An industrial furnace is a thermal inclusion which is widely used to process and treat raw material at a high temperature of 1000 degree Fahrenheit. Convention section, burner, radiant coil, flue gas stack, radiant section and insulation are some major material used in construction of an industrial furnace. Industrial furnaces are used in various industries such as iron and steel making industry, manufacturing industry, glass making industry, calcination in cement production, and so on. The global industrial furnace market experienced an expected growth in the recent years. The global industrial furnaces market size was valued at $10,958.5 million in 2018 and it is projected to reach $16,996.5 million in 2026, growing at a CAGR of 5.4% during the forecast period of 2019 to 2026.
Global industrial furnace market is segmented based on furnace type, arrangement, end user and region:
- Based on furnace type, the globe industrial furnace market is segmented on the basis of gas/fuel operated industrial furnace and electrically operated industrial furnace.
- Based on arrangement, the globe industrial furnace market is segmented on the basis of tube or clamshell type, box type, bottom loading furnace, car bottom furnace, top loading furnace and others.
- Based on end user, the globe industrial furnace market is segmented on the basis of metal, mining, transportation, oil, gas, chemical, and others.
- Based on geographical region, the globe industrial furnace market is studied among North America (US, Canada, Mexico), Europe (Germany, France, Italy, Spain, UK, rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, rest of Asia-Pacific) and LAMEA (Brazil, Saudi Arabia, South Africa, rest of LAMEA).
Dynamics of Global Industrial Furnace Market
Rise in demand for iron and steel, surge in adoption of electric industrial furnace, increase use of energy-efficient, lightweight, and high-performance vehicles, increase in demand for state-of-the-art technologies and rapid advancement in technology are some major factors fueling the growth of global industrial furnace market. Instability in price of raw material is a major hindrance in the path of global industrial furnace market. Moreover, industrial furnace has a life span of approx. 10-15 years and that’s why it is considered as one-time investment for manufacturing plant and hence have a low replacement rate. This factor deterrent the growth of industrial furnace market. However, increasing usage of industrial furnace in various other industries to manufacture and heat metallic automotive parts is a major factor driving the growth of industrial furnace.
Major players included in market research of the Global Industrial Furnace Market
Thermal Product Solutions, Thermcraft Incorporated, SECO/WARWICK S.A., NUTEC Group, Ipsen International GmbH, International Thermal Systems LLC, Gasbarre Products, Inc., Epcon Industrial Systems, LP, Carbolite Gero Limited and ANDRITZ AG are some major players included in research study of the global industrial furnace market.
Snapshot of Investment in Global Industrial Furnace Market
In 2018, NUTEC BICKLEY acquired Olson industries, a supplier of industrial furnace and process heating equipment to manufacture in various field. This enhanced NUTEC’s offering of industrial furnace product range in the U.S. Granby Industry launched a latest version of Conforto Lowboy KLE electric furnace. Honeywell International, Inc. invested in its parent company-Elster Thermal Solutions and acquired Eclipse Line of combustion system. Weishaunt group unveiled PLN low NOx-gas burner and Low NOx version 4LN simultaneously with a power capacity up to 8500MBH.
Impact of Coronavirus on Global Industrial Furnace Market
Coronavirus, an infectious disease has a global impact. Cancellation of international trade fairs, shutting down of manufacturing units and production cuts are some major impact of Covid-19. It has same adverse impact on industrial furnace market. Due to prevailing lockdown across all over the globe, manufacturing units of industrial furnace and other industries which uses industrial furnace are shut down leads to decrease in demand of furnaces worldwide.
Global industrial furnace market witnessed a surge in growth in the past few years. Demand for electric furnace is growing all over the world. However, Coronavirus outbreak has a negative impact on the growth of the industrial furnace market. But the market holds positive growth in the coming future.
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