Press Releases

Industrial Furnace Market to Reach $16.4 Billion by 2023

December 27, 2018

WELLESLEY, Mass., Dec. 27, 2018 – Industrial furnaces have long been used in a wide range of applications, such as metals and metallurgy, cement production, ceramics production, glass production and more. Due to current global economic development, prevalent regional manufacturing trends and the influence of transitional technologies and systems, the global market for industrial furnaces is growing at a rapid pace, according to the report “Industrial Furnaces: Global Markets to 2023.”

According to BCC Research, the global market for industrial furnaces reached $10.7 billion in 2018 and is expected to reach $16.4 billion by 2023 at a compound annual growth rate (CAGR) of 9.1%. 

Prominent players in the global industrial furnace market include China Petrochemical Corporation (SNPMF), Chugai Ro Corporation, Ipsen (IPSEF), Linde Engineering and Henan Tianli Industrial Furnace Company Ltd.

Research Highlights:

  • The market is globally distributed according to areas where cement-containing construction is concentrated. Strong growth markets in the Asia-Pacific region are balanced by slower replacement markets in Europe, and to a lesser extent in North America.
  • Industrial furnace sales in developed markets are largely driven by upgrades to existing facilities, combined with limited additional development from new industrial growth, with some additional influence from regulatory pressures or incentives.
  • The metals and metallurgy segment advanced from a value of nearly $3.0 billion in 2017 to $3.3 billion the following year. By 2023, the segment is expected to reach $5.5 billion.

“The vast majority of growth in industrial furnace markets derives from underlying industrial growth, whereas a smaller fraction of growth comes from the replacement of existing facilities and other system upgrades, such as to meet environmental regulations,” BCC Research analyst Robert Eckard said. “Special circumstances can sometimes drive growth in new installations, even in mature markets.”

Industrial Growth Drives the Market in Developing Nations

The vast majority of growth in industrial furnace markets derives from underlying industrial growth, whereas a smaller fraction of growth comes from the replacement of existing facilities and other system upgrades, such as to meet environmental regulations. Special circumstances can sometimes drive growth in new installations, even in mature markets.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Industrial Furnaces: Global Markets to 2023( ENG011A )
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