The global precipitation hardening market is estimated to garner substantial revenue by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated considerable revenue in the year 2021. This growth is predicted based on the advancements in the chemical and automotive industries. As per research, the global automotive industry is expected to reach over USD 8 trillion by the end of the forecast period, thereby increasing the global precipitation hardening market size.
Get more information on this report: Request Sample PDF
Precipitation hardening is also called age hardening or particle hardening. It is a heat treatment process undertaken on pliable materials such as aluminum, magnesium, and stainless steel to improve their mechanical strength and corrosion resistance. The increasing use of precipitation hardening in material processing and manufacturing industries is projected to propel the global precipitation hardening market growth. According to the United States National Institute of Standards and Technology (NIST), the manufacturing industry in the US accounted for about ~10% of the total GDP in the year 2020.
The global precipitation hardening market is segmented and analyzed for demand and supply by end use into automotive industry, aerospace industry, and others. Of them, the automotive industry is expected to grow the fastest during the forecast period owing to the increasing number of vehicles manufactured across the world. Over 78 million motor vehicles were produced worldwide in the year 2021, an increase of about ~2% from the numbers in 2020.
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.
Regionally, the global precipitation hardening market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2031. This prediction is based on the booming automotive sector in the region. Furthermore, a steady growth in other industries such as chemical, manufacturing, electronics as well as the food and beverage industries are expected to impel the regional precipitation hardening market growth. As per data collected by the International Trade Administration (ITA), China earned around USD 595 billion in food and beverage business in 2019, around 8% rise from 2018.
The global precipitation hardening market is further classified on the basis of region as follows:
Our in-depth analysis of the global precipitation hardening market includes the following segments:
By Hardening Type
By End Use
FREQUENTLY ASKED QUESTIONS
Advancements in automotive, food and beverage, and aerospace industries are some of the major factors driving the growth of the precipitation hardening market.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
Higher costs associated with the process and the longer time duration taken are some of the challenges affecting the market growth.
The market in Asia Pacific is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Paulo, Bodycote, Wallwork Heat Treatment Limited, Bluewater Thermal Solutions, Magnetic Shields Ltd, Irwin Automation, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by hardening type, material, end use, and by region.
The automotive industry sub-segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization