U.S. Industrial Process Furnace And Oven Market. Analysis And Forecast to 2025
U.S. Industrial Process Furnace Market to Expand Modestly
Driven by the current economic recovery in the USA, the industrial process furnace and oven market is expected to continue an upward consumption trend over the next few years. The expected slowdown of the industrial furnace market is conditioned by modest rates of growth in metallurgy set against softening expansion of construction.
In 2016, the industrial process furnace and oven market size reached $X, indicating a steady growth over the past seven-year period. In retrospect, the market dynamic remained reliant on the performance of the U.S. industrial sectors and economy as a whole. The global financial crisis exerted a negative impact on the performance trend pattern of the U.S. industrial process furnace and oven market: following a X% contraction of the market in 2009, the market volume regained pre-crisis performance figures only in 2012; then it continued its upward trend pattern on the backdrop of an overall economic recovery.
The market remains dependent on supplies from those countries specializing in the production of these items. In 2016, the value of total U.S. industrial process furnace imports stood at $X. The import figures fluctuated somewhat wildly over the period under review, but overall there was an annual increase of +X% from 2007 to 2016. Meanwhile, the share of imported products in terms of consumption remained relatively stable, standing at X% in 2016. Despite fierce competition, the U.S. continues to be one of the most attractive destinations for overseas suppliers - it ranked second in terms of global imports (with a X% share, in value terms) after China (X%).
German (X% of the market value in 2016), Japanese (X%), Chinese (X%) and Canadian (X%) industrial process furnaces and ovens assumed important shares in total U.S. consumption. Moreover, imports from Japan (+X percentage points) and China (+X percentage points) strengthened their positions in the U.S. market, while the share supplied from Canada (-X percentage points) illustrated a downward trend through 2016.
Parts of industrial or laboratory electric furnaces and ovens ($X in 2016) and parts of non-electric industrial or laboratory furnaces and ovens ($X) assumed the largest shares of total imports, together comprising X% in 2016. The imports of parts of industrial or laboratory electric furnaces and ovens expanded with a CAGR of +X% from 2007 to 2016, while imports of parts of non-electric industrial or laboratory furnaces and ovens grew by +X% per year over the same period. These categories were followed by resistance heated furnaces and ovens ($X), which increased with a CAGR of +X% from 2007 to 2016.
Industrial process furnace and oven consumption strongly depends on the manufacture of primary metals and non-metallic mineral products, such as building materials and glass.
The metallurgy industry is a key consumer of industrial process furnaces and ovens. Sluggish investment climate and doubts as to the future performance of the automotive industry, a key driving factor in terms of demand for metal products, are currently curbing metallurgy sector expansion. Furthermore, the industry is highly pressured by stiff competition from cheaper Asian-made steel and steel products, mainly from China. In addition, a prolonged slump in business fixed investment has had a severe impact on manufacturing performance; overall it has contributed to poor productivity figures and outlook, thereby exerting a negative impact on future U.S. growth and development.
Nevertheless, a recovery of the U.S. industries is set to continue amid measured economy growth. U.S. GDP is projected to achieve a mere X% annual growth figure through to 2020, driving consumption of various industrial and consumer products, which will thereby support demand for industrial facilities and industrial ovens in particular. The growth pattern of the U.S. metallurgical sector will depend on capital investment growth and trade policies with regard to metals.
The U.S. construction sector is currently experiencing a robust growth, due to increased disposable household income and enhanced loans and mortgage access. In 2016, the U.S. construction market saw a X% growth, fueled by the surge in residential construction. In 2017, this trend is projected to remain unchanged. However, as the construction market reaches saturation and mortgage lending rates increase, sector expansion is set to stabilize and slow slightly in the near-to-medium term
Therefore, the U.S. industrial furnace market performance is forecast to grow with an anticipated CAGR of +X% for the nine-year period from 2016 to 2025, which is projected to lead the market value to X billion USD by the end of 2025.
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