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Industrial Furnaces and Ovens - Global Market Trajectory & Analytics

  • ID: 338759
  • Report
  • April 2021
  • Region: Global
  • 487 Pages
  • Global Industry Analysts, Inc
The Pandemic Upends Business-as-Usual Scenario for Metal & Steel Processing Industries. Industrial Furnaces & Ovens Slumps by a Painful -16.9%

The global market for Industrial Furnaces and Ovens is expected to slump by -16.9% in the year 2020 and thereafter recover and grow to reach US$9 billion by the year 2027, trailing a post COVID-19 CAGR of 2% over the analysis period 2020 through 2027. The health of the industrial furnaces and ovens market is closely linked to the dynamics in key end-use markets such as construction, automotive, industrial, medical, and machinery, which in turn is dependent on the health of overall economy. Several macro-economic factors such as economic growth, consumer confidence, credit availability, fuel prices and capital investments in plant infrastructure have a considerable impact on the demand for industrial furnaces and ovens market. As the COVID-19 death toll continues to rise worldwide with the infections showing no signs of slowing down, a major change in priorities is underway as governments struggle amid the crisis to strengthen their healthcare systems. The rapid spread of the COVID-19 pandemic across the globe is anticipated to negatively impact the industrial furnaces and ovens market. Temporary shutdowns of factories and lockdown orders imposed by governments worldwide, coupled with US-China trade tensions have adversely affected growth prospects, especially in the Asia-Pacific region. In the U.S., COVID-19 outbreak is posing significant challenges for industrial manufacturers, particularly those depending on workers who cannot carry out their jobs remotely.

Amid the healthcare crisis, economic activity has slowed down significantly across most sectors, resulting in a considerable reduction in demand for industrial products. Certain large industrial manufacturers have shut down their facilities and are mulling job cuts in the near future. Partial or full plant closures are expected to continue for a longer period of time for manufacturers operating in worst-hit regions. The impact on manufacturers will mean crunch on capital resources; workforce layoffs/reduction and loss in productivity; supply chain disruptions; difficulties with funding; and increase in cybersecurity risks and fraud. Unlike IT services where work is being carried out remotely via internet and cloud platforms, for the manufacturing industry, plant activities and production cannot be carried remotely and therefore remains worst affected. The slower economic activity means reduced demand for industrial and consumer goods and lower manufacturing orders. Plant closures both full and partial are expected to continue into the coming months. Manufacturers, especially automotive producers with complex supply chains will be hard hit as transportation, trade and movement of goods continue to remain crippled. Social distancing norms are being strictly implemented with manufacturers under pressure to reduce worker density in factories.

The crumbling automotive and aviation industries and plummeting manufacturing activity in these industries is impacting demand for composites which in turn is taking the steam out of the industrial composite curing ovens market. Composites used widely in automobile, aircraft & ship manufacturing industries are suffering a major demand setback. Valued for its lightweighting benefits, composite consumption will continue to decline in the years 2020 & 2021 as manufacturing continues to plummet before making a U-shaped recovery that will be slow and patchy. In the upstream materials market, this scenario is negatively impacting composite cure ovens and furnaces used to cure high strength, low weight carbon composite materials. Composite ovens play a key role in composite manufacturing as curing determines performance such as longevity, corrosion and fatigue resistance of composites. In the post COVID-19 period, as the market returns to growth carbon fiber ovens will witness the highest revenue gains. Other factors which will drive demand growth during this period will include recovering demand for fabricated metal in automobiles; increased consumption of iron and steel in the infrastructure sector in developing countries; technology developments; and demand for a wide range of processed metal goods supported by continuous global economic recovery. Growing emphasis on sustainable industry policies and the resulting imposition of legislations that regulate the energy efficiency of large industrial furnaces will drive manufacturers’ focus on developing energy efficient solutions. Growing levels of investments in smart factories and Industrial Internet of Things (IIoT) will help drive demand for furnaces and ovens that are equipped with POC analyzers and temperature control features. As prices of digital hardware and software declines, microprocessor based controllers are expected to become a common feature in modern industrial furnaces in the coming years. The growing importance of preventative and predictive maintenance of furnace and ovens is forecast to generate lucrative opportunities for replacements and upgrades. Asia-Pacific will lead growth in the post COVID-19 period led by factors such as robust growth of manufacturing and processing industry in developing Asian countries; increased outsourcing of metal working operations to job shops in low cost South East Asian economies and the resulting increase in demand for Annealing Furnaces; Sintering Furnaces; Calcination Furnaces; and Tempering Furnaces, among others.

Select Competitors (Total 227 Featured):
  • AFC-Holcroft
  • Aichelin Group
  • Airtec Thermoprocess GmbH
  • Andritz AG
  • AVS, Inc.
  • Can-Eng Furnaces International Limited
  • Carbolite Gero Ltd.
  • CERI Phoenix Industrial Furnace CO., LTD.
  • CM Furnaces, Inc.
  • Consolidated Engineering Company
  • Despatch Industries, Inc.
  • Dijko Ovens BV
  • Dowa Thermotech Co., Ltd.
  • ElectroHeat AB
  • G-M Enterprises
  • Grieve Corporation
  • Inductotherm Corporation
  • Industrial Furnace Company
  • International Thermal Systems LLC
  • Ipsen
  • JLS Redditch, Ltd.
  • Keith Company
  • Kilns & Furnaces Ltd.
  • Nachi-Fujikoshi Corp.
  • Nutec Bickley
  • Primetals Technologies Limited
  • Rogers Engineering & Manufacturing Co., Inc.
  • SECO/WARWICK S.A.
  • Shenwu Technology Group Corp Co., Ltd.
  • Solar Manufacturing
  • Solo Swiss Group
  • Surface Combustion, Inc.
  • Tenova S.P.A
  • Thermal Product Solutions
  • Wisconsin Oven Corporation
  • VAC AERO International, Inc.
Note: Product cover images may vary from those shown
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • COVID-19 Crisis Triggers Negative Tide in GDP & Industrial Output Forecasts
  • Exhibit 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2019, 2020 & 2021
  • Industrial Activity to Remain Subdued in the Immediate Term
  • Exhibit 2: Global PMI Index Points for the Years 2018, 2019 & 2020
  • An Introduction to Industrial Furnaces and Ovens
  • Electric Furnaces
  • Combustion Furnaces
  • Global Industrial Furnaces and Ovens Market: Prospects & Outlook
  • End-Use Dynamics Influence Trends in the Industrial Furnaces and Ovens Market
  • Metallurgical Applications Poised for High Growth
  • Developing Countries to Make Significant Gains in the Long-Term Future
  • Competition
  • World Brands
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Iron and Steel Demand Determines Trends in the Industrial Furnaces and Ovens Market
  • COVID-19 Outbreak Impacts Steel Industry
  • Steel Production & Demand Statistics
  • Exhibit 3: Global Crude Steel Monthly Production (in Million Tonnes) for the Period Jul-2019 to Jul-2020
  • Exhibit 4: Global Crude Steel Production Breakdown by Country (in %): 2019
  • Exhibit 5: COVID-19 Pandemic Impact on Steel Demand: YoY Change (in %) for Global Finished Steel Demand by Region in 2020
  • Exhibit 6: Global Steel Demand by Region (in %) for 2020E
  • Exhibit 7: Global Steel Demand by End-Use Sector (in %) for 2020E
  • Widening Role of Electric Arc Furnace (EAF) in Steel Production Landscape
  • Exhibit 8: Global Production of Crude Steel: Percentage Breakdown by Production Method by Region for 2019
  • Exhibit 9: Steel Production by Manufacturing Process in Select Countries (2019)
  • Automobile Manufacturing: Industrial Furnaces Hold Significance in Reducing Production Costs and Pollution Levels
  • Automotive Production Trends Determine Growth Dynamics of Industrial Furnaces and Ovens Market
  • Exhibit 10: Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019
  • Exhibit 11: World Automobile Production in Million Units: 2008-2022
  • With Oil & Gas Sector Confronting Testing Times Amidst the COVID-19 Pandemic, Industrial Furnaces Market to be Impacted
  • Global E&P Industry Revenues Set to Nosedive Remarkably amidst COVID-19 Pandemic
  • Exhibit 12: Global Oil & Gas E&P Industry Spending (2015-2021E)
  • Exhibit 13: Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
  • With Air Travel Coming to a Grinding Halt, Aerospace Industry, Demand for Industrial Furnaces and Ovens to be Affected
  • Exhibit 14: Expected Losses in Global Aviation (In US$ Billion)
  • Exhibit 15: Global Airlines Performance by Region: 2020 Vs 2019
  • Solar Energy Sector to Present Long-term Opportunities for the Market
  • Railroad Sector: Another Prominent Market for Industrial Furnaces and Ovens
  • Exhibit 16: COVID-19 Impact on Railways: YoY Change (%) for Rail Freight and Passenger Rail in Europe for 2020 and 2021
  • Exhibit 17: Global Rail Wheel and Axle Market (in US$ Million) by Region for 2020 & 2027
  • Mining, Melting, and Metal Alloy Machinery Demand Impacts Trends in Industrial Furnace and Ovens Market
  • Exhibit 18: Global Mining Equipment Market (in $ Billion) for the Years 2019, 2022 & 2025
  • Rising Demand from the Medical Sector Lends Traction to Market Growth
  • Increasing Healthcare Expenditure Creates Conducive Environment
  • Exhibit 19: World Healthcare Expenditure (In US$ Trillion) for the Years for 2017, 2019, 2021, 2023
  • Leveraging Industry 4.0 and IIoT for Development of Smart Industrial Furnaces and Ovens
  • Global Blast Furnaces Market to Witness STable Long-Term Growth
  • Replacement of Older Furnaces and Ovens with Advanced Equipment: A Potential Market Opportunity
  • Increasing Need for Integrating Automated Systems Fuels Demand for Industrial Ovens
  • Customized Industrial Ovens Gain Rapid Market Acceptance
  • Technological Advancements to Boost Market Growth
  • Hybrid Furnaces Gains Traction
  • Advances in Metal Reheat Furnaces
  • Rising Prominence of Infrared Heating Ovens in Industrial Process Heating Applications
  • Furnace Thermal-Imaging Equipment
  • Industrial Furnaces Facilitate Efficient Electrical Component Manufacturing
  • Energy Efficient Industrial Furnaces & Ovens Enable Cost Optimization, Driving Adoption among Manufacturers
  • Oxygen Technologies Increase Furnace Efficiency
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • UNITED STATES
  • Amidst COVID-19 Crisis, Manufacturing Activities Come to a Halt
  • COVID-19 Impact: US Steel Industry to Remain Jittery over Near-Term
  • CANADA
  • JAPAN
  • CHINA
  • COVID-19 Pandemic Affects the China’s Manufacturing Activity, Affecting Growth Outlook
  • Surprising Recovery to Boost Steel Fortunes, Driving Market Growth
  • Chinese Ovens Market: A Brief Overview
  • EUROPE
  • Market Overview
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • SPAIN
  • RUSSIA
  • REST OF EUROPE
  • ASIA-PACIFIC
  • Market Overview
  • INDIA
  • Steel Demand in India to Grow Marginally after Deep Cuts in Output during Lockdown, Affecting Market Growth
  • Exhibit 20: Crude Steel Production in India by Technology (%) for 2019
  • Indian Steelmakers Turn to Production Cuts Amid COVID-19 Pandemic Crisis
  • Industrial Ovens Market in India: An Overview
  • SOUTH KOREA
  • REST OF ASIA-PACIFIC
  • LATIN AMERICA
  • BRAZIL
  • Brazilian Steelmakers Announce Shutting Down of Blast Furnaces Amid COVID-19 Crisis
  • MEXICO
  • REST OF LATIN AMERICA
  • MIDDLE EAST
  • AFRICA
IV. COMPETITION
  • Total Companies Profiled: 227
Note: Product cover images may vary from those shown
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