Industrial Furnaces Market Size Expected To Reach US$ 17.0 Billion With CAGR 5.41% By 2027

According to the latest report by IMARC Group, titled, “Industrial Furnaces Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global industrial furnaces market size reached US$ 12.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 17.0 Billion by 2027, exhibiting a growth rate (CAGR) of 5.41% during 2022-2027. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Industry Definition and Application:

An industrial furnace is a system that melts or heats metals at a high temperature. It comprises a refractory chamber, solid, burner, liquid, hearth, or gaseous fuel or electricity, charging and discharging doors, chimney, and loading and unloading equipment. It is utilized for tempering, annealing, or carburizing and pre-treating materials for forging purposes. Besides this, it is also used in manufacturing iron, steel, non-ferrous metals, ceramic, and calcination in cement due to its fuel-efficient, compact, portable, and durable properties.

Report Metric

Historical: 2016-2021

Base Year: 2021

Forecast Year: 2022-2027

Industrial Furnaces Market Trends:

The market is primarily driven by the escalating demand for various metals such as iron and steel. In addition, the rising sales of automobiles due to the inflating income levels and increasing global population represents another major growth-inducing factor. Industrial furnaces find extensive applications in the manufacturing and heat-treating of metallic automotive parts. Besides this, there is a significant increase in the adoption of the industrial internet of things (IoT) and state-of-the-art technologies to provide enhanced efficiency and automation. This, coupled with the rising adoption of advanced and environment-friendly production processes for furnace energy conservation, is positively influencing the market growth. These advanced processes include the usage of natural gas, insulation, refractory materials, and advanced burner designs. Looking forward, IMARC Group expects the market to reach a value of US$ 17.0 Billion by 2027, exhibiting a CAGR of 5.41% during the forecast period (2022-2027).

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Report Segmentation:

The report has segmented the market into the following categories:

Competitive Landscape:

• 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
• Thermcraft Incorporated.

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
• Others

Breakup by End Use:

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

Breakup by Region:

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

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Key highlights of the report:

Market Performance (2016-2021)
Market Outlook (2022- 2027)
Porter’s Five Forces Analysis
Market Drivers and Success Factors
SWOT Analysis
Value Chain
Comprehensive Mapping of the Competitive LandscapeMexico, Others)

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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