LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global atmospheric heat treatment equipment market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The report has further segmented the global atmospheric heat treatment equipment market on the basis of end-users (aerospace, automotive, heavy equipment, and others) and geography (APAC, the Americas, and EMEA).
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global atmospheric heat treatment equipment market:
- Stable growth of automotive industry
- Expansion of construction sector
- Growing machine tools market
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Stable growth of automotive industry
Components such as mills, gears, pistons, and flywheels that are made up of metals like aluminum, steel, iron, and other alloys are utilized in the manufacturing process in the automotive industry. To improve the performance of automotive components, several heat treatment processes are used in automobile manufacturing. These processes increase the reliability and lifespan of the components by improving the strength and hardness of the materials.
According to Gaurav Mohindru, a lead analyst at Technavio for engineering tools research, “In emerging economies of APAC, the automobile manufacturing industry is gaining importance. The demand for automobiles, including passenger cars, is steadily rising in these regions due to the rapid rate of urbanization and growing economic activity. The population size, income, and the availability of raw materials, such as steel are some of the factors that influence the production of vehicles in these countries.”
Expansion of construction sector
The global construction sector is witnessing growth because of the rising economic activity and investments in infrastructure. It is predicted that the commercial and residential construction segments will witness steady growth in demand. The primary reason for the slow-moving market is the large residential inventories in these countries. Nevertheless, the market regrowth is expected to be supported by government policies.
In India, the implementation of Real Estate Regulatory Authority (RERA) is likely to bring more transparency in the residential sector. The rising economic condition of the world post the economic slowdown has promoted the growth of the non-residential sector. Therefore, commercial construction is gaining momentum.
Growing machine tools market
Global atmospheric heat treatment equipment market is substantially driven by the global machine tools market. The leading end-users of machine tools are automotive, aerospace and defense, telecommunications, and industrial machinery. The progress in these sectors drives the growth of the global machine tools market, which further propels the demand for atmospheric heat treatment equipment.
“Aviation sector is witnessing growth because of the increasing air traffic. The rising air traffic in countries in APAC, mainly in India and China, is driving the demand for new aircraft. This will further boost the demand for machine tools in the aerospace sector. Air traffic in Asia is expected to increase substantially due to urbanization and increase in wealth. In 2016, Airbus started the operation of its new factory in China as the company believes that the country offers a huge market potential for the aviation industry,” says Gaurav.
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