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| Report Code: A05979 | Pages: 219 | Feb 2020 | 10041 Views | ||
| Author(s) : Amar C , Onkar S | Tables: 112 | Charts: 50 |
| |
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Request Now !The global industrial furnaces market size was valued at $10,958.5 million in 2018 and is projected to reach $16,996.5 million in 2026, growing at a CAGR of 5.4% from 2019 to 2026. An industrial furnace is a thermal inclusion and is employed to process and treat raw materials at high temperatures in solid as well as liquid state. It is an industrial heat-treating system that heats above 1,000 degree Fahrenheit. Industrial furnaces are employed by a variety of industries such as manufacturing, iron and steel making, glass making, non-ferrous metals production, calcination in cement production, and ceramic processing. The major objectives of using an industrial furnace are to use heat proficiently (so that losses are minimum), and to manage and control the diverse phases (gas, liquid, or solid) moving at various speeds for different temperatures and times such that corrosion and erosion of the refractory are least.
One of the major factors that drives the growth of the industrial furnaces market include the recurring demand for iron and steel accompanied by other significant materials and metals. In addition, factors such as rise in adoption of electric industrial furnaces and increase in demand for lightweight vehicles, owing to technological advancements, fuel the growth of the global market. Moreover, many automotive component producers utilize industrial furnaces to manufacture and heat treat metallic automotive parts, which are used in automotive assembly. This upward trend of manufacturing lightweight metal components in the automotive industry coupled with the growth in production and sales of automobiles drives the market growth.
Furthermore, rise in adoption of state-of-the-art technologies such as industry 4.0 and the industrial internet of things (IIoT) has transformed the entire scenario of industrial furnaces by offering enhanced efficiencies and automation. Therefore, such technologies thrive an opportunity for manufacturers of industrial furnaces, who adopt advanced technologies at an early stage.
However, the industrial furnace is a one-time investment for any manufacturing plant as it has a lifespan of approximately 10-15 years, consequently, having a low replacement rate. This factor may restrain the growth of the global market. In addition, many of the advanced countries such as the U.S., Japan, and Germany are well fortified with enough manufacturing units and a smaller number of production facilities have been established in the past few years. Therefore, this is anticipated to negatively influence the development of the industrial furnace market during the forecast period.
The global industrial furnaces market is segmented into furnace type, arrangement, end user, and region. Depending on furnace type, the market is divided into gas/fuel operated industrial furnace and electrically operated industrial furnace. The gas/fuel operated industrial furnace segment is anticipated to dominate the global market throughout the study period. Based on end user, the market is segregated into metals & mining, transportation, oil & gas, chemical, and others. The metals & mining segment is expected to dominate the market during the forecast period. On the basis of arrangement, the market is bifurcated into tube or clamshell type, box type, bottom loading & car bottom furnace, top loading furnace, and others.
Region wise, the industrial furnaces market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Europe is expected to dominate the market throughout the forecast period. The Asia-Pacific region is projected to experience high growth during the forecast period, owing to expansion of the automotive and steel sector in the region. Moreover, growth in investments in construction activities and surge in mechanical & manufacturing equipment manufacturers in the emerging markets are also expected to fuel the industrial furnaces market growth in the region.
Competition Analysis
The key market players profiled in the report include ANDRITZ AG, Carbolite Gero Limited, Epcon Industrial Systems, LP, Gasbarre Products, Inc., International Thermal Systems LLC, Ipsen International GmbH, NUTEC Group, SECO/WARWICK S.A., Thermcraft Incorporated, and Thermal Product Solutions.
The major players operating in the global industrial furnaces market have adopted key strategy such as acquisition to strengthen their market outreach and sustain the stiff competition in the market. For instance, in May 2018, NUTEC BICKLEY acquired Olson Industries, based in PA, U.S. Olsen Industries is a supplier of industrial furnaces and process heating equipment to the manufacturers in various fields. The acquisition has enhanced NUTEC’s current offerings of the industrial furnaces’ product ranges.
Key Players
Industrial Furnaces Market Report Highlights
| Aspects | Details |
|---|---|
| By FURNACE TYPE |
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| By ARRANGEMENT |
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| By END-USER |
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| By Region |
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| Key Market Players | Gasbarre Products, Inc., Ipsen International GmbH, Epcon Industrial Systems, LP, SECO/WARWICK S.A., Thermal Product Solutions, ANDRITZ AG, Carbolite Gero Limited, Thermcraft Incorporated, International Thermal Systems LLC, NUTEC Group (NUTEC BICKLEY) |
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The industrial furnaces are broadly used in several industries, such as automotive, metallurgy, aerospace & defense, oil & gas, and chemicals. The industrial furnaces market is expected to represent a significant growth during the study period due to a number of factors, which include an increase in the number of industrial infrastructures in developing countries and rise in demand from the aerospace & defense and automotive industries. Moreover, surge in investments in the construction industry is also projected to lift the demand for industrial furnaces in developing economies such as China, Brazil, and India.
The metals & mining industry is currently creating the highest demand for gas/fuel operated industrial furnaces. These machines are more efficient as compared to other industrial furnaces in terms of performance levels and operating costs. The key players such as Gadda Industrie Srl and International Thermal Systems deal in state-of-the-art gas/fuel operated industrial furnaces. For instance, Italy-based Gadda Industrie Srl deals in gas/burner operated bell and pit furnace of high efficiency, high quality, high reliability, and low energy consumption. The design of the furnace enables evenly heating on both elongated sidewalls and allows optimum sealing of the chamber, enabling excellent temperature homogeneity to be reached.
Based on the arrangement, the box type industrial furnace segment garnered the highest market share in 2018, as the demand for them is increasing in the automotive and metals & mining industry. Moreover, by furnace type, the electric industrial furnace segment is expected to grow at the highest CAGR, owing to various advantages offered by them such as safety, low initial cost, and environmentally friendly. Among the studied regions, Europe is anticipated to account for the highest market share in 2018, and Asia-Pacific is expected to exhibit the highest growth rate during the forecast period.
A. The total market value of industrial furnaces market was $10,958.5 million in 2018.
A. The gas/fuel operated industrial furnace segment holds the maximum market share of the industrial furnaces market.
A. To get latest version of industrial furnaces market report
A. The key trends in the industrial furnaces market are recurring demand for iron and steel accompanied by other significant materials and metals from varied end-users such as automotive industry, construction industry, and others.
A. The global industrial furnaces market size was valued at $10,958.5 million in 2018 and is projected to reach $16,996.5 million in 2026, growing at a CAGR of 5.4% from 2019 to 2026.
A. Based on top growing big corporation, we select top 10 players.
A. The key growth strategies of industrial furnaces industry players are acquisition and product launch.
A. Rise in adoption of electric industrial furnaces and increase in demand for lightweight vehicles, owing to technological advancements are some of the factors effecting the growth of the global industrial furnaces market.
A. The target market of global industrial furnaces market in 2026 is expected to be $16,996.5 million.
A. The applications of industrial furnaces market are metals & mining, transportation, oil & gas, chemical, and others.
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