USD 10.928 billion
Industrial Furnaces Market Size, Share, Growth Analysis, By Furnace Type(Gas/fuel Operated Industrial Furnace, Electrically Operated Industrial Furnace), By Arrangement(Tube or Clamshell Type, Box Type, Bottom Loading & Car Bottom Furnace, Top Loading Furnace), By End-User(Metals & Mining, Transportation, Oil & Gas, Chemicals), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2059 |
Region:
Global |
Published Date: February, 2024
Pages:
213
|Tables:
93
|Figures:
76
Industrial Furnaces Market Insights
Global Industrial Furnaces Market size was valued at USD 10.928 billion in 2021 and is poised to grow from USD 11.23 billion in 2022 to USD 16.872 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
A thermal inclusion, an industrial furnace is used to process and treat raw materials at high temperatures in both their solid and liquid states. A system for industrial heat treatment, that warms to temperatures beyond a thousand degrees Fahrenheit. A number of industries, including manufacturing, the production of iron and steel, glass, non-ferrous metals, calcination in cement production, and ceramic processing, use industrial furnaces. The primary goals of using an industrial furnace are to efficiently utilize heat (so that losses are minimized) and to manage and control the various phases (gas, liquid, or solid) moving at various speeds for various temperatures and times in order to minimize corrosion and erosion of the refractory.
The consistent demand for iron and steel, along with other important commodities and metals, is one of the main drivers driving the growth of the industrial furnaces market. The development of the global market is also fueled by factors like the rise in the use of electric industrial furnaces and the rise in demand for lightweight automobiles as a result of technical improvements. Also, a lot of manufacturers of metallic automobile parts for use in vehicle assembly manufacture and heat treat these parts in industrial furnaces. The expansion of the market is driven by the upward trend in the manufacture of lightweight metal components for the automotive industry as well as the increase in automobile production and sales.
US Industrial Furnaces Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Gas/Fuel Operated Industrial Furnace
Fastest Growth
Gas/Fuel Operated Industrial Furnace
Growth Rate
4.3% CAGR
Global Industrial Furnace Market ($ Bn)
Country Share for North America Region (%)
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Industrial Furnaces Market Segmental Analysis
Global Industrial Furnaces market is segmented based on furnace type, arrangement, end-user, and region. Based on furnace type, the Industrial Furnaces market is segmented into gas/fuel operated industrial furnace, electrically operated industrial furnace. Based on the arrangement, the Industrial Furnaces market is segmented into tube or clamshell type, box type, bottom loading & car bottom furnace, top loading furnace, and others. Based on the end-user, the Industrial Furnaces market is segmented into metals & mining, transportation, oil & gas, chemicals, and others. Based on the region, the Industrial Furnaces market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Industrial Furnaces Market Analysis by Furnace Type
Based on furnace type, the market is segmented into gas/fuel operated industrial furnace, electrically operated industrial furnace. Throughout the forecast period, the gas/fuel operated industrial furnace segment is predicted to rule the world market. The market is divided into metals and mining, transportation, oil and gas, chemical, and others based on end user. Throughout the anticipated period, the metals and mining segment is anticipated to rule the market. The market is divided into tube or clamshell type, box type, bottom loading & automobile bottom furnace, top loading furnace, and others based on arrangement.
Global Industrial Furnace Market By Type
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Industrial Furnaces Market Regional Insights
In 2022, North America region held significant share in the global Industrial Furnaces market. A significant market share of the global industrial furnace market is held by North America. The need for electric heating industrial furnaces is anticipated to fuel market growth in the area. The area is anticipated to have significant financial growth in the industrial furnace market during the forecast period due to the region's increasing pace of industrialization. Due to increase per capita income and soaring automobile demand across North America, there has been a huge increase in the manufacturing and sales of passenger cars. As a result, the countries' need for metals like steel and aluminum has increased. In order to meet this growing demand, governments in nations like the U.S. and Canada are placing a strong emphasis on building new metal manufacturing facilities. This is expected to benefit sales of industrial furnaces in the North American market.
Global Industrial Furnace Market By Region
- Largest
- Fastest
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Industrial Furnaces Market Dynamics
Industrial Furnaces Market Driver
- The enduring demand for steel, iron, and other significant metals and commodities is the main factor driving this market. More cars, ornaments, bridges, buildings, and various other items are being produced and built as a result of the rising need for metals in a number of industries, including but not limited to those of transportation by rail, metallurgy, and automobiles. This necessitates the establishment of an increasing number of industries to meet the growing need, further ensuring that there is a high demand for industrial furnaces from companies all over the world. The idea of the industrial furnace has completely altered the situation with the advent of industry 4.0 and IIoT (Industrial Internet of Things) by choosing improved automation and efficiency.
Industrial Furnaces Market Restraint
- Although there are many end uses for industrial furnaces, there are a lot of barriers that will probably make market expansion difficult. Throughout the projected period, it is anticipated that the high price of industrial ovens and furnaces will constrain the global market. In addition, high maintenance costs brought on by frequent temperature changes and excessive energy usage are deterring consumers from purchasing industrial furnaces.
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Industrial Furnaces Market Competitive Landscape
The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Industrial Furnaces Market Top Player’s Company Profiles
- ANDRITZ AG
- Carbolite Gero Limited
- Despatch Industries
- Ipsen International GmbH
- SECO/WARWICK S.A.
- Thermcraft Inc.
- Tenova S.p.A.
- ECM Technologies
- Inductotherm Group
- Lindberg/MPH
- Nabertherm GmbH
- Surface Combustion, Inc.
- ABP Induction Systems GmbH
- CM Furnaces Inc.
- Mersen
- TAV Vacuum Furnaces S.p.A.
- Cieffe Forni Industriali S.r.l.
- Gasbarre Products, Inc.
- Sistem Teknik Industrial Furnaces and Ovens Inc.
- Grieve Corporation
Industrial Furnaces Market Recent Developments
- In July 2021, According to Tenova's initiatives for a decarbonized industry production, the company has begun developing the first burners for heat treatment furnaces that use up to 100% hydrogen while maintaining NOx emissions considerably below the toughest restrictions.
Industrial Furnaces Key Market Trends
- The processing of diverse materials, oils, gases, and food products requires the use of industrial furnaces in the major industrial sectors. Although there are several variations of them, there is currently no substitute for industrial furnaces on the market. Despite the lengthy lifespan of an industrial furnace, numerous industries are establishing themselves every year all over the world. While some are newcomers, the majority of the industries being created are by established players looking to increase their market share. This competitive spirit has improved the industrial furnace industry's opportunities and can be seen as a new market trend.
Industrial Furnaces Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Industrial Furnaces market is segmented based on furnace type, arrangements, end-user and region. Based on the furnace type, the gas/ fuel segment of the market is projected to hold the most lucrative share. Based on the arrangements, the box type segment of the market is projected to hold the most lucrative share. Based on the end-user, the metals & mining segment of the market is projected to hold the most lucrative share. Based on the region, the North America region of the market is projected to hold the most lucrative share.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 10.928 billion |
| Market size value in 2030 | USD 16.872 billion |
| Growth Rate | 4.3% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Industrial Furnaces Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Industrial Furnaces Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Industrial Furnaces Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Furnaces Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Furnaces Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Industrial Furnaces Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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