Annealing Furnaces Market size shall reach a value of $2x61.4 million in 2032, growing with a CAGR of 12.13% during the forecast period of 2022 to 2032.
Market Definition / Research Scope
Annealing is a heat-treating procedure used to change the chemical or physical properties of a metal to reduce its hardness and make it more ductile. The annealing process occurs as atoms within a sample diffuse in a crystal lattice and the dislocation numbers reduce, hence changing the ductile and hardness properties of a sample. Recrystallization of the sample happens as it cools down.
Annealing can be subcritical, intermediate or full annealing. On heating of the sample, energy is produced, which leads to its bonds breaking and its diffusion. Annealing has three stages; recovery, recrystallization and grain growth.
Annealing increases ductility and eliminates internal stresses in steel. Recrystallization enhances nucleation and growth of new grain without a phase change in the cold metal. Normalizing is done on steel to get a more fine-grain homogenized structure with properties that can be predicted and enhance its use by machines.
Factors that are projected to fuel growth in the market include; growing consumption of steel and iron in the infrastructure segment and an increase in the demand for fabricated metals in the automobile industry. Annealing furnaces manufacturers are using new product developments and acquisitions as key strategies of operation. Applications are in petrochemicals, metallurgy, automotive, steel industries, foundries and forging and aerospace.
Annealing Furnaces Market Growth and Trends
Annealing is the chemical process of transforming the properties of a metal. This process works via the medium of heat and radiations. Its purpose is to increase the ductility of a metal by converting it into a less study solid base. The world visualizes a constant increase in their demand. The prime reasons behind their growing market are as follows:
• The automotive industry invites widespread employment of annealing furnaces. An industry worth 80.6 million dollars or even more, these heat generating systems increase the ductility of alloys to be integrated with the vehicles.
• Next, the infrastructure sector utilizes massive volumes of iron and steel where annealing furnaces exercise an extensive utility.
• Besides, most of the developed and developing nations opt for premium quality metal products including utensils, toys, decorative wall hangings and table tops etc.
• Switching from old and traditional annealing furnaces to technologically improvised new annealing furnaces could accelerate their upcoming market. These new systems premise their dynamics on oxidation technology which catalyses their industrial popularity.
Challenges to Annealing Furnaces Market
Here are few pertinent shortcomings which the annealing furnaces market anticipates facing in the near future:
• High cost of annealing furnace equipment may obstruct their future market growth.
COVID-19 impact on the industry: -
Throughout 2020, COVID-19 impacted the market growth negatively. Several annealing furnace products had been halted because of the COVID-19 pandemic, mainly due to prolonged lockdowns in global markets. However, the market gained traction in the mid of the year 2021. Formerly, the main demand for equipment and machinery was noted from giant manufacturing countries like the U.S., Germany, Italy, the UK, and China, which were negatively affected by the spread of Coronavirus. During the prolonged lockdown, machinery and equipment manufacturers started to protect their workforces, operations, and supply chains to deal with immediate crises and find new ways to work after COVID-19. The companys financial recovery was based entirely on its cash reserves for the longest time.
Annealing Furnaces Market Regional Analysis
Europe is expected to have the highest demand for annealing furnaces over the forecast period. Globally, Europe leads the market for annealing furnaces in terms of consumption. In addition, Europe is a hub for the auto industry due to the presence of top manufacturers like Volvo, Audi, and BMW. An annealing furnace market in Asia Pacific is expected to grow rapidly. One reason for this is the rapid industrialization of the region. A few steel making plants plan to begin their projects in India and China in the near future. In Asia Pacific, the demand for annealing furnaces is also driven by an increase in construction work and automobile manufacturing.
Annealing Furnaces Market Share and Competition
Global Annealing Furnace Market growth is primarily driven by the growth of industries such as minerals, metals & alloys, etc. Meanwhile, the growth in end-user industries like oil and gas and construction is expected to create profitable opportunities for the expansion of the market. Key companies operating in this industry are: Bodycote plc, Abbott Furnace, Nutec Bickley, S.A de C.V., CEC, Carbolite Gero Ltd., Gautschi Engineering GmbH, Nippon Steel Engineering Co., Ltd., CM Furnaces Inc., Shivang Furnaces and Ovens Pvt. Ltd., LAC, s.r.o., and Sandvik AB (KANTHAL)
Annealing Furnaces Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
• Data breakdown for every market segment (2022 – 2032)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2022 - 2032)
• Wire Annealing Furnace
• Tube and Bar Annealing Furnace
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Carbon Steel
• Casing
• Rods
• Round Bars
• Tubes
Industry Analysis (Revenue, USD Million, 2022 - 2032)
• Automotive
• Aerospace
• Foundries/ Forging
• Tube Manufacturers
• Aluminum Producers
• Steel Bars/ Steel Forging
Region Analysis (Revenue, USD Million, 2022 - 2032)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Annealing Furnaces Market Companies
• Bodycote plc
• Abbott Furnace
• Nutec Bickley, S.A de C.V.
• CEC
• Carbolite Gero Ltd.
• Gautschi Engineering GmbH
• Nippon Steel Engineering Co., Ltd.
• CM Furnaces Inc.
• Shivang Furnaces and Ovens Pvt. Ltd.
• LAC, s.r.o.
• Sandvik AB (KANTHAL)
Available Versions: -
United States Annealing Furnaces Market Research Report
Europe Annealing Furnaces Market Research Report
Asia Pacific Annealing Furnaces Market Research Report
India Annealing Furnaces Market Research Report
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