Global industrial furnaces market demand is anticipated to be valued at USD 2.5 million in 2023, forecast a CAGR of 3.9% to be valued at USD 3.6 million from 2023 to 2033. Growth is attributed to a rapid inclination toward adopting process automation technologies and electric industrial equipment. From 2018 to 2022, a CAGR of 3.6% was registered for the enterprise key management market.
Industrial furnaces are thermal enclosures in which solid and liquid raw materials are processed at high temperatures. They attain higher processing temperatures as compared with open-air systems. Industrial furnaces can be designed according to their functions, temperature variance, fuel type, and combustion method.
The basic construction of Industrial furnaces consists of the radiant section, convection section, radiant coil, burner, flue gas stack, and insulation. These furnaces have a basic working principle. The materials in the fluid form are heated up to optimum temperature levels in the radiant section, where the fuel is burnt using the burner.
Industrial furnaces are available in the market in various formats. These are used in numerous industries like glass, ceramic, metal, food processing, etc. Industrial furnaces have everlasting demand as the industries won’t shut down anyway. Metals, glass, cement, refractories, ceramic, plastic, and fiber are booming with the ever-growing demand for every industry thus mentioned.
| Attribute | Details |
|---|---|
| Market CAGR (2023 to 2033) | 3.9% |
| Market Valuation (2023) | USD 2.5 billion |
| Market Valuation (2033) | USD 3.6 billion |
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The rapidly growing Manufacturing Industry provides an opportunity for market growth.
Industrial furnaces are mandated in major industrial sectors for processing various materials, oils, gases, and food products. Although there are different versions of them, there is no alternative presented in the market to replace industrial furnaces. Although the life of an industrial furnace is long, newer industries are being set up every year worldwide.
Some are the new entrants, while most industries are set up by the old player with an idea to expand their market presence. This sense of competition has brought in better scopes for the industrial furnace industry and can be considered a new trend in the market.
The key driver for this market is the perennial demand for steel and Iron, along with other important metals and materials. With the growing demand for metals across several industries, including but not limited to automobiles, railroads, and metallurgy, more vehicles, ornaments, bridges, buildings, and various other things are being manufactured and constructed.
It calls for more and more industries to be set up to quench the rising demand, which further ensures that there’s a lot of demand for industrial furnaces from businesses worldwide. With the introduction of Industry 4.0 and IIoT (Industrial Internet of Things), the concept of the industrial furnace has changed the whole scenario by opting for better efficiencies and automation.
This boom can be an opportunity for those manufacturers who would be early adopters of this technology. In hindsight, the restraint for the market lies in the fact that industrial furnaces are considered one-time investments for any plant, which have a long life of 10 to 15 years, thus having a low product replacement rate.
Secondly, most countries in the world are well equipped with sufficient industries, and fewer manufacturing facilities have been set up in the last decade and are expected to have a prolonged effect in the forecast period, thus acting as a deterrent for the industrial furnace market.
High Maintenance Cost May Impede the Growth of the Market
Although the industrial furnaces market has numerous end-uses, numerous obstacles likely challenge market growth. The high cost of industrial ovens and furnaces is anticipated to hamper the global market during the forecast period. Also, large amounts of energy consumption and high maintenance due to frequent temperate fluctuations are factors hindering the sales of industrial furnaces.
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| Countries | Forecast Share Between 2023 to 2033 |
|---|---|
| United States | 21.6% |
| Germany | 5.4% |
| Japan | 6.0% |
| Countries | Forecast CAGR Between 2023 to 2033 |
|---|---|
| Australia | 0.9% |
| China | 7.6% |
| India | 4.9% |
| United Kingdom | 2.9% |
The growing Automobile Industry Provides an Opportunity for The Growth of the Market in The Region.
North America dominated the global industrial furnace market in 2023. North America accounts for a market share of 21% in the global industrial furnace market. The market growth in the region is expected to be fuelled by the demand for electric heating industrial furnaces. With the increasing rate of industrialization in the region, the region is estimated to gain substantial monetary value in the industrial furnace market over the forecast period.
A significant rise in production and sales of automotive vehicles, such as passenger cars, is witnessed due to rising per capita income and surging automobile demand across North America. It has bolstered the demand for metals such as aluminum and steel in the countries. Thus, governments of countries such as the United States and Canada are emphasizing constructing new metal manufacturing plants to cater to this rising demand, which is, in turn, anticipated to favor the sales of industrial furnaces in the North American market.
Presence of Leading Manufacturers of Industrial Furnaces to Boost the Growth of the Market
Europe is expected to witness the maximum demand for industrial furnaces from 2023 to 2033. Europe Accounts for a total 24% share of the global industrial furnaces market. Regarding consumption, Europe is the leading region of the global market.
With surging usages of metals such as iron, steel, copper, and aluminum across various industries such as power distribution, construction, machinery manufacturing, and others, a substantial rise in demand for the metals above is being witnessed across the region. Hence, leading industry players increasingly invest in expanding their production capacity to capitalize on the existing opportunity.
For instance, Borel Swiss is the leading manufacturer of electric furnaces, kilns, and ovens for metal, heat processing, heat treating, melting, ceramics, glass, porcelain, and pottery markets. Borel proposes a whole range of standard furnaces, accessories & spare parts. The increasing establishment of manufacturing industries and research & development laboratories in the region boost the growth of industrial furnaces in Europe.
Increasing Industrialization to Drive the Industrial Furnace Market in Asia Pacific
The Asia Pacific is anticipated to be the rapidly expanding market for industrial furnaces between 203 to 2033. It is primarily due to rapid industrialization in the region. Also, a few notable steelmaking plants plan to start their projects in China and India in the next few years. It, in turn, is anticipated to fuel the demand for industrial furnaces in these countries of Asia Pacific shortly.
Furthermore, the increase in the production of automobiles, the rapid rise in construction activities, and the increase in the usage of drying and infrared firing ovens and furnaces are driving the market for industrial furnaces in the Asia Pacific.
The new entrants in the industrial furnaces market continually indulge in several collaborations and highly invest in research and development activities to provide more convenient solutions to industry verticals. Some of the major start-ups leading the market's development are Amruta Thermal Equipments, Meta Therm Private Limited, Furn Tech Engineers, Heat Shield Technology, TryMax Furnaces Limited, CX-Induction, and Infrared Heating Technology.
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Some of the key participants present in the global industrial furnaces market include Epcon Industrial Systems, LP, International Thermal Systems, Industrial Furnace Company, Nutec Bickley, L&L Special Furnace Co., Inc., Thermcraft, Inc., SCHMIDT + CLEMENS GMBH + CO. KG, ANDRITZ, LÖCHER Industrieofen among others.
The market is highly competitive due to the presence of such a large number of participants. While global players such as Epcon Industrial Systems, LP, International Thermal Systems, Industrial Furnace Company, and Nutec Bickley account for considerable market size, several regional-level players also operate across key growth regions, particularly in the Asia Pacific.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | USD billion for Value |
| Key Countries Covered | United States, United Kingdom, Japan, India, China, Australia, Germany |
| Key Segments Covered | Arrangement, Operation, Application, Structure, End User, Region |
| Key Companies Profiled | Epcon Industrial Systems, LP; International Thermal Systems; Industrial Furnace Company; Nutec Bickley; L&L Special Furnace Co. Inc.; Thermcraft Inc.; SCHMIDT + CLEMENS GMBH + CO. KG; ANDRITZ; LÖCHER Industrieofen; Carbolite Gero Limited |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The industrial furnaces market registers USD 2.5 billion in revenue in 2023.
The global industrial furnaces market revenue is projected to exceed USD 3.6 billion by 2033.
Sales of industrial furnaces are anticipated to upsurge at a 3.9% CAGR through 2033.
With a 21.6% market share, the United States shows strong revenue potential for industrial furnaces due to surging demand for advanced manufacturing processes.
Epcon Industrial Systems, LP, International Thermal Systems, Industrial Furnace Company, Nutec Bickley, L&L Special Furnace Co. Inc., Thermcraft Inc., LÖCHER Industrieofen, and Carbolite Gero Limited are key industrial furnaces market players.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Arrangement 5.1. Tube or Clamshell Type Industrial Furnace 5.2. Box Type Industrial Furnace 5.3. Car Bottom Type Industrial Furnace 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Operation 6.1. Gas/Burner Operated Industrial Furnace 6.2. Electrically Operated Industrial Furnace 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application 7.1. Atmosphere 7.2. Vacuum 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Structure 8.1. Batch Industrial Furnace 8.2. Continuous Industrial Furnace 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User 9.1. for Automotive Manufacturing 9.2. for Oil and Gas 9.3. for Metallurgy 9.4. for Steel and Iron Production 9.5. for Food Processing 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Western Europe 10.4. Eastern Europe 10.5. South Asia and Pacific 10.6. East Asia 10.7. Middle East and Africa 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 17. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 18. Key Countries Market Analysis 19. Market Structure Analysis 20. Competition Analysis 20.1. Epcon Industrial Systems, LP 20.2. International Thermal Systems 20.3. Industrial Furnace Company 20.4. Nutec Bickley 20.5. L&L Special Furnace Co. Inc. 20.6. Thermcraft Inc. 20.7. SCHMIDT + CLEMENS GMBH + CO. KG 20.8. ANDRITZ 20.9. LÖCHER Industrieofen 20.10. Carbolite Gero Limited 21. Assumptions & Acronyms Used 22. Research Methodology
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Industrial Furnaces Market
