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

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.