The global vacuum furnaces market was valued at US$ 0.9 billion in 2021 and it is anticipated to grow up to US$ 1.3 billion by 2031, at a CAGR of 3.7% during the forecast period.
Vacuum furnaces are used to perform high-consistency, low-contamination procedures, including annealing, brazing, sintering, and heat treatment. A vacuum furnace is typically an electrically heated furnace that maintains a vacuum throughout the process. Electric resistance elements comprised of graphite, ceramics, or metals heat most vacuum furnaces.
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Market Drivers and Trends
The extensive use of vacuum furnaces in the automotive industry is anticipated to drive the demand for vacuum furnaces. Furthermore, globalization plays a major role in the growth of air travel worldwide. This leads to increased demand in the aerospace sector, which propels the Vacuum Furnaces market. Furthermore, the construction of residential and non-residential buildings is rising globally. This is fueled by the rise in global population, the surge in disposable income, and the rapid rise in urbanization, especially in developing nations such as Brazil, Argentina, India, and China.
The building construction sector significantly uses ceramic products, such as tiles and decorative laminates. Manufacturers of these building products use Vacuum Furnaces in the manufacturing process. In addition to this, the rise in the elderly population and the rise in the number of diseases are fueling the demand for medical equipment. The manufacturing process of medical equipment requires them to be heat-treated. This positively influences the Vacuum Furnaces market growth.
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Major Players in the Global Vacuum Furnaces Market
The key players studied in the global vacuum furnaces are such as AMG Advanced Metallurgical Group N.V. (Netherlands), Centorr Vacuum Industries (US), Chugai Ro Co. Ltd. (Japan), ECM Group (Austrilia), Fours Industriels BMI (France), Gasbarre Products, Inc. (US), Ipsen (France), IHI Corporation (Japan), T-M Vacuum Products, Inc (US), and Stericox India Pvt Ltd. (India).
COVID-19 Impact
In 2019, the growth of the global vacuum furnaces market was rising due to the rising population in developing countries. The extensive use of Vacuum Furnaces in the automotive industry is anticipated to drive the demand for vacuum furnaces.
In 2020, technological breakthroughs have enabled the production of goods with reduced size, vibration and noise emissions, and maximum operational reliability. Vacuum furnace manufacturers throughout the world are continuing to examine the global effects of COVID-19 and its potential future magnitude.
Due to high-quality criteria, manufacturers rely on a small number of suppliers for various vacuum furnace components. This is constrained by the pandemic’s negative effects, which result in lower capacity utilization. As a result, Vacuum Furnaces market participants enter longer-term contracts with suppliers and diversify their supply base to reduce this risk. Manufacturers have also noticed an increase in the need to monitor supplier performance and maintain enough liquidity.
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There are also positive signs for the coming quarters due to increased residential and non-residential construction projects. However, with the surge in construction activity, combined with disruptions to supply chains and high shipping costs, prices for construction materials have soared or remain in short supply.
Global Vacuum Furnaces Market Segmentation
By Type
- Horizontal
- Vertical
By End-User
- Industrial
- Research
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