Precipitation Hardening Market Trends

Growth Drivers

• Development in the 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 hardening is very useful in the electronics industry since it enhances the durability and resistance to rust of metals and alloys used in the manufacture of various electronic devices, such as magnesium alloys. This factor is projected to propel the global precipitation hardening market in the forecast period.

• Advancement in the 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 the heat-treated aluminum alloy is extensively employed in wing and fuselage structures.

• Innovation in the Food and Beverage Industry – Stainless steel alloy that has been age-hardened is particularly useful in the food and beverage industry for packaging, keeping food items safe, and preventing contamination. As per the 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. These turbines are further used in power generation plants. Thus, the high demand for electricity and escalation in the power consumption is projected to create a positive outlook for market growth in the next few years. Around 97 quadrillions 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 the Chemical Industry – Significant growth in the chemical industry is expected to drive precipitation usage rates for a variety of applications. According to research, the chemicals industry in India was 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 process of precipitation hardening takes a lot of time and investment. Thus, the adoption rate of precipitation hardening is expected to slow down which ultimately hampers market growth during the forecast period.