The global Precipitation Hardening Market is projected to attain a valuation of US$ 2.7 billion in 2023 and is expected to reach US$ 6 billion by 2033, trailing a CAGR of 8.3% during the forecast period. The utilization of precipitation hardening as an ideal process for producing robust and high-performance automotive components positions it for significant market growth. With the rapid expansion of the global automotive industry, the demand for such components is expected to surge, further driving the growth of the market in the forecast period.
The precipitation hardening process finds extensive use across various industries, including material processing and manufacturing. As a result, the global precipitation hardening market is expected to experience significant growth in the coming years. The manufacturing industry in the United States, as reported by the United States National Institute of Standards and Technology (NIST), contributed to approximately 10% of the total GDP in 2020. Moreover, the growing consumption of steel alloy and ferric alloy products is expected to drive the adoption of precipitation hardening due to its capability to enhance the properties of these alloys. Additionally, the expanding electrical and electronics sector, coupled with the rising demand for electronic products, presents lucrative growth opportunities for the market.
Extensive research by FMI indicates that the global consumer electronics market has exhibited consistent growth over the past few years, achieving a remarkable trillion-dollar business. Precipitation hardening plays a vital role in the electronics industry by enhancing the durability and corrosion resistance of metals and alloys utilized in the production of various electronic devices, including magnesium alloys. This advantageous feature is expected to drive the growth of the global precipitation hardening market in the forecast period.
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Key Takeaways
· The market in Asia Pacific is projected to grow with a promising CAGR of 8.5% during the forecast period.
· The demand for precipitation hardening in North America is expected to grow with a significant CAGR of 8.1% during the forecast period.
· The market in Europe is expected to grow with a CAGR of 8.2% during the forecast period.
· By end-use, the automotive industry is expected to generate demand with a CAGR of 9% during the forecast period.
“The rapid expansion of the automotive industry is expected to generate significant demand for precipitation hardening during the forecast period,” comments an FMI Analyst
Competitive Landscape
The market for precipitation hardening is characterized by intense competition, as notable industry players are making significant investments to enhance their manufacturing capabilities.
The key industry players are MSL Heat Treatment Limited, Unitherm Group (Indo-German Vacu Treat Pvt. Ltd.), Irwin Automation Inc., Pacific Metallurgical, Inc., Paulo, Bodycote, Wallwork Heat Treatment Ltd., Pilkington Metal Finishing, Bluewater Thermal Solutions, Thermex Metal Treating, Hauck Heat Treatment Ltd, Specialty Steel Treating.
Some recent developments in the precipitation hardening market are:
· In 2022, Bodycote announced the expansion of its Hot Isostatic Pressing (HIP) capability in Greenville, South Carolina, United States.
· Bodycote announced in February 2022 that its near-term emissions target, based on scientific principles, has received approval from the Science Based Targets initiative (SBTi).
· In 2021, Bodycote announced its intention to focus on the marine renewables sector, following a successful partnership with CorPower Ocean, a pioneering company in wave energy.
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global precipitation hardening market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the precipitation hardening market, the market is segmented on the basis of hardening type, material, end-use and region.
Key Segments Profiled in the Precipitation Hardening Market Industry Survey
By Hardening Type:
Coherency Strain
Chemical
Dispersion
By Material:
Stainless steel
Aluminium
Magnesium
Others
By End Use:
Automotive industry
Aerospace Industry
Others
By Region:
North America
Latin America
Western Europe
Eastern Europe
South Asia and Pacific
East Asia
Middle East and Africa
About the Chemicals and Materials Division at Future Market Insights
The chemicals and materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.