The global industrial furnaces market size reached US$ 13.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 17.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.2% during 2023-2028.
An industrial furnace is a heat-treating system that assists in melting or heating metals at a high temperature. It comprises a refractory chamber, hearth, burner, solid, liquid, or gaseous fuel or electricity, chimney, charging and discharging doors, and loading and unloading equipment. It is mainly utilized for annealing, tempering, or carburizing and pre-treating materials for forging purposes. Besides this, as it is fuel-efficient, compact, and portable, it is also employed in the manufacturing of iron, steel, non-ferrous metals, ceramic and calcination in cement across the globe.
Industrial Furnaces Market Trends:
At present, there is a significant increase in the demand for iron, steel and metals worldwide. This represents one of the key factors impelling the market growth. Apart from this, industrial furnaces are widely utilized in the manufacturing and heat-treating of metallic automotive parts. As a result, the rising sales of automobiles across the globe on account of inflating income levels and increasing global population are supporting the market. Furthermore, there is a considerable rise in the adoption of state-of-the-art technologies and the industrial internet of things (IoT) for providing enhanced efficiency and automation. This, in confluence with the rising adoption of numerous strategies for furnace energy conservation, productivity, and reduction of pollutant emissions, is creating a favorable market outlook. These strategies include the utilization of natural gas, improved insulation and refractory materials. They also involve the usage of advanced burner designs, such as high velocity, regenerative and recuperative burners, along with new combustion technologies like air and fuel staging and flue gas recirculation techniques. The market is also driven by the expanding automotive and steel sector and the extensive investments in construction activities around the world.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global industrial furnaces market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on furnace type, arrangement and end use.
Breakup by Furnace Type:
Gas and Fuel Operated Industrial Furnace
Electrically Operated Industrial Furnace
Breakup by Arrangement:
Tube or Clamshell Type
Bottom Loading and Car Bottom Furnace
Top Loading Furnace
Breakup by End Use:
Metals and Mining
Oil and Gas
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles 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.
Base Year of the Analysis
Furnace Type, Arrangement, End Use, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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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Key Questions Answered in This Report
The global industrial furnaces market was valued at US$ 13.1 Billion in 2022.
We expect the global industrial furnaces market to exhibit a CAGR of 5.2% during 2023-2028.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for industrial furnaces.
The rising demand for industrial furnaces for manufacturing and heat-treating of metallic automotive parts is primarily driving the global industrial furnaces market.
Based on the furnace type, the global industrial furnaces market can be categorized into gas and fuel operated industrial furnace and electrically operated industrial furnace. Currently, gas and fuel operated industrial furnace accounts for the majority of the total market share.
Based on the arrangement, the global industrial furnaces market has been segregated into tube or clamshell type, box type, bottom loading and car bottom furnace, top loading furnace, and others. Among these, box type currently holds the largest market share.
Based on the end use, the global industrial furnaces market can be bifurcated into metals and mining, transportation, oil and gas, chemicals, and others. Currently, the metals and mining industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global industrial furnaces market include 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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