Market Size of Industrial Furnace Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.80 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Furnace Market Analysis
The Industrial Furnace Market was valued at USD 11.7 billion in 2022. It is expected to register a CAGR of 4.8% over the forecast period. The rise in the adoption of electric industrial furnaces and the increase in demand for higher industrial output, owing to technological advancements, is also expected to fuel the market's growth.
- Many automotive component producers utilize industrial furnaces to manufacture and heat treat metallic automotive parts used in automotive assembly. This upward trend of manufacturing lightweight metal components in the automotive industry, coupled with the growth in the production and sales of automobiles, is expected to drive market growth further.
- Further, with the increasing demand for industrial furnaces in the market, various companies have been undertaking various initiatives to strengthen their position in the market. Consistent increase in the demand for iron and steel, along with other important commodities and metals across various industries such as construction, power, manufacturing, and machinery, has been driving the Industrial Furnace Market. This represents one of the key factors propelling the market growth.
- This, in confluence with the rising adoption of numerous strategies for furnace energy conservation, productivity, and reduction of pollutant emissions, is creating a favorable market outlook. These strategies include the utilization of natural gas, improved insulation, and refractory materials. They also involve the usage of advanced burner designs, such as high velocity, regenerative and recuperative burners, along with new combustion technologies like air and fuel staging and flue gas recirculation techniques. The market is also driven by the expanding automotive and steel sector and the extensive investments in construction activities worldwide.
- Furthermore, with the growing awareness and goals of sustainable activities, various companies have been launching new and innovative products in the market with an emphasis on sustainable solutions.
- For instance, in December 2022, Encirc, a leading glass manufacturer and a Vidrala company, and Diageo, a leader in premium alcoholic drinks, entered into a partnership to create the world's first net zero glass bottles at scale by 2030. Encirc plans to build a new furnace at its Elton plant in Cheshire in line with the partnership.
- The new industrial furnace would enable the company to reduce carbon emissions by 90%, with an energy mix of green electricity and low-carbon hydrogen. Carbon capture technology is expected to capture the remaining carbon emissions by 2030. Such initiatives by the companies in the market are expected to further promote the growth of the industrial furnace market during the study period.
