LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global gas nitriding furnace market to grow at a CAGR of above 5% during the period 2018-2022, according to their latest report.
This market research report segments the global gas nitriding furnace market into the following applications, including non-automotive and automotive and key regions, including the Americas, APAC, and EMEA.
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In this report, Technavio analysts highlight the strong growth in demand for internal combustion engines as a key factor contributing to the growth of the global gas nitriding furnace market:
Strong growth in demand for internal combustion engines
Surface hardening of crankshafts is one of the key applications of gas nitriding. It is used in applications where energy and power are required to convert into rotary movement. Crankshafts use connecting rods to transform piston movements to rotational movements. It is also used in various engine types ranging from automotive engines to motorized chainsaws.
According to a senior analyst at Technavio for unit operations, “The demand for internal combustion engines is expected to witness a steady growth due to the variety of non-automotive applications, during the forecast period. In 2016, around 1,381 million internal combustion engines were used globally. It comprised of engines used in both the automotive industry and the non-automotive industry. The non-automotive market includes lawn mowers, leaf-blowers, construction engines, agriculture machinery, and generators. The automotive and non-automotive industries are expected to witness steady growth during the forecast period.”
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Global gas nitriding furnace market segmentation
Of the two major applications, the non-automotive segment held the largest market share in 2017, accounting for nearly 69%. The market share for this application is expected to decrease by 2022. The fastest growing application is automotive, which will account for 31% of the total market share by 2022.
APAC was the leading region for the global gas nitriding furnace market in 2017, accounting for a market share of 43%. By 2022, APAC is expected to witness growth of nearly 1%.
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