Industrial Furnaces Market Size, Share Report, Analysis, Trends, Growth, 2030

Industrial Furnaces Industry Prospective:

The global industrial furnaces market size was evaluated at $3.1 billion in 2022 and is slated to hit $7.5 billion by the end of 2030 with a CAGR of nearly 4.2% between 2023 and 2030.

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Industrial Furnaces Market: Overview

An industrial furnace is a kind of equipment utilized for heating materials at extreme temperatures to achieve a particular outcome such as annealing & melting and heat treatment of various materials. These products find a slew of applications in ceramics, metalworking, chemical processing, and glass-making sectors. Designing of industrial furnaces depends on particular process needs as well as materials that are processed.

Key Insights

• As per the analysis shared by our research analyst, the global industrial furnaces market is projected to expand annually at the annual growth rate of around 4.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global industrial furnaces market size was evaluated at nearly $3.1 billion in 2022 and is expected to reach $7.5 billion by 2030.
• The global industrial furnaces market is anticipated to grow rapidly over the forecast timeline owing to the surging use of high-quality processed materials in the aerospace, automotive, and electronics sectors.
• In terms of furnace type, the gas/fuel-operated industrial furnace segment is slated to register the highest CAGR over the analysis period.
• Based on the end-user, the metals & mining segment is set to dominate the end-user segment over the forecast period.
• Region-wise, the Asia-Pacific industrial furnaces industry is projected to register the fastest CAGR during the assessment timeline.

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Industrial Furnaces Market: Growth Factors

Escalating demand for high-quality processed goods in various end-use sectors to boost the global market space by 2030

Surging use of high-quality processed materials in the aerospace, automotive, and electronics sectors will steer the expansion of the industrial furnaces market globally. Technological breakthroughs in industrial heating devices will proliferate the size of the market across the globe in the coming years. The onset of new technologies such as AI, IoT, and automation will prompt a surge in the expansion of the global market. Surging demand for energy efficiency and sustainability will boost the global market trends. Escalating demand for power-conserving and environment-friendly industrial furnaces will expedite the penetration of industrial furnaces in the myriad end-use sectors, thereby helping the global market gain traction.

An increase in the demand for advanced materials such as lightweight metals and high-performing ceramics in the aerospace and electrical & electronic sectors will steer the global market space. Business strategies such as the introduction of new products and mergers & acquisitions implemented by key players will lucratively impact the growth of the global market. In May 2023, System Technique Industrial Furnaces, a key producer of products in Bulgaria, launched by investing nearly USD 4 million in its newly launched unit in Kuklen. The strategic move is predicted to boost the expansion of the market across the globe in the ensuing years.

Industrial Furnaces Market: Restraints

Surge in raw material costs can impede the expansion of the industry across the globe

Increase in the cost of industrial ovens and consequent changes in temperature along with high use of power for operating industrial furnaces will pose a threat to the expansion of the global industrial furnaces industry.

Industrial Furnaces Market: Opportunities

Escalating demand for new technologies will open new growth avenues for the global market by 2030

Massive demand for advanced technologies and materials is predicted to generate new growth opportunities for the global industrial furnaces market in the years ahead. Need for reducing carbon footprints and costs of energy will enlarge the scope of market growth in the ensuing years. Rise in fund allocation for infrastructural growth in APAC and the Middle East & Africa will further bolster the growth of the market across the globe.

Industrial Furnaces Market: Challenges

Need for huge initial capital investments can prove to be a big challenge in the global industry expansion

Huge capital costs related to the purchase and maintenance of industrial furnace devices can prove to be a huge challenge in the growth of the global industrial furnace industry. Escalating requirement of complying with safety & environmental laws can further hinder global industry growth.

Industrial Furnaces Market: Segmentation

The global industrial furnaces market is sectored into furnace type, end-user, and region.                

In furnace type terms, the global industrial furnaces market is segregated into gas/fuel-operated industrial furnace and electrically operated industrial furnace segments. Furthermore, the gas/fuel-operated industrial furnace segment, which gained nearly 70% of the global market revenue in 2022, is expected to record the fastest CAGR in the forecasting timeline. The growth of the segment in the forecasting years can be due to the ability of gas/fuel-operated industrial furnaces to transform a source of heat such as natural gas into thermal power for attaining higher temperatures in comparison to other equipment.

Based on the end-user, the global industrial furnaces industry is sectored into metals & mining, oil & gas, chemical, transportation, and others segments. Moreover, the metals & mining segment, which garnered a huge share of the global industry in 2022, is anticipated to lead the global industry over the projected timespan. The segmental growth over the assessment timespan can be subject to a surge in the demand for industrial furnaces in the metals & mining segment.      

Industrial Furnaces Market: Report Scope

Industrial Furnaces Market: Regional Insights

Europe is anticipated to maintain its global market leadership position over the expected timeframe

Europe, which contributed about 66% of the global industrial furnaces market revenue in 2022, will be a leading region over the projected timeframe. Furthermore, the regional market growth can be attributed to the rise in the availability of high-end goods & technology. Surging investment in the manufacture of technologically advanced industrial furnaces will prompt regional market growth. Rise in focus on producing green and eco-friendly products will drive the expansion of the market in the region.

Asia-Pacific industrial furnaces industry is set to register the fastest CAGR in the next couple of years owing to the presence of key players in the emerging economies of the region. Thriving electronics and aviation sectors in the sub-continent will contribute lucratively towards the regional industry size. A rise in industrialization will further contribute to the expansion of the industry in the Asia-Pacific zone.

Industrial Furnaces Market: Competitive Space

The global industrial furnaces market profiles key players such as:

• Gasbarre Products Inc.
• Andritz AG
• Thermcraft Inc.
• Epcon Industrial Systems
• LP
• NUTEC Group
• WARWICK S.A.
• Carbolite Gero Limited
• International Thermal Systems LLC
• Thermal Product Solutions.

The global industrial furnaces market is segmented as follows:

By Furnace Type

• Gas/Fuel Operated Industrial Furnace
• Electrically Operated Industrial Furnace

By End-User

• Metals & Mining
• Oil & Gas
• Chemical
• Transportation
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa