Market Share of Industrial Furnace Industry
The Industrial Furnace Market is moderately concentrated, with significant players like Andritz AG, Carbolite Gero Limited, Epcon Industrial Systems LP, Gasbarre Products Inc., and International Thermal Systems LLC. Players in the market are adopting various strategies such as partnerships, mergers, collaborations, innovations, and acquisitions to enhance their product offerings and gain a sustainable competitive advantage in the market.
In February 2023, Posco, a South Korean steelmaker, announced its plans to build an electric furnace at the company's manufacturing facility in Gwangyang, South Jeolla Province, to support its low-carbon production transition. As a part of the plan, the company would invest approximately SEK 600 billion (USD 463.3 million) to build the electric furnace with an annual production capacity of 2.5 million metric tons.
In December 2022, Swiss microtechnology company Panatere, a watch component manufacturer and steel recycling business based in Saignelegier, launched its concentrating world's first industrial solar furnace. The company's new pilot model would allow it to melt green steel, aiming to produce components for the medical, watchmaking, and aeronautical sectors.
Industrial Furnace Market Leaders
Andritz AG
Carbolite Gero Limited
Epcon Industrial Systems LP
Gasbarre Products Inc.
International Thermal Systems LLC
*Disclaimer: Major Players sorted in no particular order
