Heat treatment has become the essential mode of producing components owing to its benefits in terms of rendering the much needed strength to the material. Industries in which the components need to be lighter and at the same time stronger are the major growth drivers for this market. The global market for industrial furnaces is expected to cross $16 billion by 2023, at a compound annual growth rate (CAGR) of more than 9 per cent.
Growth of the industrial furnaces market is being driven by the recurring demand for iron and steel accompanied by other significant materials and metals. In addition, factors such as rise in adoption of electric industrial furnaces and increase in demand for lightweight vehicles, owing to technological advancements, fuel the growth of the global market. In addition, induction furnace has emerged as a boon for small-scale metal manufacturers. It is smaller in size, when compared to electric arc furnace, and has low operational cost. Industry wise, many automotive component producers can be seen utilizing industrial furnaces to manufacture and heat treat metallic automotive parts, which are used in automotive assembly.
This upward trend of manufacturing lightweight metal components in the automotive industry coupled with the growth in production and sales of automobiles is fuelling the market growth further. Various parts and components of an automobile undergo heavy stress and require high durability. Automotive components such as crankshafts, fasteners, rods and arms, panels, camshafts, drive shafts, steering knuckles, oil pump gears, valves, brake pad liner plates, and A/T gears undergo heat treatment. With time, industry is going to see wider adoption of furnaces.
After studying this industry segment in-depth, we have come up with the list of Top 10 Industrial Furnace Manufacturers who have excelled in this field with their innovative approach. Having proven their dedication to quality and delivery in order to meet the customer expectations in an end-to-end manner, these companies have stood out from the crowd.
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