Vacuum Gas Nitriding Furnaces Market, Growth, Size, Share, and Industry Analysis, By Type (Vertical and Horizontal Vacuum Gas Nitriding Furnaces), By Application (Automotive, Tool & Die, and Others), Covid-19 Impact, Latest Trends, Segmentation, Driving Factors, Restraining Factors, Key Industry Players, Regional Insights, and Forecast To 2031

Updated On: 29 April 2024

Vacuum Gas Nitriding Furnaces Market Report Overview

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The global vacuum gas nitriding furnaces market size is expected to be USD 59 million in 2022 and is expected to touch USD 89.78 million by 2031, exhibiting a CAGR of 4.8% during the forecasted period.

A vacuum gas nitriding furnace is a cylindrical shell of steel plates and consists of a heating studio made up of standard refractory bricks in which the heating chamber and bodies are filled with insulation materials. The heating chamber has a stainless steel welded furnace, and the upper part of the tank is equipped with a vacuum sealing ring, while the lower part is a water-cooled jacket. The furnace cover's top is fitted with a soaking fan to allow a uniform atmosphere in the furnace.

The market is divided into two segments, i.e., the type and application. The type segment consists of vertical and horizontal vacuum gas nitriding furnaces, whereas the application segment consists of automotive, tool and dies, and others. Major collaborations, product launches, mergers, joint ventures, and acquisitions in developed worldwide regions will lead the market growth and share of the furnace industry, leading to profits and revenues for investors and manufacturers.

COVID-19 Impact: Closure of Manufacturing and Industrial Activities Impeded Market Demand

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels post the pandemic. The market is expected to increase supply and production rapidly, and the need for gas nitriding furnaces during the forecast period. The global COVID-19 pandemic was unprecedented & staggering, with experiencing vacuum gas nitriding furnaces lower-than-anticipated demand across all regions compared to pre-pandemic times.

The closure of industrial and manufacturing activities in the gas nitriding furnace industry severely affected the market growth and share of investors and leading players worldwide. Rising inflation and decreasing consumer income were the major factors that restrained the market's industry growth and affected businesses due to the pandemic and lockdowns. Thus, the market was affected due to these factors; however, it will witness unprecedented growth during the forecast period.

LATEST TRENDS

"Post-Pandemic Demand Surge to Drive Market Growth and Share"

The post-pandemic surge in demand for vacuum furnaces will lead the market growth and share for the industry, leading to massive revenues and profits for leading industrial players. The developed countries will drive this growth, owing to the resumption of industrial activities and the need for vacuum gas furnaces in the commercial sector. The rising supply and production activities in developing countries will lead the market share, leading to unprecedented demand in the industry.

Vacuum Gas Nitriding Furnaces Market Segmentation

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• By Type

The market is subcategorized into types and consists of vertical and horizontal vacuum gas nitriding furnaces.

• By Application

The market is subcategorized based on other applications into automotive, tool & die, and others.

DRIVING FACTORS

"Application in Aerospace Industry to Lead Market Growth"

The aerospace industry is a significant end user of the vacuum gas furnace market. Procedural heat treatment is used in the aerospace industry to improve the resistance of components regarding corrosion, which is subjected to mechanical stresses and strains. As it offers high reliability and ease of maintenance, a vertical furnace heat treatment is used to heat parts with a cylindrical cross-section. Vacuum furnaces are also used for brazing, solution treatment, aging, and other thermal treatments. As a result, the vacuum gas nitriding furnaces market growth will increase due to the wide-ranging applications in the aerospace industry.

"Technological Innovations in the Commercial and Defense Industry to Propel Market Share "

The aerospace and defense industry is developing new technologies and solutions, thus extending development prospects and establishing new worldwide markets. Innovative technologies and processes are evolving quickly and are commercialized. Hence, new developments will lower production and manufacturing costs. The trends in commercial air travel and client order activity are returning to the pre-pandemic levels. Therefore, the revival of the aerospace industry will propel the vacuum gas nitriding furnaces industry.

RESTRAINING FACTORS

"Rising Installation and Raw Material Costs to Hamper Market Growth "

The rising raw material costs and complex installation procedures for the production systems will hamper the growth of the furnace industry, leading to a reduced market share and revenues for investors and manufacturers worldwide. The escalations in the European region and the resulting inflation from a lack of resources and supply chain mechanisms are the major factors that will restrain growth during the forecast period.

Vacuum Gas Nitriding Furnaces Market Regional Insights

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"Europe to Lead Market Share Owing to Major Market Demand"

The European region will lead the vacuum gas nitriding furnaces market share owing to rising demand and production capacities. The decreasing inflation and the rising income of the area per capita are the significant factors that will lead to the market growth and share of the industry. The critical factors influencing the market are rising technological innovations and the evolution of these technologies in emerging economies worldwide. Thus, investors and manufacturers will benefit massively from this development.

KEY INDUSTRIAL PLAYERS

"Developed Countries to Lead Market Share and Growth with Rising Demand"

The report analyzes various leading market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical outcomes, and newly emerging industries' impact and risks. After a comprehensive analysis, the study considers all the points, thus generating future possibilities for the vacuum gas nitriding furnaces industry. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Seco/Warwick (India)
• Tenova (Italy)
• ECM (France)
• ALD Vacuum Technologies (Germany)
• Solar Manufacturing (U.S.)
• Cieffe Thermal Systems (Italy)
• Therelek (India)
• SIMUWU (China)
• Beijing Huaxiang (China)
• Shanghai Yibai (China)

INDUSTRY DEVELOPMENT

"April 2022:" The leading metal industry suppliers and manufacturers Tenova and ABB have partnered to deliver an innovative packaging technology that will enable optimal charging and electromagnetic stirring for the world's largest-yielding electric arc furnace. This powerful solution combines a Tenova scrap charging system with Consteerrer, a model of the ABB ArcSave electromagnetic stirrer designed for continuous charging electric furnaces. Thus, investors and manufacturers will benefit from the development.

REPORT COVERAGE 

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After thoroughly evaluating the market and industry factors, the report provides an extensive, comprehensive SWOT and PEST analysis. The information estimates all the factors mentioned, taken into consideration after thorough research and analysis. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the vacuum gas nitriding furnaces industry. The report lists the worldwide leading industrial players and the regions that will experience growth during the forecast period.