April 29, 2020
As per the report titled ‘Global Vacuum Hardening Furnaces Market Research Report 2020’, available with Market Study Report LLC, global vacuum hardening furnaces market was valued at USD 337.9 million in 2020 and is projected to reach USD 443 million by the end of 2026, registering 3.9% CAGR during 2021-2026.
Vacuum hardening furnaces are furnaces in which materials like steel are heated to a specific temperature and then cooled rapidly in the vacuum enclosure, preventing contamination and oxidation of the material. Rapid growth of electronics, construction, and metal industries is fueling the expansion of global vacuum hardening furnaces market.
As per the type landscape, the industry is bifurcated into oil hardening and gas hardening. Oil hardening segment accounted for majority share of 68% in 2018 and is expected to see modest growth during the study period. Increasing use of oil quenching method across various industries for hardening of alloy steel forgings to achieve desired strength and hardness is driving the segment growth.
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Elaborating on the application spectrum, vacuum hardening furnaces market share from vehicle segment is expected to witness robust growth in the forthcoming years. The growth can be attributed to increasing production of vehicles around the globe to support the conveyance needs of ever-growing population.
Considering the geographical landscape, vacuum hardening furnaces industry in Asia Pacific is anticipated to see prominent gains during the forecast period, owing to thriving automotive sector in emerging economies like India and China. Rising disposable income in these nations is fueling the demand for passenger vehicles, thereby propelling the use of vacuum hardening furnaces in vehicle production.
Major players in global vacuum hardening furnaces market are Ipsen, ALD Vacuum Technologies, Tenova, ECM, IHI (Hayes), Seco/Warwick, G-M Enterprises, Solar Mfg, Huahaizhongyi, BRIMET, VAC AERO, Chugai-ro, Huarui, Gasbarre, Centorr Vacuum Industries, ULVAC, Systherms GmbH, Hengjin, and Huaxiang.
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