The vacuum furnaces market share is projected to reach US$ 1.24 billion by 2028 from US$ 881.88 million in 2021, it is estimated to grow at a CAGR of 5.3% from 2022 to 2028.
New York, July 18, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Vacuum Furnaces Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Vacuum Quench Furnaces, Vacuum Brazing Furnaces, Vacuum Carburizing Furnaces, and Others) and End User (Aerospace, Automotive, Tool and Die, Power Generation, and Others)” The global vacuum furnaces market growth is driven by emerging application in aerospace industry and demand is increasing across industries.
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Market Size Value inUS$ 881.88 million in 2021Market Size Value byUS$ 1.24 billion by 2028Growth rateCAGR of 5.3% from 2022 to 2028.Forecast Period2022- 2028Base Year2021No. of Pages148No. Tables61No. of Charts & Figures72Historical data availableYesSegments coveredProduct Type and End UserRegional scopeNorth America; Europe; Asia Pacific; Latin America; MEACountry scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, ArgentinaReport coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
The future of metallurgical thermal processing technology is changing continuously. Vacuum furnace technology has been known and employed by engineering industrialists with the vision to establish this process technology as the vehicle with the capacity to accept many of today's engineered and manufactured products' novel thermal metallurgical transformations. Given existing and expected international trends, vacuum furnace technology presently has a significant potential to flourish well into the future. It is a technology that will enable material science and its industrial partners to enter the third millennium with ease. Hence, vacuum thermal processing technology plays an essential role in brazing complex geometrical nonferrous alloys aluminum.
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Vacuum Furnaces Market: Competitive Landscape and Key Developments
Leading players in the global vacuum furnaces market are AMG ADVANCED METALLURGICAL; ALD Vacuum Technologies; Centorr Vacuum Industries; Chugai RO Co., LTD; ECM Technologies; HHV Ltd.; HI Machinery and Furnace Co., Ltd.; Ipsen; Solar Manufacturing; and TAV Vacuum Furnaces. Several other companies are functioning in the market and are contributing substantial revenues to propel the vacuum furnaces market growth during the forecast period.
In 2021, Ipsen contributed to the development of heat treating industry professionals for the MTI educational foundation at Metal Treating Institute’s Fall Meeting.
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Growing Application in Aerospace Industry to Boost Vacuum Furnaces Market
The aerospace industry is one of the major end users of vacuum furnaces. As heat treatment is used in the aerospace industry to improve the resistance of various components toward wear and corrosion, major methods involve the heat treatment of engine parts subjected to mechanical stresses and strains. As it offers high reliability, a smaller installed footprint, and ease of maintenance, a vertical vacuum furnace heat treatment is used to heat parts with a cylindrical cross-section or parts that can be stacked vertically, such as those commonly processed in the aerospace industry. Vacuum furnaces are used for brazing, annealing, solution treatment, aging, hardening, stress relief, and other thermal treatments. As a result, the vacuum furnace market is growing due to the wide range of applications in the aerospace industry.
Furthermore, the aerospace and defense (A&D) industry is focused on developing new technologies and solutions, extending development prospects, and establishing new markets. New technologies and processes that evolve quickly and are commercialized can enhance efficiencies and lower production costs. Trends in commercial air travel and client order activity are substantially better than in the pre-COVID-19 era, a bullish omen for the business. The global COVID-19 vaccine distribution assists in the normalization of air travel. Therefore, the revival of the aerospace industry drives the vacuum furnaces market.
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Vacuum Furnaces Market: Sector Overview
Based on the end user, the vacuum furnaces market is segmented into aerospace, automotive, tool and die, power generation, and others. The aerospace segment led the vacuum furnaces market in 2021. The structure and propulsion of airplane production in China require high-quality aluminum alloy, titanium alloy, heat resistant materials of either wrought superalloy, and composites in creating large commercial aircraft in China. To perform these materials on the requirement of strength, fatigue, heat resistance, and so on, high-quality heat treatment techniques under aeronautical specifications are essential, one of the primary factors leading to the growth of the vacuum furnaces market.
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