A recent report published by Infinium Global Research on the industrial furnace market provides an in-depth analysis of segments and sub-segments in the global as well as regional industrial furnace market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional industrial furnace market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global industrial furnace market. According to the report, the global industrial furnace market is projected to grow at a CAGR of 4.3% over the forecast period of 2020-2026.

Market Insight

An industrial furnace is a device used to provide heat for an industrial process and also known as a direct heater. Industrial furnaces are the thermal insertions in which both solid-state and liquid state raw materials are processed at high temperatures up to 400 degrees Celsius. Owing to a wide range of applications these are used in various industries like glass, metal, food processing, ceramic, and many more. The current concerns over the spread of coronavirus are expected to have a major impact on the demand of the industrial furnace market as the demand of the equipment directly relies on manufacturing industries such as Metals & Mining, Oil & Gas, and Chemicals industry.

As the disruption in industrial production and demand slowdown, industrial furnace industry is in a day-to-day mode of monitoring and analyzing the demand for products from end-users industries, such as automotive sector, oil and gas industries, and others. This reducing demand further leads to a reduction in productivity and decreased consumption. Stopping production and shutting down the blast furnace will be a costly affair for the overleveraged steel companies. However, end user industries of the industrial furnace have strong forward linkages to many important sectors such as automotive, construction, infrastructure and manufacturing, which will offer a steady growth in the forecast period.

The emergence of industry 4.0, technological advancement, and rising automation in metal and mining industry are the key driving factors for the industrial furnace Market. Increasing demand for the use of Electrically Operated Industrial Furnace propels the demand of industrial furnace. Further, a surge in demand for iron and steel from major end user industries such as Metals & Mining, Oil & Gas, and Chemicals is anticipated to drive demand for industrial furnace over the forecast period. However, the industrial furnace doesn’t require frequent replacement owing to its long lifespan which may limit the demand from end-user industry. Furthermore, integration of the internet of things by manufacturing offering improved efficiency in operation will offer lucrative opportunities in the near future. 

Among the regions, Europe holds a major share in the global industrial furnace market. Factors such as rapid economic development and the availability of a large number of automotive companies drive the growth of the European industrial furnace market. Further, rapid growth in the metal and mining industry anticipated accelerating market growth. However, Asia Pacific is anticipated to hold the second-largest share owing to rapid industrialization and growing metal and mining industries in the region. The industrial furnace market in this region is anticipated to expand at a significant growth rate during the forecast period. 

Segment Covered

The report on the global industrial furnace market covers segments such as furnace type, and end-user. On the basis of furnace type, the sub-markets include gas/fuel operated, and electrically operated. On the basis of end-user, the sub-markets include metals & mining, transportation, oil & gas, chemicals, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Carbolite Gero Limited, International Thermal Systems LLC, Ipsen International GmbH, NUTEC Group, SECO/WARWICK S.A., Thermal Product Solutions, Epcon Industrial Systems, Gasbarre Products, Inc., ANDRITZ AG, and Others.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of industrial furnace market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.