Today the Global and Technology driven World is leading towards the scenario of competitive economies. Also with the growing population of the World, resources getting scarce and expensive, increases in energy prices, sensitivity towards environment protection, are all driving forces towards changes in the World demands. Materials & Engineering focuses on developing new Materials, processes, theories and computational models to understand materials. Breakthrough in the field of knowledge of Materials and their Engineering applications are likely to have the most significant impact on the future of technologies and help Nations in the industrialisation and development of economies.
The Global Heat treat market is estimated to be USD 35 bn of which around USD 20 bn is in USA. India's share stands at USD 1 bn and is growing at 12% per annum.
The global drivers for heat treatment growth are Automobile, Aviation, Railways, Heavy Construction Machinery, Mining, Metalworking, Tool and Die industries etc.
The fast-growing Asian economies have created market opportunities for heat treatment technologies, products, services and equipment, particularly India, Thailand, Indonesia, Vietnam and Philippines are witnessing huge potential in this sector.
The growth of the Indian infrastructure and automotive industry is providing the demand for most heat treating activities. The industry has experienced a boom in recent years with a 6 Year CAGR of 13.1%
Captive heat treatment still has the larger share of business in India, as compared to commercial heat treatment. This scenario is changing rapidly as the commercial heat treatment sector growing, with the availability of good heat treatment practices and large volumes capacities being set up across the country.
Over all, the potential for growth of furnace building activity and heat treatment activity is huge, driven primarily by the growth of the auto sector.