Annealing is the process of controlled heating and cooling of a material with the objective of altering the microstructure to remove stress, or change properties such as hardness, strength, or ductility. Annealing furnaces cover a broad range of steel and aluminum applications including tempering, normalizing, and aging, and similar automated loading, unloading, and natural or forced cooling is possible with roller hearth, tip-up, or batch arrangements.Annealing is a heat treatment process that is provided to metals to change the physical or chemical properties of a metal to reduce its hardness and make it more ductile. Annealing furnace is an equipment used for heating metals for casting and strong melting. It has property of changing the physical shape of the metal through forging and rolling and converts or changes the properties of the metal through heat treatment. Annealing furnaces are mainly used in industries such as construction and automotive to heat-treat metals. An annealing furnace has three stages-recovery, recrystallization, and grain growth. Recovery is the first stage and occurs at lower temperatures in which the metal is softened by the removal of linear defects called dislocations. In the recrystallization stage, new strain-free grains nucleate and grow to replace those that were removed in the recovery state; grain growth is the last stage where further heat treatment is given to the material. Key application areas of annealing furnaces are petrochemical industry, material handling, and metallurgy. The global annealing furnaces market is expected to expand at a rapid pace during the forecast period owing to increase in the demand for annealing furnaces in different industries such as construction and automotive.

Market scope and structure analysis:

COVID-19 -19 impact on industry -

• COVID-19 pandemic has shut-down the production of various products in the annealing furnaces industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the growth of the annealing furnaces market significantly from last few months, as it is anticipated to continue during 2020.
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is projected to cause a negative impact on the market growth throughout the year.
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The main purpose of annealing surface is to maintain the temperature for increasing the ductility of metal, which changes according to requirement. Continuous demand due to its use in steel and iron industry affect their market growth. High cost of annealing surface machine hampers the market growth.

Increase in consumption in developing countries

There is an increase in the adoption of annealing surface machine due to demand for fabricated metals in the automobile industry.Rise in investments in smart factories are projected to propel the growth of the global annealing furnaces market across the globe. Growth in consumption of steel and iron in the infrastructure sector in developing countries is projected to increase the growth of the global annealing furnaces market in developing countries in the next few years.

Availability of new oxygen technologies

Nowadays preference of newer technologies over earlier is Increasing replacement of old annealing furnaces, availability of new oxygen technologies, and rise in popularity of hybrid annealing furnaces are some other factors estimated to fuel the growth of the global annealing furnaces market between 2019 and 2027. Metal and steel processing sectors offer lucrative opportunities to the global annealing furnaces market. This factor is anticipated to propel the demand for annealing furnaces in the near future.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the annealing furnaces market along with the current trends and future estimations to determine the future of the market
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the annealing furnaces market share.
• The current market is quantitatively analyzed from 2020 to 2027 to annealing furnaces market growth scenario.