Global Industrial Furnaces Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global industrial furnaces market size reached US$ 13.1 Billion in 2022. Looking forward, the market is expected to reach US$ 17.8 Billion by 2028, exhibiting a growth rate (CAGR) of 5.24% during 2022-2028.

An industrial furnace is a heat-treating system that assists in melting or heating metals at a high temperature. It comprises a refractory chamber, hearth, burner, solid, liquid, or gaseous fuel or electricity, chimney, charging and discharging doors, and loading and unloading equipment. It is mainly utilized for annealing, tempering, or carburizing and pre-treating materials for forging purposes. Besides this, as it is fuel-efficient, compact, and portable, it is also employed in the manufacturing of iron, steel, non-ferrous metals, ceramic and calcination in cement across the globe.

Industrial Furnaces Market Trends

At present, there is a significant increase in the demand for iron, steel and metals worldwide. This represents one of the key factors impelling the market growth. Apart from this, industrial furnaces are widely utilized in the manufacturing and heat-treating of metallic automotive parts. As a result, the rising sales of automobiles across the globe on account of inflating income levels and increasing global population are supporting the market. Furthermore, there is a considerable rise in the adoption of state-of-the-art technologies and the industrial internet of things (IoT) for providing enhanced efficiency and automation. This, in confluence with the rising adoption of numerous strategies for furnace energy conservation, productivity, and reduction of pollutant emissions, is creating a favorable market outlook. These strategies include the utilization of natural gas, improved insulation and refractory materials. They also involve the usage of advanced burner designs, such as high velocity, regenerative and recuperative burners, along with new combustion technologies like air and fuel staging and flue gas recirculation techniques. The market is also driven by the expanding automotive and steel sector and the extensive investments in construction activities around the world.

Key Market Segmentation

This research provides an analysis of the key trends in each sub-segment of the global industrial furnaces market report, along with forecasts at the global, regional and country level from 2023-2028. The report has categorized the market based on furnace type, arrangement and end use.

Breakup by Furnace Type:

• Gas and Fuel Operated Industrial Furnace
• Electrically Operated Industrial Furnace

Breakup by Arrangement:

• Tube or Clamshell Type
• Box Type
• Bottom Loading and Car Bottom Furnace
• Top Loading Furnace

Breakup by End Use:

• Metals and Mining
• Transportation
• Oil and Gas
• Chemicals

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Latin America
• Brazil
• Mexico
• Middle East and Africa

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being Andritz AG, Carbolite Gero Ltd. (Dutch Verder Group), Epcon Industrial Systems LP, Gasbarre Products Inc., International Thermal Systems, Ipsen International GmbH, LÖCHER Industrieofen- und Apparatebau GmbH, Nutec Bickley, Seco/Warwick SA, Thermal Product Solutions and Thermcraft Incorporated.

Key Questions Answered in This Report

1. What was the size of the global industrial furnaces market in 2022?
2. What is the expected growth rate of the global industrial furnaces market during 2023-2028?
3. What has been the impact of COVID-19 on the global industrial furnaces market?
4. What are the key factors driving the global industrial furnaces market?
5. What is the breakup of the global industrial furnaces market based on the furnace type?
6. What is the breakup of the global industrial furnaces market based on the arrangement?
7. What is the breakup of the global industrial furnaces market based on the end use?
8. What are the key regions in the global industrial furnaces market?
9. Who are the key players/companies in the global industrial furnaces market?