Induction Furnace Market: Recent Industry Developments and Growth Forecast till 2028 of Key Players -Electrotherm, Danieli, SMS, Meltech, TENOVA

Posted on 2021-03-17 by Future Market Insights, Inc in Food & Beverage // 0 Comments

Induction Furnace Market: Introduction

Induction furnace is an electrical furnace in which the heat is generated by induction heat of the metal. Induction capacities range from less than one kilogram to one hundred tonnes, and widely used to melt iron, steel, copper, aluminium and precious metal. The main advantage of the induction furnace is a clean, energy-efficient and well-controllable melting process compared to most other means of metal melting.

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Induction Furnace Market: Dynamics

The key driving factor for the global induction furnace market is persistently developing mining and metallurgy sector, which have resulted in an increased demand for induction furnace across all major developing economies. The macroeconomic factor such as growing industrial activities coupled with up gradation in metal processing & production and an increase in demand for refined metals in many countries is further augmenting the sales for induction furnace.

The significant increase in sales of induction furnace due to the growing concerns regarding efficient & effective operations in industrial operations is highly anticipated to drive the global Induction Furnace market. Moreover, considerable growth in the APEJ & Middle East industrial sector and technological advancement in manufacturing of induction furnace is anticipated to create a significant opportunity for the global induction furnace market.

Additionally, the superior performance characteristics of induction furnace such as fast heating speed, high production efficiency, less decarbonization and decompression, saving materials and forging die costs is highly anticipated to propel the demand for induction furnace. As induction furnace is used to process precious metal, copper, and aluminum melting and also, it is widely used for alloy manufacturing, thus, induction furnace is gaining huge recognition in foundries across all regions.

All the above mentioned major influencing features are highly anticipated to drive the global induction furnace market over the forecast period. The key restraining factor such as high cost, need of skilled labor and complex installation process of induction furnace may hinder the global induction furnace market growth over the forecast period.

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Induction Furnace Market: Segmentation

The global Induction Furnace market is segmented on the basis of type, end-use industry and region.

Based on the type, the global induction furnace market is segmented as:

Coreless Induction Furnace
Channel Induction Furnace

Based on the end-use industry, the global induction furnace market is segmented as:

Steel
Copper
Aluminum
Zinc

Channel induction furnace is anticipated to showcase remarkable growth rate during the forecast period due to its higher electrical efficiency than coreless induction furnaces. On the other hand, among end-use industry segment, the steel segment is anticipated to see gradual market growth over the forecast period, attributed to increasing adoption of processed and refined steel across all major applications.

Induction Furnace Market: Regional Outlook

Based on geographies, the global induction furnace market is segmented into seven regions including North America, Latin America, Europe, CIS & Russia, Japan, APEJ (the Asia Pacific excluding Japan) and MEA. Among the above-mentioned countries, APEJ is estimated to account for a significant market share due to a rise in the industrial activities in countries such as China, India, Indonesia and Australia. North America is anticipated to witness a high growth in the global Induction Furnace market owing to the rise in mining activities in the region.

Moreover, Middle East & Africa is projected to showcase most optimistic growth in the global induction furnace market due to the rise in the construction activities along with an industrial revolution across the region. Europe is one of the key maturing regions that will generate creditable opportunity in the global induction furnace market over the forecast period due to the existence of significant metals.

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Induction Furnace Market: Prominent players

Prominent players for the global induction furnace market are Electrotherm, Danieli, SMS, Meltech, TENOVA, STEEL PLANTECH, Doshi, IHI, DongXong, YUEDA, Nupro Corporation, OTTO JUNKER, ECM Technologies and other key market players. The Induction Furnace market consists of well-diversified global and regional players with the regional vendors ruling their respective regional market.

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