July 13, 2020
According to the research report titled ‘Global Vacuum Furnace Market: Analysis By Process (Brazing, Hardening, Carburizing, Others), Application , By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024)’, available with Market Study Report LLC, global vacuum furnace market size accounted for USD 689.64 million in 2018 and is predicted to expand substantially by the year 2024.
Rising per capita income and growing population have increased the investments towards vehicle manufacturing facilities, which in turn is major factor driving the growth of vacuum furnace market. Numerous vendors are focusing on integrating heat treatment processes such as tempering, quenching and carburizing with AM (additive manufacturing) in order to reduce production costs of metallic products.
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Rapid expansion of automotive and aerospace industry has resulted in surging demand for aviation equipment as well as commercial vehicles. In addition to this, rising adoption of heat-treating processes in construction sector are stimulating the industry outlook.
Incorporation of advanced technologies such as IoT (Internet of Things) have allowed for the development of vacuum furnace with better controllability and maintainability. Additionally, shifting preferences towards using vacuum furnace over traditional furnace owing to its benefits such as environmentally friendly and reduced CO2 emissions are favoring the market scenario.
Underlining the process type, global vacuum furnace industry is split into carburizing, hardening, brazing and others. Based on application spectrum, the market is classified into power, tool & die, automotive, aerospace and others.
Highlighting the regional landscape, global vacuum furnace industry is bifurcated into regions such as Asia-Pacific, Americas, Europe and Rest of the World with key focus on South Korea, Japan, china, Canada, U.S., Mexico, Brazil, U.K., France and Germany among others.
According to the report, Asia-Pacific vacuum furnace industry is estimated to generate substantial revenues in the forthcoming years. Swift industrialization in countries such as Japan, China and India along with rising R&D activities in order to develop innovative heat treatment solutions are swaying the business dynamics in the region.
Gasbarre Products Inc, Fours Industriels B.M.I., ALD Vacuum Technologies Gmbh, Chugai Ro Co. Ltd, IHI Machinery and Furnace Co. Ltd., SECO/WARWICK Group, Vac Aero International Inc., GM Enterprises Pvt. Ltd., Ipsen International Holding GmbH and ULVAC Inc. among others.