Integration of Metal Heat Treatment in Production Lines Predicted to Boost the Global Metal Heat Treatment Market until 2020, Says Technavio
By Business Wire News
By Business Wire News
According to the latest research study released by Technavio, the global metal heat treatment market is projected to reach over USD 89 billion in revenue by 2020.
This research report titled ‘Global Metal Heat Treatment Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various end-user segments, including aerospace, automotive, industrial, and others.
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The growing demand for superior-quality products has propelled companies to undertake automation in manufacturing. Investments in global process automation continues to climb at 6% and is projected to reach USD 120 billion by 2019. This growth is focused on areas such as technology, hardware, software, services, and communication protocol used for automation.
“The need to develop cost-effective, quality products that are competitive in the international market has compelled automotive companies to adopt more automation of factory operations. This has led many of them to integrate metal heat treatment processes in their production lines as part of their operational strategy,” said Anju Ajaykumar, one of Technavio’s lead analysts for heavy industry research.
Global metal heat treatment market by end-users 2015
Source: Technavio research
Global metal heat treatment market by aerospace industry: largest market
The global metal heat treatment market by the aerospace industry was valued at USD 21.30 billion in 2015. The aerospace sector is a significant end-user of metals. Any deformation in properties of a metal case can lead to serious accidents. To prevent accidents, aircraft manufacturing companies use the latest metal heat treatment technology and furnaces in their plants. The use of this technology bestows superior mechanical properties to steel and other alloys that are used in the manufacture of parts and components, thereby enhancing the reliability and durability of products. Many heat treatment vendors offer customized solutions for heat treatment services and equipment, specifically for aircraft manufacturers, that enable adaptability in production lines.
Global metal heat treatment market by automotive industry: second-largest market
The global metal heat treatment market by the automotive industry was valued at USD 19.92 billion in 2015. The buoyancy of the automotive industry in developed countries such as the US and Germany during the post-global recession period resulted in the sales volume of passenger cars and commercial vehicles returning to the pre-crisis level. Factors such as significant reduction in the workforce and closure of manufacturing plants have not had any effect on production levels. This is due to the increase in the level of process automation. Therefore, automotive companies are no longer in the red but are showing profitability.
The low auto loan rates in the developed and developing countries are also impacting automotive sales positively. MNC automobile manufacturers such as Ford, Volkswagen, BMW, Toyota Motors, Honda Motors, Daimler, Fiat, and Tata Motors have made substantial investments in production facilities in developing countries including India, Thailand, and Mexico.
Thus, rising sales and demand for automobile and increased investments in the automotive industry will likely spur the demand for metal heat treatment over the course of the forecast period.
Global metal heat treatment market by industrial sector
The global metal heat treatment market by the industrial sector was valued at USD 10.36 billion in 2015. Manufacturers of industrial machinery, machine tools (metal cutting and metal forming machines), and their components use metal heat treatment processes to develop reliable and superior quality machines.
Among these end-users, the machine tools industry will likely contribute significantly to the demand for heat treatment. The global machine tools market, which was valued at USD 87.96 billion in 2015, is projected to reach USD 120.78 billion by 2020, growing at a CAGR of 6.55%. Machine tools are mainly used in the automotive, aerospace and defense, telecommunications, machinery, and chemical sectors. Resurgence in manufacturing activities and growth in the motor vehicle market will positively impact the demand for machine tools during the forecast period.
Browse related reports:
- Global Vacuum Heat Treatment Market 2016-2020
- Global Metal Stamping Market 2015-2019
- Global Metal Casting Market 2016-2020
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Technaviois a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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