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Industrial Furnaces and Ovens - Global Market Trajectory & Analytics

  • ID: 338759
  • Report
  • September 2021
  • Region: Global
  • 462 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • AFC-Holcroft
  • AVS, Inc.
  • Dijko Ovens BV
  • Inductotherm Corporation
  • Kilns & Furnaces Ltd.
  • SECO/WARWICK S.A.

Global Industrial Furnaces and Ovens Market to Reach US$9.2 Billion by the Year 2026


Industrial furnaces and ovens are an integral part of most manufacturing processes. Industrial furnaces are used to heat or melt metals for casting; and for forming and shaping metals through processes such as forging and rolling or other heat treatment processes. A key factor influencing growth in the global market is the extent of demand for iron and steel from various end-use sectors. In the upcoming years, improving economic environment, expanding industrial sector and introduction of new and efficient systems are expected to drive market growth. Advancements in production and processing technologies in the industrial sector are also expected to add to market growth. Relentless improvements in metal manufacturing techniques will also drive demand for advanced industrial grade furnaces and ovens. Furnace manufacturers have embraced technology and modern furnaces and ovens are highly superior compared to the products even from a few years ago. For instance, furnaces and ovens can now be easily controlled with simple touch screen controllers that provide better control for the workers and also ensure safety of the equipment as well as the workers. In addition, with industrial automation/ industry 4.0 being the net big development, demand for furnaces with IIoT capabilities is expected to rise in future, leading to demand for higher priced advanced products, thus beneficially affecting the market.

Amid the COVID-19 crisis, the global market for Industrial Furnaces and Ovens estimated at US$8 Billion in the year 2020, is projected to reach a revised size of US$9.2 Billion by 2026, growing at a CAGR of 2.4% over the period 2020-2027. Combustion, one of the segments analyzed in the report, is projected to grow at a 2.1% CAGR to reach US$5.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 2.7% CAGR for the next 7-year period. This segment currently accounts for a 40.7% share of the global Industrial Furnaces and Ovens market. Combustion industrial furnaces and ovens include fuel-fired metal melting furnaces such as blast furnaces and treating furnaces. Fuel-fired furnaces find applications in industries such as brick making, glass, ceramics and others, which use kilns for the generation of heat in their applications. The growing concerns for environmental safety are driving demand for electric furnaces across the world, to replace coal-fired furnaces and ovens. Depleting natural resources of iron ore and increasing prices of iron ore also contribute to the rise in adoption of electric furnace steel production by steel makers.



The U.S. Market is Estimated at $909.1 Million in 2021, While China is Forecast to Reach $1.6 Billion by 2026


The Industrial Furnaces and Ovens market in the U.S. is estimated at US$909.1 Million in the year 2021. The country currently accounts for a 11.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 3.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 1.5% and 1.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.9% CAGR while Rest of European market (as defined in the study) will reach US$1.7 Billion by the end of the analysis period. Europe is one of the largest markets for industrial furnaces and ovens as the region is a hub for automotive production as well as industrial manufacturing. As the demand for processed products increases across industries, the requirement for industrial furnaces and ovens also increases as they are an integral part of industrial processing. Rise in manufacturing/processing activity and subsequent rise in demand for industrial equipment, especially is expected to present growth prospects in Asia-Pacific region. Automation of manufacturing units and increased use of production line machinery also bodes well for market growth in the region.

Select Competitors (Total 264 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.
  • Despatch Industries, Inc.
  • Dijko Ovens BV
  • Dowa Thermotech Co., Ltd.
  • ElectroHeat AB
  • Grieve Corporation
  • Inductotherm Corporation
  • Industrial Furnace Company
  • International Thermal Systems LLC
  • Ipsen
  • JLS Redditch, Ltd.
  • Keith Company
  • Kilns & Furnaces Ltd.
  • Nachi-Fujikoshi Corp.
  • Nitrex Metal Inc.
  • 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
  • VAC AERO International, Inc.
  • Wisconsin Oven Corporation
Frequently Asked Questions about the Global Market for Industrial Furnaces and Ovens

What is the estimated value of the Global Market for Industrial Furnaces and Ovens?

The Global Market for Industrial Furnaces and Ovens was estimated to be valued at $8.0 Billion in 2020.

What is the growth rate of the Global Market for Industrial Furnaces and Ovens?

The growth rate of the Global Market for Industrial Furnaces and Ovens is 2.4%, with an estimated value of $9.2 Billion by 2026.

What is the forecasted size of the Global Market for Industrial Furnaces and Ovens?

The Global Market for Industrial Furnaces and Ovens is estimated to be worth $9.2 Billion by 2026.

Who are the key companies in the Global Market for Industrial Furnaces and Ovens?

Key companies in the Global Market for Industrial Furnaces and Ovens include AFC, Holcroft, Aichelin Group, Airtec Thermoprocess GmbH, Andritz AG, AVS, Inc., Can, Eng Furnaces International Limited and CERI Phoenix Industrial Furnace CO., LTD..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • AFC-Holcroft
  • AVS, Inc.
  • Dijko Ovens BV
  • Inductotherm Corporation
  • Kilns & Furnaces Ltd.
  • SECO/WARWICK S.A.
I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Impact of COVID-19 Pandemic and Looming Global Recession
  • 2020 Marked as a Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021
  • EXHIBIT 1: World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Industrial Manufacturing Activity to Influence Growth Trends
  • EXHIBIT 2: Global PMI Index Points for the Years 2018, 2019 & 2020
  • An Introduction to Industrial Furnaces and Ovens
  • Types of Industrial Furnaces
  • Types of Industrial Ovens
  • Global Market Prospects & Outlook
  • End-Use Dynamics Influence Trends in the Industrial Furnaces and Ovens Market
  • Metallurgical Applications Poised for High Growth
  • Developing Countries to Spearhead Long-term Growth
  • Competition
  • World Brands
  • Recent Market Activity

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Dynamics of Iron and Steel Industry Set Demand Trends for the Industrial Furnaces and Ovens Market
  • Hit by COVID-19 Crisis, Steel Industry & Demand on the Road to Normalcy
  • Steel Industry Recovery in Major Regions: An Outline
  • 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 %): 2020
  • 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 Consumption Breakdown by Geographic Region (in %) for 2020
  • EXHIBIT 7: Global Steel Demand by End-Use Sector (in %) for 2020
  • 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
  • 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 Trends in the 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
  • Recovery in Oil & Gas Sector to Benefit Market for Industrial Furnaces
  • EXHIBIT 12: Global Oil & Gas E&P Industry Spending (in US$ Billion) for 2015-2020
  • EXHIBIT 13: Breakdown of Global E&P Spending (in %) by Supply Segment for the Year 2019 & 2020
  • With the Aviation Industry Hit Hard by the Pandemic, Impact Evident on the Industrial Furnaces and Ovens Market
  • EXHIBIT 14: Global Aerospace & Aviation Market Growth Outlook (In %) For Years 2019 Through 2025
  • 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, and 2023
  • Leveraging Industry 4.0 and IIoT for Development of Smart Industrial Furnaces and Ovens
  • Blast Furnaces Market to Witness Stable Long-Term Growth
  • Industrial Ovens Market: Industrialization to Drive Market Growth
  • EXHIBIT 20: Global Industrial Ovens Market Breakdown by Type (in %) for 2020
  • Industrial Drying Ovens: Benefiting from Rapid Pace of Technology Developments
  • 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
  • Researchers Develop Temperature Measurement Sensors for Industrial Furnaces
  • Industrial Furnaces Facilitate Efficient Electrical Component Manufacturing
  • Energy Efficient Industrial Furnaces & Ovens Enable Cost Optimization, Driving Adoption among Manufacturers
  • Oxygen Technologies Increase Furnace Efficiency
  • NFPA 86 Guidelines for Industrial Ovens and Furnaces

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
  • Market Analytics

CANADA

JAPAN

CHINA
  • COVID-19 Pandemic Affects the China’s Manufacturing Activity, Affecting Growth Outlook
  • Surprising Recovery to Boost Steel Fortunes, Driving Market Growth
  • EXHIBIT 21: Steel Production in China (2011-2020) (in Million Tons)
  • Chinese Ovens Market: A Brief Overview
  • Market Analytics

EUROPE
  • Market Overview
  • COVID-19 Exacerbates Already Challenging European Steel Market Situation
  • Market Analytics

FRANCE

GERMANY

ITALY

UNITED KINGDOM

SPAIN

RUSSIA

REST OF EUROPE

ASIA-PACIFIC
  • Market Overview
  • Market Analytics

INDIA
  • Steel Demand in India to Grow Marginally after Deep Cuts in Output during Lockdown, Affecting Market Growth
  • EXHIBIT 22: Crude Steel Production in India by Technology (%) for 2020
  • Industrial Ovens Market in India: An Overview
  • Market Analytics

SOUTH KOREA

REST OF ASIA-PACIFIC

LATIN AMERICA

BRAZIL
  • Brazilian Steelmakers Announce Shutting Down of Blast Furnaces Amid COVID-19 Crisis
  • Market Analytics

MEXICO

REST OF LATIN AMERICA

MIDDLE EAST

AFRICA

IV. COMPETITION
  • Total Companies Profiled: 264
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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.
  • Despatch Industries, Inc.
  • Dijko Ovens BV
  • Dowa Thermotech Co., Ltd.
  • ElectroHeat AB
  • Grieve Corporation
  • Inductotherm Corporation
  • Industrial Furnace Company
  • International Thermal Systems LLC
  • Ipsen
  • JLS Redditch, Ltd.
  • Keith Company
  • Kilns & Furnaces Ltd.
  • Nachi-Fujikoshi Corp.
  • Nitrex Metal Inc.
  • 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
  • VAC AERO International, Inc.
  • Wisconsin Oven Corporation
Note: Product cover images may vary from those shown