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CHEMICALS AND ADVANCED MATERIALS

Precipitation Hardening Market Analysis by Hardening Type (Coherency Strain, Chemical, and Dispersion); by Material (Stainless Steel, Aluminum, Magnesium, and Others); and by End Use (Automotive industry, Aerospace Industry, and Others)– Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • Bodycote along with German fabricator Edelstahl-Mechanik prepared 12,800 stainless steel panels for the world’s first hydroformed facade screen using heat treatment process called annealing to improve the electrical and mechanical properties
  • Paulo announced plans to increase the size of its heat treatment facility in Monterrey, Mexico, by twofold to cater to the growing demand from the automotive industry for precipitation hardening of brake components in cars and trucks

Global Precipitation Hardening Market Size, Forecast, and Trend Highlights Over 2022 - 2031

Precipitation-Hardening-Market-Scope

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.

Precipitation-Hardening-Market

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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.

Global Precipitation Hardening Market: Growth Drivers and Challenges

Growth Drivers

  • Development in Electronics Industry – According to research, the worldwide consumer electronics market has been steadily growing for the past few years at a rate of ~8% to become a trillion-dollar business. Precipitation hardened metals and alloys such as magnesium alloys are used in the manufacture of various electronic devices owing to their improved strength and resistance to rust. This is projected to propel the global precipitation hardening market.
  • Advancement in Aerospace Industry – The global aerospace and defense industry grew by around ~3% post pandemic to attain a sizable revenue of over USD 700 billion in 2021. This steady progress is predicted to affect the growth of the global precipitation hardening market as heat-treated aluminum alloy is extensively employed in wing and fuselage structures.
  • Innovation in Food and Beverage Industry – Stainless steel alloy that has been age-hardened is particularly useful in food and beverage industry. As per latest analysis, the worldwide food and beverage industry revenue is expected to grow at a rate of ~23% to acquire over USD 500 billion in the next couple of years.
  • Upsurge in Power Generation and Consumption – Nickel-chromium alloy is used in the manufacture of turbine blades. Around 97 quadrillion Btu of primary energy was consumed in the US in the year 2021, as per data collected by the United States Energy Information Administration.
  • Growth in Chemical Industry – According to research, the chemicals industry in India is expected to grow from around USD 175 billion in 2019 to attain over USD 300 billion by growing at the rate of ~9%.

Challenges

  • Low Stability of Some Precipitation Hardened Alloys at High Temperatures
  • Higher Cost of Production
  • Longer Duration for the Process

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.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

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.

Global Precipitation Hardening Market Regional Synopsis

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.

Precipitation-Hardening-Market-Size

The global precipitation hardening market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global precipitation hardening market includes the following segments:

    By Hardening Type

  • Coherency Strain
  • Chemical
  • Dispersion

          By Material

  • Stainless steel
  • Aluminum
  • Magnesium
  • Others

           By End Use

  • Automotive industry
  • Aerospace Industry
  • Others
 

Top Featured Companies Dominating the Global Precipitation Hardening Market

  • Paulo Heat Treating, Metal Finishing and Brazing
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Bodycote plc
  • Wallwork Heat Treatment Limited 
  • Bluewater Thermal Solutions
  • Magnetic Shields Ltd
  • Irwin Automation, Inc.
  • Pacific Metallurgical, Inc.
  • Thermex Metal Treating Ltd. 
  • Specialty Steel Treating, Inc.
  • Aalberts Surface Technologies GmbH

 

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