Industrial Furnaces Market to Reach $14.7 Billion by 2028: BCC Research

BCC Research Study Unveils Growth Trajectory for the Global Industrial Furnaces Market, Forecasting a Compound Annual Growth Rate (CAGR) of 4.5% from 2023 through 2028, Leading to a Projected Market Value of $14.7 Billion by the End of the Forecast Period

BOSTON, March 4, 2024 /PRNewswire/ — Step into the sizzling realm of ‘Industrial Furnaces: Global Markets,’ where innovation meets heat to fuel industries worldwide. Our report is your guide to understanding the pivotal role industrial furnaces play in modern manufacturing. From smelting metals to shaping glass, these powerful machines are the backbone of countless production processes. Explore market trends, growth opportunities, and key players shaping this dynamic industry. Get ready to ignite your understanding of the global furnace market and uncover the red-hot opportunities waiting within.

“According to the latest research study, the demand for Industrial Furnaces: Global Markets grow from $11.8 billion in 2023 to $14.7 billion by the end of 2028, at a compound annual growth rate (CAGR) of 4.5% from 2023 through 2028.”

Explore the global industrial furnace market with our comprehensive report, covering key segments like fuel type, product type, and regional development. Delve into major countries such as the U.S., Germany, China, and India, where opportunities abound. With an easy-to-understand format featuring tables and figures, we illustrate past, present, and future market trends. Discover leading companies’ profiles, patent analyses, and emerging technologies. From ESG developments to competitive landscapes, we decode market dynamics. Plus, we address the impacts of global events like COVID-19 and the Russia–Ukraine war. Forecasting values from 2023 to 2028, our study provides invaluable insights in millions of dollars and percentages, guiding investors and stakeholders in strategic decision-making.

The surge in furnace industry advancements is driving industrial furnace sales, fueled by a growing embrace of sustainability practices. With climate adaptation in focus, projected investments of $300 billion annually by 2030 and $500 billion by 2050 underscore the commitment to environmental stewardship. The International Energy Agency’s Sustainable Development Scenario forecasts a more than 50% reduction in direct emissions from the iron and steel sector by 2050, with a 58% drop in emissions intensity for crude steel production. Meanwhile, the glass industry is pioneering sustainability efforts, exploring hybrid furnaces powered by 50% renewable energy. Supported by collaborative research initiatives and EU grants, these innovations signal a promising future for sustainable furnace technologies.

Gain insights into the evolving landscape of industrial furnaces. Click here to explore the full research findings and strategic insights.

Key Market Drivers of Industrial Furnaces:

1. Growing Expansion of Industrialization- it refers to the increasing growth and development of the global market for industrial furnaces. It signifies the rising demand for industrial furnaces across industries worldwide as manufacturing and industrial activities expand. This expansion reflects the broader trend of industrialization, where more factories and businesses are using industrial furnaces for processes like metalworking, glassmaking, and more.
2. Increase in Demand for Furnaces from the Metallurgy Industry- means that the metallurgy industry, which deals with metals and their processing, is asking for more furnaces. This indicates that more furnaces are needed to melt, shape, and process metals in various metallurgical processes. The higher demand suggests growth or expansion in the metallurgy sector, leading to increased production and processing of metals.

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Report Synopsis        

 

Report Segmentation & Focus Areas:

By Fuel Type: In terms of fuel type, industrial furnaces can be powered by different sources. Some use electricity to generate heat, while others rely on natural gas for fuel. Additionally, there are furnaces that burn petroleum coke and coal to produce heat. Apart from these common fuels, there are also furnaces that utilize other types of fuels for their operations.

By Product Type: When it comes to product types, industrial furnaces come in different shapes and designs to suit various needs. Some are tube-shaped or clamshell-style, providing easy access for loading materials. Others are box-shaped, offering a more compact design. There are also bottom-loading and car bottom furnaces, which are designed for efficient loading and unloading of heavy materials. Additionally, there are furnaces categorized under ‘Others,’ which may include specialized designs or newer innovations in furnace technology.

By Temperature Range: When classified by temperature range, industrial furnaces are grouped based on the level of heat they can produce. Some furnaces operate at temperatures below 800°C, suitable for certain types of materials and processes. Others fall within the range of 801°C to 1000°C, offering a higher level of heat for more demanding applications. Furnaces in the 1001°C to 1200°C range provide even greater heat intensity, while those operating above 1201°C are capable of reaching extremely high temperatures for specialized industrial processes.

By Mode of Operation: When categorized by mode of operation, industrial furnaces are divided into two main types. Batch type furnaces operate in cycles, where materials are loaded, heated, and then unloaded before the next cycle begins. On the other hand, continuous type furnaces run continuously, allowing materials to be continuously fed into the furnace for uninterrupted processing. Each mode of operation offers advantages depending on the specific needs of the manufacturing process.

By Application: When classified by application, industrial furnaces are used for various purposes across different industries. They are employed in processes like calcining, which involves heating materials to high temperatures to remove moisture or volatile substances. Furnaces are also essential in ceramics and glass production, where they melt raw materials to create finished products. Additionally, they play roles in curing and forming materials, as well as in additive manufacturing processes. Other applications may include specific industrial processes where controlled heating is required for production.

By End-Use Industries: When categorized by end-use industries, industrial furnaces serve a wide range of sectors. They are essential in metals and mining for processing raw materials like metals and ores. Chemicals and petrochemical industries use furnaces for various heating and chemical reactions. In the oil and gas sector, furnaces are used for refining processes. Furnaces are also crucial in aerospace and automotive industries for manufacturing and heat treatment. Additionally, they find applications in other sectors where controlled heating is necessary for production processes.

This report on the industrial furnaces: global markets provides comprehensive insights and analysis, addressing the following key questions:

1. What is the projected market size and growth rate of the market?
   
   The projected market size in 2028 is $14,717.2 million, and the market’s CAGR is 4.5% during the forecast period.
2. What are the key factors driving the growth of the market?
   
   Expansion of industrialization
   
   Increase in demand for furnaces from the metallurgy industry.
3. What segments are covered in the market?
   
   By Fuel Type
   
   By Product Type
   
   By Temperature Range
   
   By Mode of Operation
   
   By Application
   
   By End-Use Industries
4. By application, which segment will dominate the market by the end of 2028?
   
   The calcining segment will dominate the market by 2028.
5. Which region has the highest market share in the market?
   
   The Asia-Pacific region holds the largest share of the global market.

Some of the Key Market Players Are:

• ANDRITZ AG
• CARBOLITE GERO
• EBNER GROUP
• EPCON INDUSTRIAL SYSTEMS LP
• GASBARRE PRODUCTS INC.
• INDUCTOTHERM EUROPE LTD.
• INTERNATIONAL THERMAL SYSTEMS
• IPSEN
• NUTEC BICKLEY
• SCHMIDT + CLEMENS GMBH + CO. KG
• SECO/WARWICK

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