Vacuum Furnaces Market Analysis and Forecast to 2031: By Type (Horizontal, Vertical), End-User (Industrial, Research), and Region

Vacuum Furnaces Market Analysis and Forecast to 2031: By Type (Horizontal, Vertical), End-User (Industrial, Research), and Region

The global vacuum furnaces market was valued at US$ 0.9 billion in 2021 and it is anticipated to grow up to US$ 1.3 billion by 2031, at a CAGR of 3.7% during the forecast period.

Vacuum furnaces are used to perform high-consistency, low-contamination procedures, including annealing, brazing, sintering, and heat treatment. A vacuum furnace is typically an electrically heated furnace that maintains a vacuum throughout the process. Electric resistance elements comprised of graphite, ceramics, or metals heat most vacuum furnaces.

Market Drivers and Trends

The extensive use of vacuum furnaces in the automotive industry is anticipated to drive the demand for vacuum furnaces. Furthermore, globalization plays a major role in the growth of air travel worldwide. This leads to increased demand in the aerospace sector, which propels the Vacuum Furnaces market. Furthermore, the construction of residential and non-residential buildings is rising globally. This is fueled by the rise in global population, the surge in disposable income, and the rapid rise in urbanization, especially in developing nations such as Brazil, Argentina, India, and China. The building construction sector significantly uses ceramic products, such as tiles and decorative laminates. Manufacturers of these building products use Vacuum Furnaces in the manufacturing process. In addition to this, the rise in the elderly population and the rise in the number of diseases are fueling the demand for medical equipment. The manufacturing process of medical equipment requires them to be heat-treated. This positively influences the Vacuum Furnaces market growth.

Market Restraints and Challenges

The market is constrained by high investment prices and considerable effort to repair components. The entire component is heated, decreasing hardness with existing quenched and tempered materials or work-hardened materials. Components must eventually be repaired by hand because they cannot be handled in the furnace. So manipulation is not possible, which can lead to high maintenance costs. Keeping this in mind, new entrants will be fewer in the market.

Global Vacuum Furnaces Market Segmental Overview

The report analyses the global vacuum furnaces market based on type, end-user, and region.

Global Vacuum Furnaces Market by Type

Based on type, it is bifurcated into horizontal and vertical. The vertical segment is expected to be the largest segment in the Vacuum Furnaces market in 2021. Vertical furnaces are nearly primarily used. Vacuum Furnaces from VAC AERO are employed in every facet of thermal processing in a wide range of sectors, including commercial heat treatment, aerospace and engine parts, medical implants, nuclear tubes, tool and die, and, most recently, additive manufacturing. Vacuum processes are equally broad, ranging from aerospace component brazing and hardening of stainless and tool steel dies to zirconium tube annealing and case hardening of power transmission components.

Vertical Vacuum Furnaces combine rapid cycle times and high quenching rates to improve the homogeneity of big production components with complex geometries. They are perfect for processing large circular parts like rings, stators, or engine casings, as well as long parts like shafts or rolls. Due to these factors mentioned above, the vertical segment is expected to hold a major market share in 2021.

Global Vacuum Furnaces Market by End-User

Based on end-user, it is bifurcated into industrial and research. The industrial segment is expected to be the largest segment in the Vacuum Furnaces market in 2021. Vacuum Furnaces are used in the manufacturing process of various building goods. Furthermore, an increase in the older population and an increase in the number of diseases are driving up demand for medical equipment. Medical equipment must be heat-treated throughout the manufacturing process. This has a beneficial impact on the growth of the Vacuum Furnaces market.

Geographical Analysis of Global Vacuum Furnaces Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia Pacific is expected to hold the majority of the market share in 2021; Globalization is having a significant impact on the global expansion of air travel. This is driving up demand in the aerospace industry, which will eventually boost the Vacuum Furnaces market. Furthermore, the global construction of residential and non-residential buildings is increasing. This is fueled by an increase in global population, an increase in disposable income, and rapid urbanization, particularly in developing countries such as Brazil, Argentina, India, and China. The building construction sector heavily relies on ceramic products such as tiles and decorative laminates. This guarantees the growth of vacuum furnace market in Asia-Pacific region.

Major Players in the Global Vacuum Furnaces Market

The key players studied in the global vacuum furnaces are such as

COVID-19 Impact

In 2019, the growth of the global vacuum furnaces market was rising due to the rising population in developing countries. The extensive use of Vacuum Furnaces in the automotive industry is anticipated to drive the demand for vacuum furnaces.

In 2020, technological breakthroughs have enabled the production of goods with reduced size, vibration and noise emissions, and maximum operational reliability. Vacuum furnace manufacturers throughout the world are continuing to examine the global effects of COVID-19 and its potential future magnitude.

Due to high-quality criteria, manufacturers rely on a small number of suppliers for various vacuum furnace components. This is constrained by the pandemic's negative effects, which result in lower capacity utilization. As a result, Vacuum Furnaces market participants enter longer-term contracts with suppliers and diversify their supply base to reduce this risk. Manufacturers have also noticed an increase in the need to monitor supplier performance and maintain enough liquidity.

There are also positive signs for the coming quarters due to increased residential and non-residential construction projects. However, with the surge in construction activity, combined with disruptions to supply chains and high shipping costs, prices for construction materials have soared or remain in short supply.

Recent Developments

• July 2021, ECM Lab Solutions is the latest offering from the ECM Group aimed at laboratories and research institutions. This new program combines all ECM Group products that are intended and adapted for research and development in four major fields: metallurgy and heat treatment, crystal growth, semiconductors, and renewable energies.
• April 2021, Centorr Vacuum Industries mentioned they are preparing six furnaces in their workhorse product line for diverse precision processing of metals in heat treatment, brazing, annealing, and other applications.
• January 2020, zipsen USA built a TITAN vacuum furnace at Stack Metallurgical Group's location in Spokane Valley, Washington. Stack Metallurgical Group is a Nadcap-approved company and the largest commercial heat treater in the Northwestern United States.

Frequently Asked Questions

Q1. How big is the vacuum furnaces market?Ans. The global vacuum furnaces market size was US$ 0.9 billion in 2021 and is anticipated to reach US$ 1.3 billion in 2031, growing at a rate of 3.7% from 2022 to 2031.Q2. What is the vacuum furnaces market growth rate?Ans. The growth rate of the vacuum furnaces market is 3.7% from 2022 to 2031.Q3. Which Ans. Asia Pacific holds a major market share of the vacuum furnaces market in 2021.Q4. Which segment accounted for the largest vacuum furnaces market share?Ans. Based on type, it is bifurcated into horizontal and vertical. The vertical segment is expected to be the largest segment in the vacuum furnaces market in 2021.Q5. Who are the key players in the vacuum furnaces market?Ans. The global vacuum furnaces market report includes players are such as Q6. What are the factors driving the vacuum furnaces market growth?Ans. The extensive use of vacuum furnaces in the automotive industry is anticipated to drive the demand for vacuum furnaces.Q7. What are the key growth strategies of vacuum furnaces market players?Ans. The key growth strategies of vacuum furnaces market players are product launch, partnerships, and government initiatives.Q8. Which Ans. The Asia Pacific region will provide more business opportunities for the vacuum furnaces market during the forecast period.

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