The Vacuum Furnaces Market size was valued at $934.09 million in 2021, and is estimated to reach $1.3 billion by 2031, growing at a CAGR of 3.2% from 2022 to 2031.
Top Companies
Key companies profiled in the vacuum furnaces market forecast report include ACME, AMG, Advanced Metallurgical Group N.V., Centorr Vacuum Industries, Chugai Ro Co. Ltd., ECM Group, Fours Industriels BMI, Gasbarre Products, Inc., IHI Corporation, Ipsen, Lakshmi Vacuum, Naberthern GmbH, Seco/Warwick S.A., Shanghai Haoyue Technology Co., Ltd., Solar Manufacturing, Stericox India Private Limited, Therelek, and T-M Vacuum Product.
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The most commonly observed types of vacuum furnaces available on the market are horizontal and vertical. Among these, the horizontal segment accounted for the highest market share in 2021, owing to its easy usability and easy maintenance. The market is analyzed with respect to different operations of vacuum furnaces, such as external heat treatment and internal heat treatment. Among these, internal heat treatment segment is expected to witness the fastest growth with a high CAGR, owing to faster heating and cooling speed. And by end-user industry, it is segmented into industrial and research. Among these, industrial segment registered the highest revenue in 2021. Furthermore, the market is mainly driven by rise in automotive and aerospace industry, which is attributed to rise in R&D activities across the globe. However, low heat transfer efficiency of the vacuum furnace constrains the vacuum furnaces market growth.
In 2021, Asia-Pacific dominated the global vacuum furnaces market share in terms of revenue, followed by North America and Europe. Moreover, the market in LAMEA is expected to grow at a high CAGR, owing to growth in number of industries.
The key players in the vacuum furnaces industry are constantly working on making their products efficient and production-friendly. For instance, in April 2021, SECO/WARWICK, Inc., received the patent for a low-pressure carburizing pit vacuum furnace. This new technology is known as Pit-LPC®. It is an efficient alternative to gas carburizing. It is three times more efficient than a gas-fired furnace.
However, during the pandemic lockdown, various manufacturers in the vacuum furnaces market had to stop their business in countries such as China, the U.S., and India. This halt directly impacted sales of vacuum furnace manufacturing companies in the initial lockdowns. In addition, lack of manpower and raw materials constrained the supply of raw materials for vacuum furnaces and negatively influenced the growth of the market. However, after two years of the COVID-19 outbreak and introduction of vaccinations, the severity of the pandemic has significantly reduced and key players in the market are recovering rapidly.
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