Annealing Furnaces: Introduction
- Annealing is a heat treatment process that is used to alter the physical or chemical properties of a metal to reduce its hardness and make it more ductile. Annealing furnace is an equipment used to heat metals for casting and strong melting. Annealing furnaces change the physical shape of the metal through forging and rolling and converts or changes the properties of the metal through heat treatment.
- Annealing furnaces are mainly used in industries such as construction and automotive to heat-treat metals.
- An annealing furnace has three stages: recovery, recrystallization, and grain growth. Recovery is the first stage and occurs at lower temperatures in which the metal is softened by the removal of linear defects called dislocations.
- In the recrystallization stage, new strain-free grains nucleate and grow to replace those that were removed in the recovery state; grain growth is the last stage where further heat treatment is given to the material.
- Key application areas of annealing furnaces are petrochemical industry, material handling, and metallurgy.
- The global annealing furnaces market is expected to expand at a rapid pace during the forecast period owing to increase in the demand for annealing furnaces in different industries such as construction and automotive.
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Global Annealing Furnaces Market: Dynamics
Global Annealing Furnaces Market: Key Drivers and Restraints
- Increasing demand for fabricated metals in the automobile industry and rise in investments in smart factories are projected to spur the global annealing furnaces market across the globe.
- Growing consumption of steel and iron in the infrastructure sector in developing countries is projected to boost the global annealing furnaces market in developing countries in the next few years.
- Growing demand for a wide range of processed metal products is likely to propel the global annealing furnaces market in the upcoming years.
- Increasing replacement of old annealing furnaces, availability of new oxygen technologies, and rise in popularity of hybrid annealing furnaces are some other factors estimated to fuel the global annealing furnaces market between 2019 and 2027
- Metal and steel processing sectors offer lucrative opportunities to the global annealing furnaces market. This factor is anticipated to propel the demand for annealing furnaces in the near future.
- However, high cost of annealing furnaces is expected to hinder the market during the forecast period.
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Europe to Hold a Leading Share of the Global Annealing Furnaces Market
- Europe is anticipated to witness the maximum demand for annealing furnaces during the forecast period. Europe is the leading region of the global annealing furnaces market in terms of consumption. Furthermore, Europe is a hub for the automotive industry, primarily due to the presence of top automobile manufacturers with high production capacities such as Volvo, Audi, and BMW.
- Asia Pacific is projected to be a rapidly growing market for annealing furnaces. This is primarily due to rapid industrialization in the region. Additionally, some of the steelmaking plants are planning to start their projects in India and China in the coming years.
- Furthermore, rapid rise in construction activities and increase in the production of automobiles are driving the market for annealing furnaces in the Asia Pacific region.
Global Annealing Furnaces Market: Competitive Landscape
Key Players Operating in the Global Annealing Furnaces Market
Numerous local, regional, and international players operate in the global annealing furnaces market. Hence, the market is fairly fragmented and the bargaining power of suppliers is low. The degree of competition among market players is also high. Manufacturers of annealing furnaces are adopting key strategies of new product development and acquisitions to cater to the needs of end-users. Key players operating in the global annealing furnaces market are:
- Bodycote plc
- Abbott Furnace
- Nutec Bickley, S.A de C.V.
- Carbolite Gero Ltd.
- Gautschi Engineering GmbH
- Nippon Steel Engineering Co., Ltd.
- CM Furnaces Inc.
- Shivang Furnaces and Ovens Pvt. Ltd.
- LAC, s.r.o.
- Sandvik AB (KANTHAL)
Global Annealing Furnaces Market: Research Scope
Global Annealing Furnaces Market, by Product Type
- Wire Annealing Furnace
- Tube and Bar Annealing Furnace
Global Annealing Furnaces Market, by Application
- Carbon Steel
- Round Bars
Global Annealing Furnaces Market, by Industry
- Foundries/ Forging
- Tube Manufacturers
- Aluminum Producers
- Steel Bars/ Steel Forging
Global Annealing Furnaces Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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