Tunnel Furnace Market Size, Share, Growth, and Global Industry Growth, By Type (length less than 30m, length between 30m-100m, length more than 100m), By Application (Ceramics, Powder Materials, Battery Materials), Regional Insights, and Forecast From 2024 To 2031

Updated On: 08 April 2024

TUNNEL FURNACE MARKET REPORT OVERVIEW

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The global tunnel furnace market size was USD 791.9 million in 2022 and is projected to touch USD 1176.77 million by 2031, exhibiting a CAGR of 4.5% during the forecast period.

Tunnel furnace is a system designed to heat components or parts in a production process where the products are sent through a tunnel kiln which has a blower, heating elements where the products are heated and melted to equalize the temperature and heat during the production process.

The market demand of global tunnel furnace will have a spike in demand in the market from the current market period to the forecasted period due to the rising production requirements of the industries such as aerospace, automotive, metal working and others. The efficient usage of energy and consistent results in production is striving towards the growing demand in the market. The investments for innovation to advanced technologies is an important factor for the growth of the market.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The global COVID-19 pandemic has been unprecedented and staggering, with the tunnel furnace market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the tunnel furnace market growth and demand returning to pre-pandemic levels once the pandemic is over.

The COVID-19 crisis has affected the world economy with stringent lockdown and halt of day to day operations in every industry. The panic situation has created a negative impact in the industries with the restrictions imposed by the government. This has resulted in decline in the market as well, there was a direct and indirect impact from various industries using furnace. With the revival of the market post COVID-19 is seeing a recovery of the market where the furnace is restructured with product innovation and investments into R&D activities to develop the advanced technologies to meet advanced requirements will project a proposed increase in the forecasted period.

LATEST TRENDS

"Increase in End-Users of the Product to Spike the Demand"

The market growth is seeing a spike due the boost in the demand for the product amongst the end-use industries such as aerospace, automotive, metal and others where the furnace is a major component to process the products with an equalized heat and temperature with an objective to get consistent results in the products.  The impact on the furnace market is directly proportional with the end use industries. With the urge of developments in the industries to provide an effective and efficient production process is giving rise to demand for furnaces. Since the factors like product development and technological advancements are the major enhancements with growing industrialization this will boost the product demand in the market contributing towards the market share globally.

TUNNEL FURNACE MARKET SEGMENTATION

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• By Type

Based on type; length less than 30m, length between 30-100m, length more than 100m

Length less than 30m the leading part of the type segment.

• By Application

Based on application; Ceramics, Powder Materials, Battery Materials.

Ceramics is the leading part of the application segment.

DRIVING FACTORS

"Spike in Use of Product Owing to Consistent and Energy Efficient Results"

The global market growth is projected to be high during the forecasted period since the world is moving towards the energy efficient ways of production in the industries. Initiatives towards the energy and environment are rapidly increasing by the government as well as industries. The product also offers lesser fuel consumption in comparison to other products in the markets. They are one of the effective methods of production which are energy efficient. Achieving consistent results is the key goal of any industry, it helps in consistently heating and melting products in a continuous process. The systematic approach for better energy consumption plays an important part in boosting the demand of the global tunnel furnace market.

"High Investments in R&D Activities to Develop the Global Tunnel Furnace Market"

The market is enhancing its existing products with ongoing research and development activities and high capital contribution towards such activities. The investments infused by government and key industry players in the invention of advanced products are helping the development of the market. The market contributes to more energy efficient outcomes in the industries and technological advancements in market is rapidly upgrading the existing products with extensive research to intensify the furnace to compete in the market and amplify the demand of the product. This is the major force contributing towards the market growth globally.

RESTRAINING FACTORS

"Higher Initial Setup Cost to Stand as a Major Drawback for the Product"

The initial setup cost is quite expensive and many industries reach out to other alternatives of the product fulfilling similar requirements. The medium and small scale industries back out from using the product. The maintenance and replacement cost of furnaces is elevated and often the replacement cost is higher than the furnace making it less viable for the user to procure and maintain them. The developing phased industries find it difficult to meet the cost of the furnace often. This might be a significant reason for a slump in the demand of furnaces in the market and the key industry players might find it burdensome to overcome the same to facilitate the price demand of medium and small industries.

TUNNEL FURNACE MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Global Market with Rapid Development and Industrialization"

Asia Pacific is amplifying the growth of industries by infusing high investments for development of various industries. With the rise in automation and advancement of production techniques the demand for the product will see a jet in market share. Users of the product are striving towards growth and in their respective fields which has a direct impact on the growth in the market. The region has higher investments in the industry in order to facilitate the demand and supply of the furnace which is contributing towards the leading market growth across the globe. The developing regions are concentrating on the industrialization and development which is furnishing the growth of such industries which in turn would contribute to the tunnel furnace market demand and high market share across the globe.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The report is an extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Noritake (Japan)
• SAT THERMIQUE (France)
• ONEJOON GmbH (M&A of Eisenmann) (Germany)
• NGK (Japan)
• Riedhammer GmbH (SACMI Group) (Germany)
• Huayao Group (China)
• Tokai Konetsu (Japan)
• EBNER (Austria)
• Tenova (Italy)
• Gold Furnace (India)
• ZYKILN (China)
• Zhongzhou Kiln (China)
• Harper (U.S.)
• Nutec Bickley (Mexico)
• Sichuan Dechine (China)

REPORT COVERAGE

The report is a coverage of all market aspects for the forecast period. It also shows the analysis of opportunities, trends, market share, product innovations, technology innovations, driving factors, restraints and others that contribute towards the market growth of the product. This research is subject to alterations if there are any changes in the industry key players and market dynamics.