USD 10.928 billion
Report ID:
SQMIG20I2059 |
Region:
Global |
Published Date: February, 2024
Pages:
213
|Tables:
93
|Figures:
76
Global Industrial Furnaces Market size was valued at USD 10.928 billion in 2021 and is poised to grow from USD 11.23 billion in 2022 to USD 16.872 billion by 2030, growing at a CAGR of 4.3% in the forecast period (2023-2030).
A thermal inclusion, an industrial furnace is used to process and treat raw materials at high temperatures in both their solid and liquid states. A system for industrial heat treatment, that warms to temperatures beyond a thousand degrees Fahrenheit. A number of industries, including manufacturing, the production of iron and steel, glass, non-ferrous metals, calcination in cement production, and ceramic processing, use industrial furnaces. The primary goals of using an industrial furnace are to efficiently utilize heat (so that losses are minimized) and to manage and control the various phases (gas, liquid, or solid) moving at various speeds for various temperatures and times in order to minimize corrosion and erosion of the refractory.
The consistent demand for iron and steel, along with other important commodities and metals, is one of the main drivers driving the growth of the industrial furnaces market. The development of the global market is also fueled by factors like the rise in the use of electric industrial furnaces and the rise in demand for lightweight automobiles as a result of technical improvements. Also, a lot of manufacturers of metallic automobile parts for use in vehicle assembly manufacture and heat treat these parts in industrial furnaces. The expansion of the market is driven by the upward trend in the manufacture of lightweight metal components for the automotive industry as well as the increase in automobile production and sales.
US Industrial Furnaces Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 10.928 billion
Largest Segment
Gas/Fuel Operated Industrial Furnace
Fastest Growth
Gas/Fuel Operated Industrial Furnace
Growth Rate
4.3% CAGR
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Global Industrial Furnaces market is segmented based on furnace type, arrangement, end-user, and region. Based on furnace type, the Industrial Furnaces market is segmented into gas/fuel operated industrial furnace, electrically operated industrial furnace. Based on the arrangement, the Industrial Furnaces market is segmented into tube or clamshell type, box type, bottom loading & car bottom furnace, top loading furnace, and others. Based on the end-user, the Industrial Furnaces market is segmented into metals & mining, transportation, oil & gas, chemicals, and others. Based on the region, the Industrial Furnaces market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Industrial Furnaces Market Analysis by Furnace Type
Based on furnace type, the market is segmented into gas/fuel operated industrial furnace, electrically operated industrial furnace. Throughout the forecast period, the gas/fuel operated industrial furnace segment is predicted to rule the world market. The market is divided into metals and mining, transportation, oil and gas, chemical, and others based on end user. Throughout the anticipated period, the metals and mining segment is anticipated to rule the market. The market is divided into tube or clamshell type, box type, bottom loading & automobile bottom furnace, top loading furnace, and others based on arrangement.
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In 2022, North America region held significant share in the global Industrial Furnaces market. A significant market share of the global industrial furnace market is held by North America. The need for electric heating industrial furnaces is anticipated to fuel market growth in the area. The area is anticipated to have significant financial growth in the industrial furnace market during the forecast period due to the region's increasing pace of industrialization. Due to increase per capita income and soaring automobile demand across North America, there has been a huge increase in the manufacturing and sales of passenger cars. As a result, the countries' need for metals like steel and aluminum has increased. In order to meet this growing demand, governments in nations like the U.S. and Canada are placing a strong emphasis on building new metal manufacturing facilities. This is expected to benefit sales of industrial furnaces in the North American market.
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Industrial Furnaces Market Driver
Industrial Furnaces Market Restraint
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The market is fragmented in nature. The prominent players operating in the market are constantly adopting various growth strategies in order to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. The key market players are also constantly focused on R&D in order to supply industries with the most efficient and cost-effective solutions.
Industrial Furnaces Market Top Player’s Company Profiles
Industrial Furnaces Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, Global Industrial Furnaces market is segmented based on furnace type, arrangements, end-user and region. Based on the furnace type, the gas/ fuel segment of the market is projected to hold the most lucrative share. Based on the arrangements, the box type segment of the market is projected to hold the most lucrative share. Based on the end-user, the metals & mining segment of the market is projected to hold the most lucrative share. Based on the region, the North America region of the market is projected to hold the most lucrative share.
Report Metric | Details |
---|---|
Market size value in 2021 | USD 10.928 billion |
Market size value in 2030 | USD 16.872 billion |
Growth Rate | 4.3% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Industrial Furnaces Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Industrial Furnaces Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Industrial Furnaces Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
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Report ID: SQMIG20I2059