Precipitation Hardening Market Size

Precipitation Hardening Market size was over USD 2.16 Billion in 2023 and is expected to cross USD 5.95 Billion by the end of 2036, witnessing more than 8.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of precipitation hardening is estimated at USD 2.32 Billion. This growth is predicted based on the advancements in the chemical and automotive industries. As precipitation hardening is considered to be an ideal process for making durable, strong, and powerful automotive components. Thus, the rapid expansion in the global automotive industry is anticipated to fuel market growth in the forecast period.  As per research, the global automotive industry is expected to reach over USD 8 trillion by the end of the forecast period, thereby increasing the global precipitation hardening market size.

Precipitation hardening is a heat treatment process undertaken on pliable materials such as aluminum, magnesium, and stainless steel to improve their mechanical strength and corrosion resistance. Thus, it is being heavily used in varied processes which include material processing and manufacturing industries. This factor is projected to propel the global precipitation hardening market growth in the upcoming years.  According to the United States National Institute of Standards and Technology (NIST), the manufacturing industry in the US accounted for about 10% of the total GDP in the year 2020. Furthermore, the tremendous rise in consumption of steel alloy and ferric alloy products is also anticipated to increase the utilization rate of precipitation hardening as it is beneficial for increasing the properties of the alloys. In addition to the aforementioned factors, the rapid expansion of the electrical & electronics sector along with the rise in demand for electronic products is estimated to bring lucrative growth opportunities for market growth.