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Global Heat Treating Market to Grow at a CAGR of 4.7% During 2021-2026, Aided by the Increasing Applications of Heat Treatment in Various Industries

According to a new report by EMR titled, ‘Global Heat Treating Market Report and Forecast 2021-2026’, the market attained a value of nearly USD 98 billion in 2020. The industry is further expected to grow at a CAGR of 4.7% between 2021 and 2026 to reach USD 130.6 billion by 2026.

The heat treatment process is widely used in various industries as it helps enhance the mechanical properties of different metals and alloys, which aids in the manufacturing of various end-use products. The process helps to increase the strength of the object while making it more ductile and flexible for further use. In terms of region, the Asia Pacific is likely to account for a significant share in the market owing to the thriving automotive and military and defence industries in the region. The increased production of fighter aircraft and tanks and various automotive parts, among others, is likely to augment the growth of the heat treating industry in the region.

There have been increased investments by the industry players to enhance their geographical reach and expand their production capacity. For instance, in December 2020, Bodycote PLC (LON: BOY), a supplier of heat treatments and metal joining services, announced the opening of its new facility in Syracuse, New York, USA. The facility, encompassing an area of 60,000 square feet, is fully operational and offers a wide range of heat treatment processes such as vacuum heat treating, atmospheric carburising, carbonitriding, ferritic nitro carburising, nitriding, and aluminum heat treating, among others. Such developments are expected to aid the market growth in the forecast period. Moreover, the various strategies adopted by the leading automotive manufacturers, such as General Motors Company (NYSE: GM), to enhance their market position are expected to drive the demand for heat treating for various applications, as the automotive industry is one of the major end users of the service.

Market Breakup by Material, Process, Equipment, Application, and Region:

  • The market is segmented based on material into steel and cast iron, among others.
  • On the basis of process, the market is segmented into hardening and tempering, case hardening, annealing, and normalising, among others.
  • Based on equipment, the market is divided into fuel-fired furnace, electrically-heated furnace, and others.
  • On the basis of application, the market is categorised into automotive, aerospace, metalworking, machine, and construction, among others.
  • Region-wise, the global market for heat treating can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for heat treating is being driven by its rising applications in various sectors, including automotive, aerospace, and construction, among others.
  • The rising construction activities, owing to the rapid urbanisation particularly in emerging economies, are likely to bolster the market growth. 
  • The increased demand for steel and cast iron in various end use industries is likely to propel the market growth. 
  • The market is expected to be aided by the increased applications of heat treatment in the military and defence industry owing to the rising production of fighter jets, choppers, and others.  

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for heat treating for the periods (2016-2020) and (2021-2026).
  • The report also offers historical (2016-2020) and forecast (2021-2026) market information for the materials, processes, equipment, applications, and regions of heat treating.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global heat treating market are Bluewater Thermal Solutions LLC, American Metal Treating Inc., East-Lind Heat Treat Inc., and Unitherm Engineers Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players. 

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over a 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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