Industrial Furnace Market Size, Share & Trends Analysis Report By Product Type, By Mode Of Operation, By Type, By Fuel Type By End-use, By Region, And Segment Forecasts, 2023 To 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 1000 degrees Fahrenheit. A number of industries, including manufacturing, the production of iron and steel, glass, calcination in cement production, non-ferrous metals, and ceramic processing, use industrial furnace. The primary objective of using an industrial furnace are to efficiently utilize heat so that losses are minimized and to manage and control the various phases solid, liquid, gas 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 across various industries such as the construction, power, manufacturing, and machinery coupled up with the rising demand for these commodities in the automobile is one of the main drivers driving the growth of the industrial furnace market.

The global market is expanding as a result of factors including increased usage of electric industrial furnace and rising demand for lightweight automobiles brought on by technical improvements. Also, a lot of manufacturers of metallic automobile parts for use in vehicle assembly manufacture and heat treat these parts in industrial furnace. The growth of the market is driven by this increased trend in the manufacture of lightweight metal components for the automotive industry as well as the expansion of vehicle production and sales. For instance, in July 2021, an order for a galvanizing furnace for a new coating line to create third-generation Advanced High Strength Steel was placed with international technology group ANDRITZ by Valin ArcelorMittal Automotive Steel Co., Ltd. in China. In addition, in May 2022, Ipsen installed the second Turbo Treater vacuum furnace at Temprasud in Italy. The new furnace will assist them in continuing to build their business in the automotive market, with plans to expand into aerospace industry.

Additionally, it is anticipated that the market’s high level of investment and spending on research and development will reveal potential prospects. For instance, a research organization awarded a contract to Can-Eng Furnaces International Ltd. in August 2019 for the provision of a rapid-heating furnace. It will be applied to the development of formed-aluminum automobile component products and lightweight hot stamping. This company will incorporate the furnace with current machinery to assist Tier 1 suppliers and car manufacturers in North America with the creation of lightweight structural parts that must meet safety requirements. Moreover, Weco International and Ceramicx collaborated on developing a unique industrial research and development furnace for the client. The stand-alone oven was constructed by the Ceramicx team entirely out of stainless steel and equipped with short wave quartz halogen heating components.

The market is segmented based on product type, mode of operation, type, fuel type, end-use and region. The product type segment is divided into rotary furnace, pit furnace, crucible furnace, bell furnace, box furnace. The mode of operation segment is divided into continuous mode, and semi-continuous mode. The type segment is divided into electric resistance, combustion, induction, arc, and microwave. The fuel type segment is divided into coal, natural gas, electricity, oil, and biomass. The fuel type segment is divided into aerospace, automotive, electronics, ceramics, pharmaceuticals, and others.

The industrial furnace market is predicted to expand rapidly over the forecast period due to the increased adoption of cutting-edge technologies such as industry 4.0 and the industrial internet of things (IIoT), which, via the provision of improved efficiency and automation, have completely changed the landscape of industrial furnace from North America, Europe, and Asia Pacific regions. The Asia-Pacific area is expected to grow rapidly throughout the projection period, mainly to the expansion of the region’s automotive and steel sectors. Also, the region’s industrial furnace market is anticipated to grow as a result of an increase in investments in construction projects and a rise in the number of growing markets for the manufacture of mechanical and manufacturing equipment. For instance, Gasbarre Products, Inc., an industrial furnace manufacturer expanded is existing facility by investing USD 5.8 million at a facility in Washington Street. Therefore the increasing establishment of manufacturing industries and research and development facilities are anticipated to fuel the market demand over the forecast period.

Prominent players operating in the market include ANDRITZ AG, Carbolite Gero Limited, Epcon Industrial Systems, LP, NUTEC Group, International Thermal Systems LLC, and Gasbarre Products, Inc. These companies are involved in the development, manufacturing, and marketing of industrial furnace products to meet the requirements of various end-users across the industry.