Industrial Furnace Market Size to Hit USD 18.4 Bn by 2031, Registering at a CAGR of 4.8% Says, Transparency Market Research

Significant contribution of steel to the GDP of several economies is boosting the industrial furnace market. Recent announcement by the U.S. government to invest heavily in the development of transportation, water, energy, and broadband sectors is creating lucrative business opportunities.

Wilmington, Delaware, United States, July 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global industrial furnace market was valued at US$ 10.7 Bn in 2022. It is estimated to grow at a CAGR of 4.8% from 2023 to 2031 and reach US$ 18.4 Bn by the end of 2031.

Growth in the steel sector and increase in investment in infrastructure development are fueling the industrial furnace market. An industrial furnace is a key component of industrial processes that provides direct electric or gas heat at the intermediate or final step of manufacturing processes or industrial operations. An industrial furnace is typically used to treat metal, with the other use being the heating of materials such as glass to prepare them for shaping. However, short lifespan and risk of fire and explosion from gas furnaces are likely to challenge market growth in the next few years.

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Market Snapshot:

Report CoverageDetails
Market RevenueUS$ 10.7 Bn
Estimated ValueUS$ 18.4 Bn
Growth Rate - CAGR4.8% 
Forecast Period2023-2031
No. of Pages145 Pages
Market SegmentationType, Temperature, End-use Industry, Distribution Channel
Regions CoveredNorth America, Europe, Asia Pacific, Middle East & Africa, Latin America
Companies CoveredAbbott Furnace Company, Andritz, Carbolite Gero Ltd., Epcon Industrial System, Inductotherm Corporation, International Thermal System, Ipsen, Primetals Technologies, SECO/WARWICK, and Tenova.

This is prompting manufacturers to integrate next-gen technologies in order to facilitate automation and boost furnace efficiency, which, in turn, is likely to boost market size.

Competitive Analysis

The competition landscape is highly fragmented, with a large number of global and regional players. Manufacturers are investing in R&D and product innovation to broaden their revenue streams.

Prominent players in the industrial furnace market include Abbott Furnace Company, Carbolite Gero Ltd., Inductotherm Corporation, Ipsen, SECO/WARWICK, Andritz, Epcon Industrial System, International Thermal System, Primetals Technologies, and Tenova.

Key Findings of Report

Growth in Steel Sector Propelling Industrial Furnace Market Development – Industrial furnace is key for metallurgical companies to purify, heat treat, and treat different types of metals for secondary use. Growth in the steel sector is fueling the global industrial furnace market development.

According to the American Iron and Steel Institute, the year-to-date production of steel was 37,246,000 net tons in June 2023. The European Union is the world’s second-leading producer of steel, which generates Euro 166 Bn in revenue annually, accounting for 1.3% of the GDP.

In India, growth of the steel sector is driven by the domestic availability of raw materials such as iron and the easy availability of labor. According to the Ministry of Steel, the production of raw steel and finished steel was recorded at 133.596 MT and 120.01 MT, respectively, in FY 2022.

According to the estimation of the World Steel Association in April 2023, 1.814 billion tons of steel would be consumed across the world, with China accounting for nearly half the consumption.

Surge in Investment in Infrastructure Development Boosting Demand – Hefty investments by several governments in infrastructure development are fueling industrial furnace market expansion. In 2021, the U.S. government announced plans to invest US$ 1.25 Trn across energy, transportation, water assets, and broadband sectors in the next five to ten years. In 2022, the move of the Connecting Europe Facility (CEF) for an investment of Euro 5.4 Bn in safe, effective, and environment-friendly transportation infrastructure in selected 135 transport infrastructure projects is driving demand. Thus, a surge in investment in infrastructure development is boosting the industrial furnace market value.

Rise in Demand for Electric Industrial Furnaces Driving Growth – In terms of type, the electric industrial furnace segment is likely to account for the leading market share during the forecast period. Most steel products are produced using electric furnaces. Mini-mills, which are small plants that use scrap to produce merchant bars, reinforcing bars, and structural sections, use electric furnaces exclusively.

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Electric furnaces are used to produce nearly two-fifths of the steel manufactured in the U.S.

Growth Drivers

  • High volume production and consumption of steel in several parts of the world is fueling the industrial furnace market
  • Hefty investment by governments in infrastructure development is propelling the industrial furnace market

Regional Landscape

Asia Pacific is anticipated to account for the leading market share during the forecast period. Expansion of the steel sector and a surge in investment in infrastructure development are fueling market size in the region.

The industrial furnace market in North America is projected to expand at a significant pace during the forecast period. High volume consumption of steel and continual investment in infrastructure development are augmenting market progress in the region.

The global industrial furnace market is segmented as follows:

Global Industrial Furnace Market, by Type

  • Gas/Burner Operated
  • Electrically Operated

Global Industrial Furnace Market, by Temperature

  • Below 800 °C
  • 800 °C - 1000 °C
  • 1000 °C- 1200 °C
  • Above 1200 °C

Global Industrial Furnace Market, by End-use Industry

  • Metal & Mining
  • Oil & Gas
  • Automotive Manufacturing
  • Metallurgy
  • Others (Chemical, Ceramic, etc.)

Global Industrial Furnace Market, by Distribution Channel

  • Direct Sales
  • Indirect Sales

Global Industrial Furnace Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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