Precipitation Hardening Market Analysis

End-user (Automotive, Aerospace)

The global precipitation hardening market is segmented and analyzed for demand and supply by end-user in the automotive industry, aerospace industry, and others. Out of them, the automotive industry segment is expected to grow the fastest during the forecast period owing to garnering a 34% market share by the end of 2036. The major factor that is attributed to the segment growth is the high demand for automobiles by the burgeoning population and an increasing number of vehicles manufactured across the world. Over 78 million motor vehicles were produced worldwide in the year 2021, an increase of about 2% from the numbers in 2020. As the parts of automotive are made with steel and alloys, precipitation hardening is necessary to develop strong and robust vehicle parts. This factor is estimated to expand the size of the segment and subsequently aid in market expansion.

Material (Stainless Steel, Aluminum, Magnesium)

The global precipitation hardening market is also segmented and analyzed for demand and supply by material into stainless steel, aluminum, magnesium, and others. Out of these four segments, stainless steel is projected to hold the most significant share of the market which is equivalent to almost 39% during the forecast period. The main reason for segment growth is the high production rate of stainless steel to bridge the gap between the supply and demand from the end-use industries. The recent data reported that in 2021, global stainless steel production was more than 60 million metric tons. The demand for stainless steel is further anticipated to increase owing to the increased demand for electrical and electronics products, automobiles, aircraft, and other components which require stainless steel which in turn is anticipated to create a positive outlook for segment growth in the upcoming years.

Our in-depth analysis of the global market includes the following segments: