[225 Pages Report] The global laboratory furnaces market is set to surpass USD 545.1 million in 2032 from a valuation of USD 327.0 Million in 2022. The market is anticipated to exhibit steady growth at a CAGR of 5.2% in the forecast period from 2022 to 2032.
Laboratory furnaces are heating devices that are commonly used in industrial laboratories for different applications such as sterilizing, annealing, polymer treatment, evaporation, and solvent removal. Advancements in the features of laboratory furnaces are expected to boost the market across multiple industries. Increasing demand for laboratories in various industries such as oil & gas, chemical, and pharma is set to create high demand in the laboratory furnaces market during the forecast period.
Besides, the rising need for laboratory furnaces in research laboratories, quality assurance labs, diagnostic testing labs, medical labs, Research and Development laboratories, and manufacturing facilities are set to push the market. As per FMI, the global laboratory furnaces market currently holds around ~1% to 3% of its parent market, i.e. the global laboratory equipment market.
Furthermore, the laboratory furnaces market is expected to grow steadily in the next ten years as educational establishments and industrialization continue to rise. Growth will also be driven by the need for more accurate and precise measurements in research & development centers, as well as the increasing demand for higher-quality products from industries.
The new versions of furnaces have liners that shield the interior from damage when exposed to harsh elements. The thermal insulation of bricks ensures that the heat is kept inside the furnace, which makes it more efficient. These exclusive apparatuses, along with the hybrid heat performance, are easier to use than other furnaces. The grime accumulation is minimized in such devices, which conserves the appliance's longevity.
Careful usage of laboratory furnaces requires qualified operators and a well-ventilated room or lab design. Given that furnaces work at extremely high temperatures, special care must be taken for handling chemical or material samples as it results in fumes, as well as is dangerous for operators. This contributes to their selective usage and installation in schools or companies. Such safety concerns are viewed as minor restrictions on market growth. Owing to the aforementioned factors, the laboratory furnaces market is anticipated to grow by 1.6x from 2022 to 2032.
Regionally, North America is expected to dominate the global laboratory furnaces market in terms of revenue in 2022. The US is projected to hold nearly 78.3% of the share in the North American market throughout the forecast period.
| Attributes | Key Insights |
|---|---|
| Global Laboratory Furnaces Market Estimated Size (2022E) | USD 327.0 Million |
| Projected Market Valuation (2032F) | USD 545.1 Million |
| Value-based CAGR (2022 to 2032) | 5.2% |
| Collective Value Share: Top 4 Countries (2022) | 39.4% |
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From 2017 to 2021, the market for laboratory furnaces witnessed growth at 1.3% CAGR and is projected to grow by 4.6% in 2022. This increase in y-o-y growth in 2022 is due to the surging demand for laboratories in the manufacturing and oil & gas industries.
Oil and gas is a high-tech sector where businesses, engineers, and scientists constantly push the limits of what is possible in terms of energy production and energy usage. New technologies and techniques discovered through research & development have been crucial in empowering the industry to meet the global energy demand.
It will remain vital as the industry overcomes current and future challenges. Increasing investments in laboratory equipment for research & development purposes in the oil & gas industry are positively fueling the laboratory furnaces market.
Different types of laboratory furnaces are available on the market, but not all of them are created equally. One type of furnace that is becoming increasingly popular is the durable lining with light-insulating brick laboratory furnaces. This type of furnace is ideal for heavy-duty requirements and regular use.
Manufacturers and suppliers of laboratory furnaces are focusing on sales through online platforms like e-commerce websites to increase their sales footprint in various regions. Online platforms offer different types of furnaces that come in various sizes depending on end-use applications.
Sales channels of companies are slowly shifting towards online platforms, and hence many firms have enhanced and expanded their digital channels to push their sales. Many chemical companies have also started selling their products on various e-commerce platforms, which is helping them to increase their customer reach.
Digitalization in the industrial sector is a rapidly growing trend that is considered to be prominent in the market for laboratory furnaces. Manufacturers are working on a digitally controlled system for lab furnaces, which provides accurate heat transfer and temperature scale indication.
It also enhances the operating efficiency of the furnace. A digitally controlled system allows for controlling the rate of temperature. Due to this additional advantage, many end users are shifting towards the digitalization of laboratory furnaces.
Moreover, the introduction of the internet of things- (IoT) based furnaces that are allied to the IoT network offer additional technical advantages. For instance, IoT connectivity allows the support team to evaluate device-related data more easily and help analyze it more quickly.
Principal Consultant
“Pharmaceutical Companies in China to Look for Advanced Heat Treating Equipment”
China accounted for around 45.8% of the East Asia laboratory furnaces market share in 2022. The market is estimated to create an absolute dollar opportunity worth USD 29.1 million by the end of the forecast period.
In China, while some research & development (Research and Development) projects are still in the planning stages, others have finally resumed following a year of delays brought on by the global pandemic. Pharmaceutical industries have thus gained a huge scope of research & development of new drugs and medicines. During the development phase of these drugs, thermal stability is tested by using a laboratory furnace. Thus, growth in the pharmaceutical industry will push the demand for laboratory furnaces in China.
The China healthcare, pharma, and chemical industries are projected to rise substantially in the next ten years. Growth in these industries is mainly being driven by the search for sustainable chemicals through research activities, which require sophisticated instruments like laboratory furnaces for high-temperature experiments.
Also, manufacturers have been focusing on the development of innovative products with high durability and improved efficiency. It has, in turn, led to increasing Research and Development spending. This will further open up the door to the launch of new & innovative products, as well as help cater to the growing demand from end-use customers.
“Educational Institutions in the US are Demanding Laboratory Muffle Furnaces”
The US currently dominates the market for laboratory furnaces in the North American region. In the US, growing investments in research & development are pushing the demand for research laboratories in various industrial sectors. It is thus positively influencing growth in the laboratory furnaces market in the US
The education sector is transforming and aligning towards more technical aspects, which necessitates practical education leading to the need for research laboratories in institutions. This further catalyzes the demand for laboratory furnaces. In the US alone, academic and institutional laboratories account for around 7% of total laboratories.
Moreover, increasing demand for laboratories from various pharma companies is boosting growth in the country. Numerous biopharmaceutical and pharmaceutical companies are increasingly favoring services from clinical research organizations (CROs) that offer central lab services as a part of their integrated service models.
“Sales of Benchtop Laboratory Heating Equipment to Grow Exponentially by 2032”
By type, benchtop laboratory furnaces will dominate the market through the forecast period. Benchtop laboratory furnaces are set to account for more than 49.2% of shares on the basis of value by 2032. The bench-top laboratory furnace is a compact furnace designed to fulfill the need for laboratory work for accurate temperature control and temperature consistency.
These furnaces are mainly used in pharmaceutical labs, chemical labs, research labs, and educational institutions. The continuously increasing demand from these sectors is boosting sales of benchtop laboratory furnaces.
“Demand for Laboratory Tube Furnaces to Surge at a Rapid Pace by the End of 2032”
According to a new research study by FMI, sales of tube laboratory furnaces are set to grow at a rapid pace in the next ten years, followed by box laboratory furnaces. The segment is anticipated to remain dominant throughout the forecast period as small samples are heated in an inert environment by using tube furnaces.
To divide the sampling chamber into three distinct temperature gradients for material testing, certain models come with three-zone controls. Crystal growth, thermal expansion, and sample viscosity testing are all done in tube furnaces.
The tube laboratory furnaces segment is set to grow at a CAGR of 5.5% from 2022 to 2032. It is also estimated to create an absolute dollar opportunity worth USD 47.2 million by the end of 2032, says FMI.
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The global laboratory furnaces market is highly fragmented with the presence of several big, medium, and small-scale system developers, manufacturers, and service providers. Prominent laboratory furnaces manufacturers are collaborating and partnering up with vehicle manufacturers for gaining better market opportunities.
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| Attribute | Details |
|---|---|
| Estimated Market Size (2022) | USD 327.0 Million |
| Projected Market Valuation (2032) | USD 545.1 Million |
| Value-based CAGR (2022 to 2032) | 5.2% |
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | Value (USD Million) |
| Key Regions Covered | North America; Latin America; Europe; East Asia; South Asia Pacific; and Middle East & Africa |
| Key Countries Covered | The US, Canada, Mexico, Brazil, Germany, France, Italy, Spain, the UK, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, Oceania, GCC, Turkey, South Africa, and Northern Africa. |
| Key Market Segments Covered | By Type, By Configuration Type, By Industry, and By Region |
| Key Companies Profiled | Thermo Fisher Scientific; CARBOLITE GERO; Nabertherm GmbH; C M Furnaces Inc; Across International; BIO-BASE; Thermcraft Incorporated; Hobersal; Yamato Scientific co., ltd; Lindberg/MPH; Vecstar |
| Report Coverage | Market Forecast, brand share analysis, competition intelligence, DROT analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
The global laboratory furnaces market was valued at USD 312.6 Mn in 2021.
Sales of laboratory furnaces are slated to surge at a CAGR of around 5.2% from 2022 to 2032.
The United States, China, Germany, and India are the lucrative laboratory furnaces markets.
Tier-1 firms such as Thermo Fisher Scientific, CARBOLITE GERO, Nabertherm GmbH, C M Furnaces Inc., and Across International are the top 5 manufacturers of laboratory furnaces.
The market for laboratory furnaces in China is expected to surge at 7.6% CAGR through 2032.
1. Executive Summary 2. Market Overview 3. Key Market Trends 4. Key Success Factors 5. Global Laboratory Furnaces Market Demand Analysis 2017 to 2021 and Forecast, 2022 to 2032 6. Global Laboratory Furnaces Market - Pricing Analysis 7. Global Laboratory Furnaces Market Demand (in Value or Size in USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 8. Market Background 9. Global Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Type 9.1. Benchtop Laboratory Furnaces 9.2. Cabinet Laboratory Furnaces 9.3. Walk-in Laboratory Furnaces 10. Global Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Configuration Type 10.1. Ashing Laboratory Furnaces 10.2. Muffle Laboratory Furnaces 10.3. Box Laboratory Furnaces 10.4. Tube Laboratory Furnaces 10.5. Customized Laboratory Furnaces 11. Global Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Industry 11.1. Metal & Mining 11.2. Manufacturing 11.3. Oil & Gas 11.4. Education 11.5. Pharma 11.6. Chemicals 11.7. Research 11.8. Others 12. Global Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 12.1. North America 12.2. Latin America 12.3. Europe 12.4. East Asia 12.5. South Asia and Pacific 12.6. Middle East & Africa (MEA) 13. North America Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 14. Latin America Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 15. Europe Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 16. East Asia Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 17. South Asia and Pacific Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 18. Middle East and Africa Laboratory Furnaces Market Analysis 2017 to 2021 and Forecast 2022 to 2032 19. Emerging Countries Laboratory Furnaces Market Analysis 20. Market Structure Analysis 21. Competition Analysis 21.1. Thermo Fisher Scientific 21.2. CARBOLITE GERO 21.3. Nabertherm GmbH 21.4. C M Furnaces Inc 21.5. Across International 21.6. Yamato Scientific co., ltd 21.7. BIO BASE 21.8. Thermcraft Incorporated 21.9. Hobersal 21.10. Lindberg/MPH 21.11. Vecstar 22. Assumptions and Acronyms Used 23. Research Methodology
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Laboratory Furnaces Market
