Global Industrial Furnaces Market to Reach US$ 17.0 Billion by 2027, Propelled by Escalating Demand for Various Metals

November 30, 2022

The latest report by IMARC Group, titled “Industrial Furnaces Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global industrial furnaces market size reached a value of US$ 12.3 Billion in 2021. An industrial furnace is a system that melts or heats metals at a high temperature. It comprises a refractory chamber, solid, burner, liquid, hearth, or gaseous fuel or electricity, charging and discharging doors, chimney, and loading and unloading equipment. It is utilized for tempering, annealing, or carburizing and pre-treating materials for forging purposes. Besides this, it is also used in manufacturing iron, steel, non-ferrous metals, ceramic, and calcination in cement due to its fuel-efficient, compact, portable, and durable properties.

Global Industrial Furnaces Market Trends:

The market is primarily driven by the escalating demand for various metals such as iron and steel. In addition, the rising sales of automobiles due to the inflating income levels and increasing global population represents another major growth-inducing factor. Industrial furnaces find extensive applications in the manufacturing and heat-treating of metallic automotive parts. Besides this, there is a significant increase in the adoption of the industrial internet of things (IoT) and state-of-the-art technologies to provide enhanced efficiency and automation. This, coupled with the rising adoption of advanced and environment-friendly production processes for furnace energy conservation, is positively influencing the market growth. These advanced processes include the usage of natural gas, insulation, refractory materials, and advanced burner designs. Looking forward, IMARC Group expects the market to reach a value of US$ 17.0 Billion by 2027, exhibiting a CAGR of 5.41% during the forecast period (2022-2027).

Market Summary:

  • Based on the furnace type, the market has been categorized into gas and fuel-operated, and electrically-operated industrial furnaces.
  • On the basis of the arrangement, the market has been classified into tube or clamshell type, box type, bottom loading and car bottom furnace, top loading furnace, and others.
  • Based on the end use, the market has been segmented into metals and mining, transportation, oil and gas, chemicals, and others.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Andritz AG, Carbolite Gero Ltd. (Dutch Verder Group), Epcon Industrial Systems LP, Gasbarre Products Inc., International Thermal Systems, Ipsen International GmbH, LÖCHER Industrieofen- und Apparatebau GmbH, Nutec Bickley, Seco/Warwick SA, Thermal Product Solutions and Thermcraft Incorporated.
     

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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Global Industrial Furnaces Market to Reach US$ 17.0 Billion by 2027, Propelled by Escalating Demand for Various Metals
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