VERTICAL FURNACES MARKET REPORT OVERVIEW
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The global vertical furnaces market size was USD 385.9 million in 2022 and is projected to touch USD 651.96 million by 2031, exhibiting a CAGR of 6.0% during the forecast period.
Vertical furnaces are used to process wafers during semiconductor device manufacturing, including annealing, film formation, and resin film hardening. These furnaces use electric heating components to gain a near-vacuum state. These are primarily employed in tool and die, automotive, commercial heat treatments, and aerospace, among various industries. The vertical furnace is a type of furnace which is more efficient than the horizontal furnace. These furnaces can work at a high and uniform temperature and can be used for specific atmospheric conditions such as air-tight chambers and inert gases.
Vertical furnaces are an external quench, brazing, and vacuum heat-treating furnaces designed for high-production aerospace, commercial and captive heat treating shops. These furnaces are capable of resisting high vacuum. These furnaces are designed for brazing, normalizing, annealing, sintering, degassing, and low-pressure carburizing. These furnaces are designed with an integrated heavy-duty support structure, gas cooling at various pressure, and a gas recirculation motor of around 300 horsepower.
COVID-19 Impact: Halt in Air Travel During Pandemic Outbreak Impeded Product Demand
The global COVID-19 pandemic has been unprecedented and staggering, with vertical furnaces experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The spike in CAGR is attributable to the vertical furnaces market growth and demand returning to pre-pandemic levels once the pandemic is over.
The outbreak of COVID-19 affected the global economy by hindering the transport, manufacturing, and supply in various industries. During the pandemic, outbreak air travel and others were kept on hold, impeding product demand. All the industries such as transports, automotive, aerospace, constructions and others witnessed stagnancy in their growth due to complete lockdown and stringent rules and regulations by the government. The semiconductor and electronics industry was no exception as it witnessed a severe downfall. Air travel was prohibited, affecting the growth as the aerospace industry mainly uses these furnaces.
LATEST TRENDS
"Adoption of Furnaces in the Various Industries to Drive the Market Trend"
Vertical furnaces are used in various industries such as astronautics, aeronautics, dental, medical, food & beverages. The increasing usage of heat treating progress in these industries is anticipated to drive vertical furnaces market growth. Additionally, the high-temperature capabilities of furnaces are forecasted to drive their adoption in the market ascribed to the need for high temperature in heating things such as ceramics and metals.
VERTICAL FURNACES MARKET SEGMENTATION
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- By wafer size Analysis
By type, the market is segmented into 200mm and below and 300mm.
- By Application Analysis
Based on application, the market is classified into integrated circuits, MEMS, and others.
DRIVING FACTORS
"Advantages Associated with Vertical Furnaces to Drive Market Growth"
The inclination of industries toward these furnaces is forecasted to boost growth in the market. The advantages associated with vertical furnaces, such as environmental friendliness and less carbon dioxide emission, are anticipated to drive significant market changes. Moreover, implementing the Internet of Things (IoT) concept and integrating systems to enhance controllability and maintainability is likely to aid the expansion of vertical furnaces market share.
"The trend of Commercial Air Travel to Aid Furnace Demand"
Rising industrialization and per capita income of the population are surging the trend of traveling through flights which are estimated to drive maximum growth in the market. Additionally, the population is inclined toward living a luxurious life, which is propelling the commercial air travel demand, which is estimated to drive growth in the market. Moreover, the revival of the aerospace sector due to the restart of the air travel is likely to boost the demand of the product as furnaces are mostly used in airplanes, the revival or air travel is anticipated to lead to a rise in product demand.
RESTRAINING FACTORS
"Raw Material Price Fluctuation and High Costs to Impede the Market Growth"
Slow economic progress in many countries is anticipated to hinder the market growth. The fluctuating price of raw materials is likely to impede the expansion of the LNG tank container market share. The raw material price fluctuations hinder international trade and are also anticipated to affect the adoption of vertical furnaces, which may limit the growth of the market. The market may also witness stagnancy in development due to the higher cost of the furnaces. The higher cost of the furnaces limits product adoption as small industries could not install these furnaces. These factors are likely to hinder market growth.
VERTICAL FURNACES MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead Market Ascribed to Rising Population and Disposable Income"
Asia Pacific is likely to show substantial growth and dominate the global market due to rising investments in the plants of car manufacturing from both developed and developing countries. China holds a significant market share of around 37%. Japan has a share of 15%. The high investments in cars are ascribed to the rising disposable incomes and population. Additionally, the companies existing in the region are focused on enhancing the customer’s cleaning experience with the help of digital features such as cleaning products and personalized recommendations.
North America is forecasted to show sizeable growth due to rising demand for vertical furnaces and holds about 14% of the total market share. This region is estimated to be one of the largest consumer markets, with innovative automotive and aerospace industries.
Europe is anticipated to register significant growth due to rising industrialization in the region. The major investment in research and development of the product by key companies is also forecasted to propel market growth.
KEY INDUSTRY PLAYERS
"Key Companies to Emphasize On Developing Full Automatic Furnaces to Grow"
Key industry players are expected to focus on gaining collaborations, mergers, and acquisitions to expand in the global market. Major companies strive to develop products with advanced features to enhance their product portfolio. Key players also emphasize developing and launching smaller versions for laboratory and pilot to boost the adoption of the product. Key companies strive to develop strategies that provide long-term growth for the market to grow consistently.
List of Market Players Profiled
- Tokyo Electron Limited (Japan)
- Kokusai Electric Corporation (Japan)
- Koyo Thermo Systems (Japan)
- ASM International (Netherlands)
- NAURA (China)
- Centrotherm Photovoltaics (Germany)
- Tempress (U.S.)
INDUSTRY DEVELOPMENT
- March 2022: Ipsen is enlarging its service capacities by adding thickness testing of the ultrasonic walls for the vacuum furnaces.
REPORT COVERAGE
The report offers a description of the product, its applications, benefits, and side effects. The market report provides insights and situations of the key players. The new strategies adopted by the key companies are covered in this report. Major key players and their headquarters are mentioned in the report to offer market insights. The market report provides an in-depth analysis of vertical furnaces market share, competitive landscape, and other market aspects that would help understand the market insights.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 385.9 Million in 2022 |
Market Size Value By |
US$ 651.96 Million by 2031 |
Growth Rate |
CAGR of 6% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2022 |
Historical Data Available |
Yes |
Segments Covered |
Type, Application & Region |
Regional Scope |
Global |
Frequently Asked Questions
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What value is the vertical furnaces market expected to touch by 2031?
Based on our research, the vertical furnaces market is projected to touch USD 651.96 million by 2031.
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What CAGR is the vertical furnaces market expected to exhibit by 2031?
The vertical furnaces market is expected to exhibit a CAGR of 6.0% by 2031.
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What are the segments of the vertical furnaces market?
By type, the vertical furnaces market is segmented into 200mm and below and 300mm. Based on application, the market is classified into integrated circuits, MEMS, and others.
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Which are the driving factors of the vertical furnaces market?
Use of vertical furnaces instead of blast furnaces to drive market growth and the trend of commercial air travel to aid furnace demand are the factors driving the vertical furnaces market.
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Which are the top companies operating in the vertical furnaces market?
Tokyo Electron Limited, Kokusai Electric Corporation, Koyo Thermo Systems, ASM International, NAURA, Centrotherm Photovoltaics, and Tempressare, the top companies operating in the vertical furnaces market.