Westford, USA, April 17, 2023 (GLOBE NEWSWIRE) -- The Industrial Furnaces Market is projected to achieve a value of USD 20.58 billion by 2030, with a CAGR of 5.4% during the forecast period (2023-2030), driven by growing demand for energy-efficient furnaces, technological advancements, and the expansion of the industrial sector in emerging economies. Stringent regulations are also contributing to this growth. According to an Energy-Efficient Economy (ACEEE) report conducted by SkyQuest, industrial energy efficiency programs are among the most cost-effective ways to save money and reduce energy consumption, with potential energy savings of up to 20-30%.
SkyQuest's latest global research indicates that 70% of industrial companies consider energy efficiency essential or very important to their business, with a strong desire to reduce energy costs and enhance sustainability by adopting energy-efficient technologies such as industrial furnaces.
The World Steel Association's report shows that global crude steel production grew by 7.2% in 2023 to reach 1,874.1 million tonnes, with a projected 5.8% increase in global steel demand in 2022, propelled by a recovery in major steel-consuming sectors such as construction, automotive, and machinery.
Browse in-depth TOC on "Industrial Furnaces Market"
- Pages - 213
- Tables - 93
- Figures - 67
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In modern manufacturing processes, industrial furnaces have a crucial role as they enable the production of high-quality materials like metals, alloys, and ceramics. Industries such as steel, aluminum, automotive, and aerospace industries utilize high-temperature furnaces for melting, casting, annealing, and heat treating. The need for energy-efficient and sustainable industrial furnaces is increasing, reflecting the drive to reduce energy consumption, lower operating costs, and enhance environmental sustainability.
Prominent Players in Industrial Furnaces Market
- Andritz AG
- Carbolite Gero Ltd.
- Despatch Industries
- Elster GmbH
- Fives Group
- Groupe PSA
- Harper International Corporation
- Ipsen International GmbH
- JUMO GmbH & Co. KG
- Lenton Furnaces & Ovens Ltd.
- Nabertherm GmbH
- Seco/Warwick Corp.
- Selas Heat Technology Company
- Thermcraft, Inc.
- Thermo Fisher Scientific Inc.
- T-M Vacuum Products, Inc.
- Unitherm Furnace, LLC
- Vulcan Engineering Co.
- Wellman Furnaces
- Wisconsin Oven Corporation
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Automotive Segment to Drive Higher Sales Due to the Use of Heat Treatment Processes to Enhance the Mechanical Properties of Vehicle Components
A recent analysis has shown that the Automotive segment played a significant role in the rapid development of the Industrial Furnaces market in 2021 and is expected to continue from 2022 to 2030. This is due to using heat treatment processes to enhance the mechanical properties of vehicle components. According to a SkyQuest report, the global electric vehicle market is projected to reach 145.3 million units by 2030. Electric vehicles represent 58% of all passenger vehicle sales by 2040, up from a mere 3% in 2020. The substantial growth in the electric vehicle market is anticipated to drive the demand for industrial furnaces that produce electric vehicle components.
According to research analysis, North America is set to become a dominant player in the Industrial Furnaces market from 2022 to 2030. SkyQuest has forecasted that the region will grow at a CAGR of 4.82% during the forecast period. This growth in theregion is driven by the increasing demand for energy-efficient and sustainable furnace technologies, as well as the presence of major furnace manufacturers. Moreover, the United States government has implemented several programs and initiatives to support the growth of the manufacturing sector, such as the National Network for Manufacturing Innovation (NNMI) program, which aims to accelerate the development of advanced manufacturing technologies.
Electric-Furnace Type Segment to Exhibit Strong Growth Due to Advantages of Electric Furnaces Over Conventional Fuel-Fired Furnaces
The Electric-Furnace Type segment emerged as the dominant method in the Industrial Furnaces market in 2021 and is expected to retain its lead from 2022 to 2030. The advantages of electric furnaces over conventional fuel-fired furnaces, such as higher energy efficiency and lower emissions, are driving this trend. Furthermore, the increasing adoption of electric furnaces in various industries, such as steel, aluminum, and automotive is propelling the growth of this segment.
The Asia Pacific region has emerged as a significant force in the Industrial Furnaces market and is expected to maintain its leading position by 2030. SkyQuest has predicted substantial growth in the Industrial Furnaces market for the Asia Pacific region, with a projected CAGR of 6.07% during the forecast period. This expansion can be attributed to the rising demand for industrial furnaces in various industries, such as steel, aluminum, and automotive, as well as the presence of major furnace manufacturers in the region. Additionally, the Indian government has initiated several programs and initiatives to stimulate the manufacturing sector, including the "Make in India" program, aimed at transforming India into a global manufacturing hub. The program encompasses various initiatives to promote the growth of the steel industry, including establishing new steel plants and enhancing the capacity of existing ones. These initiatives are expected to drive the demand for industrial furnaces in the region.
A comprehensive analysis of the major players in the Industrial Furnaces market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Industrial Furnaces Market
- PTC Industries Limited has announced the successful acquisition of the Electron Beam Cold Hearth Remelting (EBCHR) furnace, which has a capacity of 5,000 tonnes per annum, through its wholly owned subsidiary, Aerolloy Technologies Limited (ATL). This acquisition aligns with PTC's guiding principle ("Dharma") of achieving Parity in the sphere of metal and metal component manufacturing sphere within India. The acquisition is a significant milestone for building an Aatmanirbhar Bharat by enabling the manufacturing of Strategic and Critical materials for Defence, Aerospace, Medical, and Industrial applications indigenously. PTC's installation of this EBCHR furnace will set up the world's largest single site Titanium recycling facility in India, making it one of the few companies in the world with the manufacturing capacity and technology for remelting and recycling Titanium scrap within the country, and producing aviation-grade Titanium alloy ingots indigenously. This landmark step will put India among a select group of countries that have the ability to manufacture Titanium ingots by recycling and remelting, alongside only the USA and France who possess this capability in the western world.
- Metso Outotec, a leading provider of sustainable minerals and metals processing solutions, is introducing an innovative solution called the DRI Smelting Furnace. This furnace is designed to replace traditional blast furnaces that are currently used in iron and steel production. The DRI Smelting Furnace is a key solution for reducing carbon emissions in the iron and steel industry, which currently contributes to around 8% of global CO2 emissions. According to Jyrki Makkonen, Vice President of Smelting at Metso Outotec, this new technology is a breakthrough in the industry and will help to reduce carbon emissions while also increasing efficiency.
Key Questions Answered in Industrial Furnaces Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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