PUBLISHER: Grand View Research | PRODUCT CODE: 1446512
PUBLISHER: Grand View Research | PRODUCT CODE: 1446512
The global heat treating market size is expected to reach USD 136.25 billion by 2030, expanding at a CAGR of 3.5% from 2024 to 2030, according to a new report by Grand View Research Inc. The growing automotive industry and the rising demand for heat-processed metals and alloys in industrial activities and the construction industry are expected to boost the demand over the forecast period.
The COVID-19 pandemic has prompted companies to increase local manufacturing in the automotive industry. Moreover, an increase in the demand for environmentally-friendly heat-treating technologies such as vacuum heat treatment is expected to augment the demand over the forecast period.
Heat treatment in aerospace manufacturing is an important process as it increases the strength of metals used, thereby increasing the weight to strength ratio of components. An increase in M&A activities and restructuring in the aerospace industry is expected to augment the aerospace industry growth, thereby positively affecting the industry growth.
As companies look for greener technological processes, vacuum heat treatment has accelerated market growth. Vacuum heat treatment does not require further forming, maintains a uniform high temperature, and generates no carbon. Moreover, vacuum heat treatment allows more flexibility and adaptability to change.
Companies in the industry exhibit integration from the manufacturing of heat-treating furnaces. They provide numerous commercial and customized heat treating services for the testing of the end products and supply them to end-users. Key industry players operate through well-integrated plants equipped with state-of-the-art machinery and situated in key locations.
Technological development in the market is expected to be a key factor in industry growth. Vacuum technology, Nano Carburizing, Nitriding, Sulfonitriding, and induction heating are some of the technologies that have growth potential over the forecast period. The demand for technologies that reduce consumption and emission of technical gases is also expected to drive the industry.