Induction Furnace Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

The global induction furnace market was valued at USD 1,098.3 million in 2019 and is projected to reach USD 1,528.2 million by 2027, expanding at a CAGR of 5.1% during the forecast period.

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1. Home  Engineering, Equipment & Machinery  Induction Furnace Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast Global Induction Furnace Market by Types (Coreless Induction Furnace and Channel Induction Furnace), Applications (Steel Industry, Copper Industry, Aluminum Industry, and Zinc Industry), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) Report ID: CM-114 Author: Growth Market Reports Rating: 4.9 Total Reviews: 125 No. Of Pages: 264 Format:   Pub. Date: 2019-04-02 Share:    Report Description Table Of Content Segments Methodology Market Outlook: The global induc on furnace market was valued at USD 1,098.3 million in 2019 and is projected to reach USD 1,528.2 million by 2027, expanding at a CAGR of 5.1% during the forecast period. In terms of volume, the market is projected to expand at a CAGR of 4.2% during the forecast period. Induc on furnace is an electrical furnace that comprises shell, inductor coil, crucible, and cooling system. It enables mel ng of metal with the help of induc on hea ng. It is an easily- controlled and energy-efficient mel ng process that is based on the hea ng effect of the electromagne c field. The magne c flux in induc on furnace generates Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
2. the hea ng effect in the internal side of the furnace. The inductor coil produces magne c flux when alterna ng current passes through it. Market Dynamics Large-scale projects spread across sectors from petrochemicals to infrastructure and real estate have ensured a high demand for base metals such as steel and copper. The different projects include construc on, infrastructure, petrochemical industries, and all large users of steel and copper. Moreover, several long-term trends are currently enhancing growth in copper demand and are expected to con nue the same trend in the coming years. These trends include increased use of renewable energy sources & energy efficiency, wide uptake of electric vehicles (EVs), increased consumer use of electronics that require significant amounts of copper to func on. The steel and copper industry is expected to grow in Asia Pacific due to robust demand, policy support, and increasing investments. The macroeconomic factors such as growing industrial ac vi es and the upgrade in metal processing & produc on and an increase in the demand for refined metals in many countries, thus augmen ng the adop on of induc on furnace. Specialized industrial induc on furnaces are crucial to the processes performed by foundries, manufacturers, mining companies, engineering opera ons, and steel produc on companies. Metallurgical industrial induc on furnaces are at the Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
3. center of opera ons for these industries, providing induc on heat necessary to perform processing func ons. Growing demand for high-quality alloys and metals under environmentally clean condi ons has increased the applica on of induc on furnaces in foundries for steel, cast iron, and nonferrous metals. Various func ons of industrial induc on furnaces include smel ng, steelmaking, metal cas ng, and heat treatment. Furthermore, manufacturers are focusing on improving produc vity at a high pace due to rapid industrializa on. In the automo ve industry, induc on furnace are used for various metallurgical processes. New processes have gained high speed in the mel ng metals such as steel and aluminum. This mainly benefits in improving industrial produc vity. However, high cost of induc on furnace is expected to hinder the market in low- and middle-income countries. Segmental Outlook On the basis of types, the induc on furnace market has been bifurcated into coreless induc on furnace and channel induc on furnace. The coreless induc on furnace segment held a significant market share in 2019 and is an cipated to expand at considerable CAGR during the forecast period due to increasing applica ons of coreless induc on furnace in the steel industry and copper industry. The coreless induc on furnace comprises of the coils carrying electrical current. A metallic charge consis ng of pig iron, scrap, and ferroalloys are usually melted in such a vessel. When an electrical current is applied to the coil, a magne c field forms that in turn generates thermal energy resul ng in the mel ng of the charge. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
4. Based on applica ons, the induc on furnace market is divided into steel industry, copper industry, aluminum industry, and zinc industry. Steel Industry is expected to be the most a rac ve segment and an cipated to expand at a significant CAGR during the forecast period. The implementa on of induc on furnace in the steel industry has significantly increased in the past few years. The addi on of new and advanced technologies in induc on furnace is expected to fuel the market in the coming years. Induc on furnace is essen al for small-scale metal manufacturers. It is smaller in size than the electric arc furnace, and has low opera onal costs. Moreover, it is less costly, which makes the induc on furnace the first choice for small scale companies. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
5. Regional Outlook In terms of regions, the market has been segregated into North America, Europe, Asia Pacific, La n America, and Middle East & Africa. Asia Pacific held a significant share of the market in 2019 and this trend is expected to con nue during the forecast period. The share is a ributed to the strong presence of metal processing companies, increasing scrap, and booming automo ve sector. China dominates the induc on furnace market in Asia Pacific; however, due to the ban on induc on furnaces for the produc on of steel, the market in the country is expected to be hampered to a certain extent. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
6. Compe ve Landscape Key players in the market include Electrotherm, Danieli, SMS, Inductotherm Corpora on, IHI, and OTTO JUNKER. These companies are considered as key manufacturers of induc on furnace based on their revenue, regional presence, research & development (R&D) ac vi es, and supply chain management system. These players are adop ng key strategies such as acquisi on, merger, and geographical expansion to strengthen their market posi on. In March 2017, Meltech completed the sale of its fourth induc on furnace system to the Newby Foundries group. The foundry func ons at a high u liza on opera ng a two or three shi system, five days a week. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
7. Key Benefits for Industry Par cipants & Stakeholders In-depth analysis of the global induc on furnace market Historical, current and projected market size in terms of value and volume (Thousand Units) Poten al & niche segments and regions exhibi ng promising growth covered Industry drivers, restraints and opportuni es covered in the study Recent industry trends and developments Compe ve landscape & strategies of key players Neutral perspec ve on global induc on furnace market performance Buy Report Si l U $4200  Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
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10. Additional company profiles can be provided on request. 1. Can I ask for different company profiles? 2. Does this report also cover product specific details? 3. How big will be the induction furnace market in 2027? 4. What additional data analysis is available in the report? 5. What are the factors driving the growth of induction furnace market? 6. What is the criteria used for selecting company profile? 7. What is the impact of COVID-19 on the overall market during year 2019 -2020? 8. Which is the base year calculated in the global induction furnace market report and what is analysis period? 9. Who are the key end-users driving the market growth? 10. Who are the major players operating in the market? FAQ Section Some frequently asked quetions about this report! Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD
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