The global metal heat treatment market is expected to post a CAGR of close to 4% during the period 2019-2023, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global metal heat treatment market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the global metal heat treatment market is the integration of metal heat treatment processes into production lines. With the rapid globalization and the increasing investments in the automotive sector, the competition in the market has become intense, resulting in several organizations streamlining their processes to increase their operational efficiency. Further, the rising demand for cost-effective, quality products that are competitive in the global market has compelled automotive companies to increasingly adopt automation in factory operations. This has led many of those companies to integrate metal heat treatment processes into their production lines as part of their operational strategies. These technologies enable a continuous automation system, resulting in the development of high-quality products faster. Thus, the integration of heat treatment processes into production lines will drive the demand for metal heat treatment during the forecast period.
As per Technavio, the increasing demand for CNC-incorporated machine tools will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global metal heat treatment market 2019-2023research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global metal heat treatment market: Increasing demand for CNC-incorporated machine tools
Design is one of the most prominent aspects of any product development process that provides the desired shape to the final product. Computer numerical control (CNC) machines help in conveniently developing products in the desired form with maximum accuracy. CNC machines are highly productive and efficient and enables the incorporation of modern technologies in the functional unit of end-user industries. With businesses and investors increasingly investing in process automation, manually controlled machine tools are being replaced by numerical control (NC) and CNC machines. The new machines use programmed commands and computers to ensure increased productivity. Such adoption of machinery and equipment requires advanced metal heat treatment processes.
"Apart from the increasing demand for CNC-incorporated machine tools, factors such as the increasing adoption of electric vehicles, and the growing popularity of lightweight vehicles will have a significant impact on the growth of the metal heat treatment market during the forecast period," says a senior research analyst at Technavio.
Global metal heat treatment market: Segmentation analysis
This market research report segments the global metal heat treatment market by end-user (automotive, aerospace, industrial machinery, construction, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. The market growth in APAC can be attributed to the increasing industrialization, growing production of automobiles and industrial machinery, and the strong demand from growing economies such as China, Vietnam, Bangladesh, Japan, South Korea, and India
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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