Market Research

Industrial Furnace Market

Best Price Guarantee Length Publisher Published Date SKU
from $4,850 160 Pages Fortune Business Insights Pvt. Ltd. September, 2024 FOB19185746
Best Price Guarantee
Price from $4,850
Length 160 Pages
Publisher Fortune Business Insights Pvt. Ltd.
Published Date September, 2024
SKU FOB19185746

Industrial Furnace Market



Growth Factors of Industrial Furnace Market

The industrial furnace market size was valued at USD 9.76 billion in 2023, and the market is now projected to grow from USD 10.08 billion in 2024 to USD 15.74 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period of 2023-2030.

COVID- 19 pandemic has enormously affected the whole world. The manufacturing industry faced an enormous drop in investments during the pandemic. It caused in declined demand due to a disturbed supply chain, drop in trades of products, delivery lists. Additionally, the disturbed supply of the products to the leading places of users has been impacted by the high shipping costs and import taxes that hit hard the trades of industrial furnaces for the impact period.

Worldwide varying market situations and augmented focus on carbon impartiality are boosting energy-efficient machinery equipment. Increasing demand for energy-efficient heating furnaces due to augmented emphasis on subsequent ecological practices in trade. The need for suitable and constant heat supply in modern manufacturing solutions is boosting the demand for electric furnaces which will upsurge the industrial furnace market growth. These industrial furnaces sustain extreme heating temperatures with low electricity consumption, which is rising the demand for effective industrial furnaces in overseas markets during the estimate period.

The metal and mining industry is directing on ecological vacuum furnaces that benefit deliver more complete engineering products and occupy less space and energy. Also, the worldwide drive toward ecological and minor emission industrial practices benefits to switch to vacuum chamber furnaces. Ample heating temperature and nominal greenhouse gas emission help in approving the growing trend of dense furnaces in the foundry that deal quick heating and augmented operational competences.

Comprehensive Analysis of Industrial Furnace Market

The market can be segmented in various ways, depending on the focus of analysis such as by furnace type, by end users and by application. Based on application, the market is classified into metallurgy, foundry, metal molding, and others (heat treatment). By furnace type, the market is divided into electric furnaces, gas or fuel furnaces, induction furnaces, vacuum furnaces, and others (muffle furnaces). Based on end users, the global market is segmented into metal & mining, energy & power, oil & chemicals, transportation, and others (food processing).

North America region is dominating the industrial furnace market share due to high domestic manufacturing and consumption of steel products. Extremely inhabited countries with skillful workers are prominent markets that motivate revenue for makers.

The key players are enthusiastically contributing in planned events that are targeted at maintaining durable market position and growing market share by merger, partnerships and others. These players include Andritz ag (Austria), Danieli (Italy), Tenova (Italy), Carbolite Gero (U.K.), Daido Steel Co. Ltd. (Japan), ULVAC Inc. (Japan), DOWA Thermotech Co. Ltd (Japan), SMS Group GmbH (Germany), Abbott Furnace Inc. (U.S.), Surface Combustion Inc. (U.S.), The Grieve Corporation (U.S.) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.

In November 2022, Tenova, a leading furnace manufacturer, has installed its state-of-the-art Walking Beam Furnace (WBF) for ThyssenKrupp at Europe’s biggest steel plant in Duisburg. The plant has a capacity of five million metric tons and mainly serves European automotive giants.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 5.7% from 2024 to 2032

Unit Value (USD Billion)

Segmentation

By Application

- Metallurgy

- Foundry

- Metal Molding

- Others (Heat Treatment)

By Furnace Type

- Electric furnaces

- Gas or Fuel furnaces

- Induction furnace

- Vacuum Furnace

- Others (Muffle Furnace)

By End Users

- Metals & Mining

- Energy & Power

- Oil & Chemicals

- Transportation

- Others (Food Processing)

By Region

- North America (By Application, Furnace Type, End Users, and Country)
  • U.S. (By End Users)
  • Canada (By End Users)
  • Mexico (By End Users)
- Europe (By Application, Furnace Type, End Users, and Country)
  • U.K. (By End Users)
  • Germany (By End Users)
  • France (By End Users)
  • Italy (By End Users)
  • Spain (By End Users)
  • Russia (By End Users)
  • Rest of Europe
- Asia Pacific (By Application, Furnace Type, End Users, and Country)
  • China (By End Users)
  • India (By End Users)
  • Japan (By End Users)
  • South Korea (By End Users)
  • ASEAN (By End Users)
  • Rest of Asia Pacific
- Middle East & Africa (By Application, Furnace Type, End Users, and Country)
  • Israel (By End Users)
  • GCC (By End Users)
  • South Africa (By End Users)
  • Rest of MEA
- South America (By Application, Furnace Type, End Users, and Country)
  • Brazil (By End Users)
  • Argentina (By End Users)
  • Rest of South America


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1. Introduction
1.1. Definition, By Segment
1.2. Research Methodology/Approach
1.3. Data Sources
2. Executive Summary
3. Market Dynamics
3.1. Macro and Micro Economic Indicators
3.2. Drivers, Restraints, Opportunities and Trends
4. Competition Landscape
4.1. Business Strategies Adopted by Key Players
4.2. Consolidated SWOT Analysis of Key Players
4.3. Global Industrial Furnace Key Players Market Share/Ranking, 2023
5. Global Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
5.1. Key Findings
5.2. By Application (USD)
5.2.1. Metallurgy
5.2.2. Foundry
5.2.3. Metal Molding
5.2.4. Others (Heat Treatment, etc.)
5.3. By Furnace Type (USD)
5.3.1. Electric furnaces
5.3.2. Gas or Fuel furnaces
5.3.3. Induction furnace
5.3.4. Vacuum Furnace
5.3.5. Others (Muffle Furnace)
5.4. By End Users (USD)
5.4.1. Metals & Mining
5.4.2. Energy & Power
5.4.3. Oil & Chemicals
5.4.4. Transportation
5.4.5. Others (Food Processing, etc.)
5.5. By Region (USD)
5.5.1. North America
5.5.2. Europe
5.5.3. Asia Pacific
5.5.4. Middle East & Africa
5.5.5. South America
6. North America Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
6.1. Key Findings
6.2. By Application (USD)
6.2.1. Metallurgy
6.2.2. Foundry
6.2.3. Metal Molding
6.2.4. Others (Heat Treatment, etc.)
6.3. By Furnace Type (USD)
6.3.1. Electric furnaces
6.3.2. Gas or Fuel furnaces
6.3.3. Induction furnace
6.3.4. Vacuum Furnace
6.3.5. Others (Muffle Furnace)
6.4. By End Users (USD)
6.4.1. Metals & Mining
6.4.2. Energy & Power
6.4.3. Oil & Chemicals
6.4.4. Transportation
6.4.5. Others (Food Processing, etc.)
6.5. By Country (USD)
6.5.1. United States
6.5.1.1. By End Users
6.5.2. Canada
6.5.2.1. By End Users
6.5.3. Mexico
6.5.3.1. By End Users
7. Europe Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
7.1. Key Findings
7.2. By Application (USD)
7.2.1. Metallurgy
7.2.2. Foundry
7.2.3. Metal Molding
7.2.4. Others (Heat Treatment, etc.)
7.3. By Furnace Type (USD)
7.3.1. Electric furnaces
7.3.2. Gas or Fuel furnaces
7.3.3. Induction furnace
7.3.4. Vacuum Furnace
7.3.5. Others (Muffle Furnace)
7.4. By End Users (USD)
7.4.1. Metals & Mining
7.4.2. Energy & Power
7.4.3. Oil & Chemicals
7.4.4. Transportation
7.4.5. Others (Food Processing, etc.)
7.5. By Country (USD)
7.5.1. United Kingdom
7.5.1.1. By End Users
7.5.2. Germany
7.5.2.1. By End Users
7.5.3. France
7.5.3.1. By End Users
7.5.4. Italy
7.5.4.1. By End Users
7.5.5. Spain
7.5.5.1. By End Users
7.5.6. Russia
7.5.6.1. By End Users
7.5.7. Rest of Europe
8. Asia Pacific Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
8.1. Key Findings
8.2. By Application (USD)
8.2.1. Metallurgy
8.2.2. Foundry
8.2.3. Metal Molding
8.2.4. Others (Heat Treatment, etc.)
8.3. By Furnace Type (USD)
8.3.1. Electric furnaces
8.3.2. Gas or Fuel furnaces
8.3.3. Induction furnace
8.3.4. Vacuum Furnace
8.3.5. Others (Muffle Furnace)
8.4. By End Users (USD)
8.4.1. Metals & Mining
8.4.2. Energy & Power
8.4.3. Oil & Chemicals
8.4.4. Transportation
8.4.5. Others (Food Processing, etc.)
8.5. By Country (USD)
8.5.1. China
8.5.1.1. By End Users
8.5.2. India
8.5.2.1. By End Users
8.5.3. Japan
8.5.3.1. By End Users
8.5.4. South Korea
8.5.4.1. By End Users
8.5.5. ASEAN
8.5.5.1. By End Users
8.5.6. Rest of Asia Pacific
9. Middle East & Africa Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
9.1. Key Findings
9.2. By Application (USD)
9.2.1. Metallurgy
9.2.2. Foundry
9.2.3. Metal Molding
9.2.4. Others (Heat Treatment, etc.)
9.3. By Furnace Type (USD)
9.3.1. Electric furnaces
9.3.2. Gas or Fuel furnaces
9.3.3. Induction furnace
9.3.4. Vacuum Furnace
9.3.5. Others (Muffle Furnace)
9.4. By End Users (USD)
9.4.1. Metals & Mining
9.4.2. Energy & Power
9.4.3. Oil & Chemicals
9.4.4. Transportation
9.4.5. Others (Food Processing, etc.)
9.5. By Country (USD)
9.5.1. Israel
9.5.1.1. By End Users
9.5.2. GCC
9.5.2.1. By End Users
9.5.3. South Africa
9.5.3.1. By End Users
9.5.4. Rest of MEA
10. South America Industrial Furnace Market Size Estimates and Forecasts, By Segments, 2019-2032
10.1. Key Findings
10.2. By Application (USD)
10.2.1. Metallurgy
10.2.2. Foundry
10.2.3. Metal Molding
10.2.4. Others (Heat Treatment, etc.)
10.3. By Furnace Type (USD)
10.3.1. Electric furnaces
10.3.2. Gas or Fuel furnaces
10.3.3. Induction furnace
10.3.4. Vacuum Furnace
10.3.5. Others (Muffle Furnace)
10.4. By End Users (USD)
10.4.1. Metals & Mining
10.4.2. Energy & Power
10.4.3. Oil & Chemicals
10.4.4. Transportation
10.4.5. Others (Food Processing, etc.)
10.5. By Country (USD)
10.5.1. Brazil
10.5.1.1. By End Users
10.5.2. Argentina
10.5.2.1. By End Users
10.5.3. Rest of South America
11. Company Profiles for Top 10 Players (Based on data availability in the public domain and/or on paid databases)
11.1. Andritz ag
11.1.1. Overview
11.1.1.1. Key Management
11.1.1.2. Headquarters
11.1.1.3. Offerings/Business Segments
11.1.2. Key Details (Key details are consolidated data and not Application/service specific)
11.1.2.1. Employee Size
11.1.2.2. Past and Current Revenue
11.1.2.3. Geographical Share
11.1.2.4. Business Segment Share
11.1.2.5. Recent Developments
11.2. Danieli
11.2.1. Overview
11.2.1.1. Key Management
11.2.1.2. Headquarters
11.2.1.3. Offerings/Business Segments
11.2.2. Key Details (Key details are consolidated data and not Application/service specific)
11.2.2.1. Employee Size
11.2.2.2. Past and Current Revenue
11.2.2.3. Geographical Share
11.2.2.4. Business Segment Share
11.2.2.5. Recent Developments
11.3. Tenova
11.3.1. Overview
11.3.1.1. Key Management
11.3.1.2. Headquarters
11.3.1.3. Offerings/Business Segments
11.3.2. Key Details (Key details are consolidated data and not Application/service specific)
11.3.2.1. Employee Size
11.3.2.2. Past and Current Revenue
11.3.2.3. Geographical Share
11.3.2.4. Business Segment Share
11.3.2.5. Recent Developments
11.4. Carbolite Gero
11.4.1. Overview
11.4.1.1. Key Management
11.4.1.2. Headquarters
11.4.1.3. Offerings/Business Segments
11.4.2. Key Details (Key details are consolidated data and not Application/service specific)
11.4.2.1. Employee Size
11.4.2.2. Past and Current Revenue
11.4.2.3. Geographical Share
11.4.2.4. Business Segment Share
11.4.2.5. Recent Developments
11.5. Daido Steel Co. Ltd
11.5.1. Overview
11.5.1.1. Key Management
11.5.1.2. Headquarters
11.5.1.3. Offerings/Business Segments
11.5.2. Key Details (Key details are consolidated data and not Application/service specific)
11.5.2.1. Employee Size
11.5.2.2. Past and Current Revenue
11.5.2.3. Geographical Share
11.5.2.4. Business Segment Share
11.5.2.5. Recent Developments
11.6. ULVAC Inc
11.6.1. Overview
11.6.1.1. Key Management
11.6.1.2. Headquarters
11.6.1.3. Offerings/Business Segments
11.6.2. Key Details (Key details are consolidated data and not Application/service specific)
11.6.2.1. Employee Size
11.6.2.2. Past and Current Revenue
11.6.2.3. Geographical Share
11.6.2.4. Business Segment Share
11.6.2.5. Recent Developments
11.7. DOWA Thermotech Co. Ltd
11.7.1. Overview
11.7.1.1. Key Management
11.7.1.2. Headquarters
11.7.1.3. Offerings/Business Segments
11.7.2. Key Details (Key details are consolidated data and not Application/service specific)
11.7.2.1. Employee Size
11.7.2.2. Past and Current Revenue
11.7.2.3. Geographical Share
11.7.2.4. Business Segment Share
11.7.2.5. Recent Developments
11.8. SMS Group GmbH
11.8.1. Overview
11.8.1.1. Key Management
11.8.1.2. Headquarters
11.8.1.3. Offerings/Business Segments
11.8.2. Key Details (Key details are consolidated data and not Application/service specific)
11.8.2.1. Employee Size
11.8.2.2. Past and Current Revenue
11.8.2.3. Geographical Share
11.8.2.4. Business Segment Share
11.8.2.5. Recent Developments
11.9. Abbott Furnace Inc
11.9.1. Overview
11.9.1.1. Key Management
11.9.1.2. Headquarters
11.9.1.3. Offerings/Business Segments
11.9.2. Key Details (Key details are consolidated data and not Application/service specific)
11.9.2.1. Employee Size
11.9.2.2. Past and Current Revenue
11.9.2.3. Geographical Share
11.9.2.4. Business Segment Share
11.9.2.5. Recent Developments
11.10. Surface Combustion Inc
11.10.1. Overview
11.10.1.1. Key Management
11.10.1.2. Headquarters
11.10.1.3. Offerings/Business Segments
11.10.2. Key Details (Key details are consolidated data and not Application/service specific)
11.10.2.1. Employee Size
11.10.2.2. Past and Current Revenue
11.10.2.3. Geographical Share
11.10.2.4. Business Segment Share
11.10.2.5. Recent Developments
12. Key Takeaways

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