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%. An industrial furnace is a thermal enclosure in which raw materials are treated at high temperatures. They can achieve higher processing temperatures in comparison to the open-air systems. The fundamental structure of an industrial furnace contains a radiant section, radiant coil, convection section, flue gas stack, burner, and insulation. The industrial furnace is used in various end-user sectors, which include automotive, marine, aerospace, and defense.
In major industrial sectors, the use of industrial furnaces is mandatory for treating varied materials, gases, oils, and food products. Even though there are various models & types of them, but there is no substitute available to replace industrial furnaces. Though the lifecycle of an industrial furnace is lengthy, new manufacturing units are being set up each year globally. Some of them are new players, while most of them are being set up by old manufacturers to boost their market presence. Such competition by industry players provide improved opportunities for the growth of the industrial furnace market. However, stringent regulations and standards set by governments of different countries regarding the emissions released from the industrial furnaces and boilers are estimated to restrain the market growth.
The global industrial furnaces market is segmented into furnace type, arrangement, enduser, 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 industrial furnaces market throughout the study period. Based on enduser, 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 categorized into the 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 the expansion of the automotive and steel sector in the region.
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.
KEY BENEFITS FOR STAKEHOLDERS
The key market players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial furnaces industry.
GLOBAL INDUSTRIAL FURNACES MARKET SEGMENTS
By FURNACE TYPE
By ARRANGEMENT
By End-User
By Region
KEY PLAYERS
In major industrial sectors, the use of industrial furnaces is mandatory for treating varied materials, gases, oils, and food products. Even though there are various models & types of them, but there is no substitute available to replace industrial furnaces. Though the lifecycle of an industrial furnace is lengthy, new manufacturing units are being set up each year globally. Some of them are new players, while most of them are being set up by old manufacturers to boost their market presence. Such competition by industry players provide improved opportunities for the growth of the industrial furnace market. However, stringent regulations and standards set by governments of different countries regarding the emissions released from the industrial furnaces and boilers are estimated to restrain the market growth.
The global industrial furnaces market is segmented into furnace type, arrangement, enduser, 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 industrial furnaces market throughout the study period. Based on enduser, 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 categorized into the 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 the expansion of the automotive and steel sector in the region.
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.
KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the current and emerging industrial furnaces market trends and dynamics.
- In-depth industrial furnaces market analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- Extensive analysis of the industrial furnaces market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of all the regions is provided to determine the prevailing opportunities.
- The global industrial furnaces market forecast analysis from 2018 to 2026 is included in the report.
The key market players operating in the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial furnaces industry.
GLOBAL INDUSTRIAL FURNACES MARKET SEGMENTS
By FURNACE TYPE
- Gas/Fuel Operated Industrial Furnace
- Electrically Operated Industrial Furnace
By ARRANGEMENT
- Tube or Clamshell Type
- Box Type
- Bottom Loading & Car Bottom Furnace
- Top Loading Furnace
- Others
By End-User
- Metals & Mining
- Transportation
- Oil & Gas
- Chemicals
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Russia
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY PLAYERS
- 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
- Thermal Product Solutions
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: INDUSTRIAL FURNACES MARKET, BY FURNACE TYPE
CHAPTER 5: INDUSTRIAL FURNACES MARKET, BY ARRANGEMENT
CHAPTER 6: INDUSTRIAL FURNACES MARKET, BY END-USER
CHAPTER 7: INDUSTRIAL FURNACES MARKET, BY REGION
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to the report titled 'Industrial Furnaces Market by Furnace Type, Arrangement, and EndUser: Global Opportunity Analysis and Industry Forecast, 2019-2026,' 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.The gas/fuel operated industrial furnace segment accounted for over 40% of the industrial furnaces market share in 2018 and is expected to witness significant growth during the forecast period.There has been an increase in demand for metals across many endusers, which include railroads, buildings, automobiles, bridges, metallurgy, and ornaments, among various others. This demands more industrial plants to satisfy the growing demand, which in turn, confirms that there is an enormous demand for industrial furnaces from businesses globally. Moreover, industrial furnaces manufacturers have been implementing various technological enhancements in the furnaces, which have been developed in recent years. These new technologies, such as IIoT and others, are anticipated to offer lucrative growth opportunities for the market during the forecast period.
Rise in demand for high-performance, energy-efficient, and low-emission vehicles drive the global industrial furnaces market growth. In addition, surge in investments in the construction industry and increase in manufacturing machinery industry stimulate the industrial furnaces market growth. On the other hand, instability in the prices of raw materials is projected to hinder the industrial furnaces market development.
In terms of enduser, the transportation segment has secured the highest share in the industrial furnaces market in 2018.Whereas,mechanical & manufacturing equipment segment is expected to witness growth at a CAGR of4.6% during the forecast period, owing to technical innovations and increase in emphasis on the construction and other industrial sectors. Thesis expected to provide lucrative growth opportunities for the industrial furnaces market players in the developing economies.
The major players in the industrial furnaces market such as International Thermal Systems and Carbolite Gero Ltd. are focused on introducing energy-efficient products to strengthen their product portfolio and market presence in the global industrial furnaces market. For instance,UK-based Carbolite Gero Ltd. offers HTF industrial furnace. Electric furnaces are capable of applications such as ceramic injection molding (CIM), annealing, debinding, degassing, drying, debinding in air, sintering, sublimation, synthesis, sintering in air, and tempering.
According to Priyanka Khandelwal, Industry Analyst, Construction and Manufacturing, “The industrial furnaces market has observed significant growth over the past decade, owing to implementation of newer state-of-the-art technologies in the industrial furnaces. In addition, increase in investments in the machinery and construction industries all over the globe is projected to fuel the global industrial furnaces market growth. Several players such as NUTEC Group and others are expanding their business worldwide, owing to augmented customer base, improved effective operations, expanded geographical reach, and developed product portfolios. This is predicted to lead to the development of the global industrial furnaces industry.”
The key 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.
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging industrial furnaces market trends and dynamics.
- Depending on furnace type, the gas/fuel operated segment dominated the market in 2018, and electrically operated segment is projected to grow at a significant CAGR during the forecast period.
- By arrangement, the box type segment held the majority of the market share in 2018.
- On the basis of end-user, in 2018, metals & mining segment is anticipated to hold the largest market share.
- Asia-Pacific is projected to register the highest growth rate during the study period.
- The key market players within the market are profiled in this report, and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industrial furnaces industry.
- The report provides an extensive analysis of the industrial furnaces market trends and its emerging opportunities.
- In-depth analysis is conducted by constructing estimations for the key segments between 2018 and 2026.
- The global industrial furnaces market forecast analysis from 2019 to 2026 is included in the report.
Companies Mentioned
- 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
- Thermal Product Solutions.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 219 |
| Published | February 2020 |
| Forecast Period | 2018 - 2026 |
| Estimated Market Value ( USD | $ 10958.5 million |
| Forecasted Market Value ( USD | $ 16996.5 million |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
