The vacuum furnaces market is expected to grow from US$ 881.88 million in 2021 to US$ 1248.86 million by 2028. It is estimated to grow at a CAGR of 5.3% from 2021 to 2028.
The demand for vacuum furnaces is increasing in various industries, including electronics, medicine, crystal growth, energy, and artificial jewels, among others, which is driving the growth of the market. The use of vacuum furnaces is becoming more widespread due to their advantages over traditional furnaces, such as reduced carbon dioxide emissions and environmental friendliness.
In addition, the integration of Internet of Things (IoT) technology is expected to further boost the vacuum furnaces market by improving the controllability and maintainability of the furnaces.
The vacuum furnaces market comprises three main stakeholders: raw materials suppliers, vacuum furnace manufacturers, and end-users. Raw materials suppliers provide various materials for the assembly and design of furnaces, including metals, actuators, motors, and drives.
Vacuum furnace manufacturers collect raw materials to construct various vacuum furnaces for various applications for different industry verticals. End users use these vacuum furnaces for a variety of products. The growing trend of pre-mold structuring, Industry 4.0, integration of technologies, such as IoT and cloud computing, and rising demand for efficient automation solutions across industries are some of the key factors that fuel the demand for vacuum furnaces market.
The field of metallurgical thermal processing technology is constantly evolving, and vacuum furnaces have become a popular choice for engineering industrialists who want to utilize this technology for novel thermal metallurgical transformations of today's engineered and manufactured products. With current and anticipated international trends, vacuum furnace technology is poised for significant growth in the future, providing an opportunity for material science and its industrial partners to advance into the third millennium effortlessly. As a result, vacuum thermal processing technology is playing a crucial role in the brazing of complex geometrical nonferrous alloys, including aluminum, which is serving as a catalyst for the expansion of the vacuum furnaces market.
Impact of COVID-19 Pandemic on North America Vacuum Furnaces Market
The US economy experienced a 3.4% decline in 2020, but according to IMF data, it bounced back with a growth rate of 5.6% in 2021. Vacuum furnace manufacturers in the region prioritize the utmost safety and environmental protection standards in their production facilities. In the US market, Pfeiffer Vacuum Group demonstrated a positive sales performance in the fiscal year 2021, while Ipsen (US) received a significant number of new orders for vacuum furnaces in 2021, with confirmed orders for twenty-two new pieces of equipment and recorded bookings in the first quarter of 2022.
The North America vacuum furnaces market experienced a surge in business activities due to increasing demand for enhanced thermal process capabilities. The vacuum furnace market observed significant orders from various end-use industries, including automotive, aerospace, additive manufacturing, commercial heat treating, and tool and die sectors. Companies operating in the North America vacuum furnaces market reported a rise in demand from the aerospace and additive manufacturing sectors. Ipsen performed over 250 field service visits in Q1 of 2022 to enhance its after-sales services, monitor installation and start-up, furnace relocation, preventive maintenance, calibrations, and leak checks.
In addition, strategic initiatives such as improving response times and co-development projects' collaboration promote regional vacuum furnaces market growth. The establishment of innovation centers, research facilities, and R&D hubs near semiconductor customers facilitates vacuum furnace providers to develop and test next-generation vacuum solutions, maximizing sales and profits in the post-pandemic era.
The utilization of complex metal injection molding (MIM) has significantly increased in multiple industries over the past 20-30 years. The need for high-quality components with precise geometric tolerances and superior material properties has led to the integration of MIM processes into production lines across various sectors such as automotive, medical, and consumer goods manufacturing. Consequently, the demand for vacuum furnaces has increased, driving the growth of the vacuum furnaces market.
Ipsen (US) reported new equipment orders from customers in eleven US states and four other countries, including India, Japan, Mexico, and Taiwan, since July 2021. The furnaces are used to process various products such as heat exchangers, jet engine components, fasteners, and saw blades. Although most sales are from aerospace customers, Ipsen notes an increase in orders from new industries like electric car manufacturing and additive manufacturing. The growth of various sectors has resulted in an increasing demand for vacuum furnaces, which has catalyzed the expansion of the vacuum furnaces market.
The vacuum furnaces market is categorized by end users into aerospace, automotive, power generation, tool & die, and others. In terms of product type, the market is segmented into vacuum quench furnaces, vacuum brazing furnaces, vacuum carburizing furnaces, and others. Geographically, the global market is divided into five main regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (SAM).
The vacuum quench furnaces segment is the leading product type segment and is expected to exhibit the fastest CAGR during the forecast period. When heated to high temperatures, metals can oxidize, which is undesirable. Vacuum furnaces are utilized to prevent contamination and oxidation by creating a vacuum within the system, resulting in consistent high-quality and low-contamination brazing.
This market study on the vacuum furnaces market utilizes a combination of primary and secondary sources to gather qualitative and quantitative data related to the market. The secondary research involved extensive research using internal and external sources to gather an overview and forecast of the market segments. To validate the data and obtain further analytical insights, primary interviews were conducted with industry experts such as VPs, business development managers, market intelligence managers, national sales managers, and external consultants, including valuation experts, research analysts, and key opinion leaders who specialize in the vacuum furnaces market.
The market study also profiles key companies operating in the vacuum furnaces market, including ALD Vacuum Technologies India Pvt. Ltd, HHV LTD, and Centorr Vacuum Industries.