated furnace segment is dominating the heat-treating market as the electrically-heated furnace has a longer life span i.e. 20-30 years than a fuel-fired furnace i.e. 15-20 years. The electrically-heated furnace is very energy efficient as they do not use fossil fuels. The workers can work efficiently without causing any health-related risks as the electrically-heated furnace is safe with no production of harmful fumes. So, the workers here do not need to worry about harmful fumes such as carbon monoxides with the electrically-heated furnace.



The electrically-heated furnace is also clean enough as compared to the Fuel-Fired Furnace because there is no combustion so, no soot or ash is produced which makes the annual maintenance easier enough for maintenance.

On basis of Applications, The Heat-Treating market is segmented into the Automotive, Aerospace &Defense, Machinery, Construction & Infrastructure, Metal, and others. The Automotive segment is dominating the market with the maximum market share of over 35.3% in the Heat-Treating Market due to rising EV Industries and the rise in demand for eco-green technology which would further produce energy-efficient heat training.

Moreover, the new advanced equipment that is required by EV Industry is expected to boost the demand for the heat-treating market. As various metals require this process for enhancing their metallurgical structure and the residual state. Hence, The Automotive segment is dominating the market with the maximum market share.
Regional Insights:
The Asia Pacific region held the largest market share accounting for over 37% in 2022. This is due to urbanization and globalization there is a significant growth in industrial activities in the developing and underdeveloped countries of the Asia Pacific regions like India and China. These countries are rapidly growing. The government is also providing some policies and incentive plans for promoting, developing, and strengthening their manufacturing activities for a growing economy. Many automotive companies in India are started studying the schemes and redesigning and calibrating their production plans which would lead to increased Automotive Production.

The North American region is expected to witness significant growth at a CAGR of 4% through the forecast period. Due to the growth opportunities significantly in the region of mining and the automobile industry. The government has provided some stringent regulations for the growth of green technology which has been the main reason for the growth of demand for heat treatment. Also, the emerging constructions and the automotive industries are driving the overall growth of the Heat-treating Market further followed by Europe.

The objective of the report is to present a comprehensive analysis of the global Heat-Treating Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamic, and structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Design, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Heat Treating Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 92.38 Bn.


Forecast Period 2023 to 2029 CAGR:
3.8%
Market Size in 2029:
US$ 119.94 Bn.


 Segments Covered:
by Material Type
Steel
Cast Iron
Other


by Application
Automotive
Aerospace & Defense
Machinery
Construction & Infrastructure
Metals
Others


by Equipment Type
Electrically Heated Furnace
Fuel-Fired Furnace
Others


by Process
Carburizing
Nitriding
Hardening
Tempering
Normalizing
Annealing
Others



Heat Treating Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players:
1. Bodycote Heat Treatments Ltd.
2. Bluewater Thermal Solutions
3. Metcor Inc.
4. Specialty Steel Treating
5. Euclid Heat Treating
6. Advanced Heat Treatment Corporation
7. Nitrex, Houston Heat Treat
8. Avdhoot Heat Treat Pvt Ltd
9. Team Inc
10. Peters Heat Treating Inc.
11. Summitglow Ltd.
12. Thermex Metal Treating Ltd.
13. Advanced Heat Treat Corp.
14. Metal Heat Co., Ltd.
15. Premier Thermal Solutions LLC.

Frequently Asked Questions:

1. Which region has the largest share in Global Heat Treating Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Heat Treating Market?
Ans: The Global Heat Treating Market is growing at a CAGR of 3.8% during forecasting period 2023-2029.

3. What is scope of the Global Heat Treating market report?
Ans: Global Heat Treating Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Heat Treating market?
Ans: The important key players in the Global Heat Treating Market are – Bodycote Heat Treatments Ltd., Bluewater Thermal Solutions, Metcor Inc., Specialty Steel Treating, Euclid Heat Treating, Advanced Heat Treatment Corporation, Nitrex, Houston Heat Treat, Avdhoot Heat Treat Pvt Ltd, Team Inc, Peters Heat Treating Inc., Summitglow Ltd., Thermex Metal Treating Ltd., Advanced Heat Treat Corp., Metal Heat Co., Ltd., and Premier Thermal Solutions LLC.

5. What is the study period of this market?
Ans: The Global Heat Treating Market is studied from 2022 to 2029.