Global Heat Treating Market Report and Forecast 2024-2032

Global Heat Treating Market Outlook

The global heat treating market stood at a value of around USD 112.48 billion in 2023. The market is further expected to grow at a CAGR of 4.9% in the forecast period of 2024-2032 to attain a value of USD 172.03 billion by 2032.            

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Growing Demand for Steel and Cast Iron, owing to their High Strength and Durability, to Bolster the Growth of the Heat Treating Industry

Based on material, the steel segment accounts for a significant share in the market and is anticipated to attain a considerable growth in the forecast period. This can be attributed to the suitability of heat treatment in order to carry out various phase transformations involved in plain carbon steel and low-alloy steel. Over the forecast period, the growing use of hardened steel in various end use industries due to its superior machinability for heavy-duty applications is likely to propel the industry growth. Meanwhile, the cast iron segment is anticipated to occupy a considerable share in the forecast period owing to the high compressive strength, wear resistance, and good machinability of cast iron, which makes it ideal for manufacturing automotive parts, utensils, and anchor for ships, among others.

The Asia Pacific Accounts for a Significant Share in the Heat Treating Industry

The heat treatment market in the Asia Pacific is anticipated to grow at a significant rate in the forecast period owing to the thriving construction and metalworking industries, among others. The market in the region is anticipated to be bolstered by the rising demand for commercial aircraft and vehicles, owing to the growing travel and tourism industry in countries like India and China, coupled with the increasing disposable incomes. Furthermore, the market is expected to be aided by the growing efforts of major automotive players to expand their business in emerging markets.

Heat Treating: Market Segmentation

Heat treating is defined as a combination of heating and cooling operations performed on a metal or alloy in the solid state to produce desired properties. The heating treatment is often associated with enhancing the strength of the material to obtain certain manufacturing objectives.

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Based on material, the market is divided into:

• Steel
• Cast Iron
• Others

On the basis of process, the industry is segmented into:

• Hardening and Tempering
• Case Hardening
• Annealing
• Normalising
• Others

The different equipment involved in the market are:

• Fuel-fired Furnace
• Electrically-heated Furnace
• Others

The major applications of heat treating include:

• Automotive
• Aerospace
• Metalworking
• Machine
• Construction
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Heat Treatment Applications in the Automotive and Aerospace Industries to Boost the Growth of the Heat Treating Industry

The global heat treating industry is driven by the rising heat treatment applications in the automotive and aerospace industries. This can be attributed to the fact that heat treatment augments the strength and durability of a metal which is used in the manufacturing of automobiles, aircraft, and various construction materials. For instance, in the automotive industry, the hardening of metal bolsters the overall quality of automobiles, which provides safety to consumers. Over the forecast period, the resurgence of the construction projects in emerging economies of the world, post-COVID-19, is likely to provide impetus to the global market for heat treating.

Key Industry Players in the Global Heat Treating Market

The report gives a detailed analysis of the following key players in the global heat treating market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Bluewater Thermal Solutions LLC
• American Metal Treating Inc.
• East-Lind Heat Treat Inc.
• Unitherm Engineers Limited
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report