The global precipitation hardening market is projected to attain a valuation of USD 2.7 billion in 2023 and is expected to reach USD 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.
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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.
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.
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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
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