The global precipitation hardening market is expected to attain a valuation of US$ 2.7 billion in 2023 and is projected to reach US$ 6 billion by 2033, expanding at a CAGR of 8.3% during the forecast period. Precipitation hardening is a common process for material processing, with metallurgical, chemical, and automotive industries having the highest demand for precipitation hardening systems. Sales of precipitation hardening systems are anticipated to rise tremendously along with the increase in the consumption of steel alloy and ferric alloy products.
The demand for the precipitation hardening process is growing as it provides relatively less disruption and rapture when the heat treatment is carried out. In contrast to other heat treatment processes, the precipitation hardening market offers exceptional temperature strength to the materials by causing strength anomalies and making precipitation hardening the most preferred process.
In today’s world, plastic pollution has emerged as a serious health problem in many parts of the world. Metal ores and alloys are better substitutes for plastic items used in industries. This changing scenario has led to a global expansion of more metallurgical industries, directly favoring the precipitation-hardening market share at present.
The precipitation hardening market is experiencing significant traction from a range of ferrous and non-ferrous alloy manufacturers. The sales of precipitation hardening systems to this particular sector are growing more than the average rate. Besides automotive manufacturing industries and Aerospace industries, the precipitation hardening market also caters to other industries using precipitation hardeners as a basic constituent of the industrial process. Most of the players contributing a maxing portion of the global precipitation-hardening market share are predicted to increase by significant numbers in the coming years.
What are the Key Growth Propellers for the Precipitation Hardening Market?
The precipitation hardening market is projected to have significant growth in the global market owing to the growing demand for an efficient heat treatment process for machinery parts and components.
The positive outlook of the global aerospace and automotive industry is projected to lay a strong base for the robust growth of precipitation hardening market share at an international level.
The precipitation hardening process has various advantages over other heat treatment processes, such as, it can enhance the wear resistance of the metals, can facilitate easy machinability, it does not cause distortion to the part, for super-alloys, it is known to cause yield strength anomaly, which can offer exceptional high-temperature strength for materials provided by precipitation hardening market.
These factors are expected to create significant growth opportunities and the sale of precipitation-hardening systems in the market over the forecast period.
However, the precipitation hardening process is a time-consuming and costly process. The high cost associated with the process has a lot of chances of getting reflected in the lower demand for precipitation-hardening systems in developing economies.
The sales of precipitation hardening are also limited to alloys and non-ferrous materials, which is anticipated to hamper the demand for precipitation hardening systems in the market over the forecast period.
Which Region Holds the Highest Growth Potential in the Precipitation Hardening Market?
Asia Pacific region is projected to be the lucrative region for the precipitation hardening market over the forecast period owing to the growing automotive industry in the region. The market in this region is expected to grow with a CAGR of 8.5% during the forecast period.
Emerging economies in the region, such as China, India, etc., are expected to experience significant growth in the sales of precipitation-hardening systems in the coming days.
Rising automotive and aerospace parts and component production in the European region is estimated to create demand for precipitation hardening in the region over the forecast period. The demand for precipitation hardening services in Europe is projected to rise with a CAGR of 8.2% during the forecast period.
The North American region is expected to have prominent growth in the precipitation hardening market owing to the growing number of aerospace-based manufacturing companies in the United States. The sales of precipitation hardening products in the region are anticipated to grow by 8.1% during the forecast period. The region is expected to accumulate over 36% market share in 2023.
Latin America and the Middle East & Africa region are projected to grow in other manufacturing industries such as metal fabricated products, construction materials, industrial machinery, etc., having some positive impacts on the sales of precipitation hardening systems in the geographic region.
Start-ups in the Precipitation Hardening Market
Start-ups have a significant role in recognizing growth prospects and driving industry expansion. Their effectiveness in converting inputs into outputs and adapting to market uncertainties is valuable. In the precipitation hardening market, several start-ups are engaged in manufacturing and providing related services.
Aspen Aerogels is a supplier of thermal management and energy conservation insulation solutions for a variety of industries.
HTA is a provider of thermal processing services for the defense, medical, automotive, and aerospace industries.
Elementale Enterprises offers comprehensive system integration services for various technologies, including atmospheric water generators, thermal processing machinery, viscometers, gas detection systems, and water cut analyzers.
A P Systems specializes in manufacturing laser equipment for material processing.
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 Paulo, Bodycote, Wallwork Heat Treatment Ltd., Pilkington Metal Finishing, Bluewater Thermal Solutions, MSL Heat Treatment Limited, Unitherm Group (Indo-German Vacu Treat Pvt. Ltd.), Irwin Automation Inc., Pacific Metallurgical, Inc., 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.
