India Heat Treating Market Worth $8.37 Billion By 2027 | CAGR: 7.5%

The India heat treating market is expected to reach USD 8.37 billion by 2027 at a 7.5% CAGR, according to a report by Grand View Research, Inc. The entry of various automotive manufacturers in the country has fueled the demand for heat treating services over the past few years.

Heat treating involves controlled heating and cooling of materials to attain distinct mechanical properties such as strength, flexibility, and hardness. Steel is the most commonly used material for heat-treating in India, along with cast iron, aluminum, copper, brass, and other metals.

The use of high-strength steel in the automotive industry has increased at an exponential rate, owing to the requirements of light-weight vehicles with improved fuel efficiency. The rapid growth of the Indian automotive sector has propelled the demand for heat treating. Heat-treated components are used in numerous auto-parts, such as transmission, suspension, engine, body frame, and braking systems.

Players in the heat treating market in India are focusing on the implementation of green technologies and processes to reduce environmental footprint. Companies are focused on increasing the use of natural gas-fired and electrically-heated furnaces. The use of induction heating and plasma heating is estimated to rise at a rapid pace over the next few years.

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Further key findings from the report suggest:

• The India heat treating market was valued at USD 3.80 billion in 2016 and is expected to expand at a CAGR of 7.5% from 2017 to 2027

• Market growth can be attributed to rapidly-expanding industries such as automotive and aerospace  

• Steady GDP growth and progressive economic performance of the country have attracted significant foreign investments in end-use industries such as automotive and aerospace. This has encouraged various players from the international market to reinforce their presence in India

• Penetration of energy-efficient and green technologies is projected to open new avenues in the market, providing local vendors potential to compete with international players

• In terms of revenue, the automotive application segment accounted for 50% of the India market in 2016, followed by aerospace. Prospective growth in the automotive industry has created lucrative opportunities for players

• By process, the case hardening segment is expected to witness the highest CAGR of 8.2% over the forecast period on account of increasing adoption of carburizing over traditional hardening process

• South India and West India are anticipated to be the most lucrative regions in the India heat treating market. South India dominated the market with a share of close to 40% in 2016

• The market in West India is likely to experience ample growth over the forecast period, owing to attractive business opportunities in Gujarat. East India and North East India are predicted to exhibit sluggish growth due to political instability and limited

• Key players in the Indian market include Unitherm Engineers Limited, HighTemp Furnaces Limited, Deck India Engineering Pvt. Ltd., Sourabh Inductotherm, and AFECO Heating Systems. The augmented use of advanced technologies is predicted to aid Indian players in meeting international standards and strengthening their presence in the global market.

Grand View Research has segmented the India heat treating market on the basis of material, process, equipment, application, and region:

Heat Treating Material Outlook (Revenue, USD Million; 2012 - 2027)

• Steel

• Cast iron

• Others

Heat Treating Process Outlook (Revenue, USD Million; 2012 - 2027)

• Hardening & tempering

• Case hardening

• Annealing

• Normalizing

• Others

Heat Treating Equipment Outlook (Revenue, USD Million; 2012 - 2027)

• Fuel-fired furnace

• Electrically-heated furnace

• Others

Heat Treating Application Outlook (Revenue, USD Million; 2012 - 2027)

• Automotive

• Aerospace

• Metalworking

• Others

Heat Treating Region Outlook (Revenue, USD Million; 2012 - 2027)

• South India

• West India

• North India

• Central India

• East India

• North East India