Global Induction Furnace Market Overview
According to Market Research Future (MRFR), The Melting Induction Furnace Market is expected to cross USD 1.5 Billion at a CAGR of 5.6% from 2023 - 2032 (forecast period). The report presents the COVID-19 review of the global induction furnace market and provides a rigorous illustration of market segments, emerging developments, growth forecasts, and market challenges.
Induction furnaces provide a clean, energy-efficient, and controllable melting process and are commonly used in the production of steel, copper, and aluminum. Induction furnaces use convection current to achieve the melting point of these metals, thereby utilizing less energy than other furnaces that typically fire at higher temperatures than those needed to melt the metals.
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Key Players
Notable players in the global induction furnace industry are
- Electrotherm
- Danieli
- Doshi Technologies Pvt. Ltd
- SMS Elotherm GmbH
- Meltech Ltd
- Tenova SpA
- IHI Machinery and Furnace Co., Ltd
- ECM Technologies
- Agni Electrical Pvt. Ltd
- JP Steel Plantech Co.
- Pees Induction Equipment’s Pvt. Ltd
- Magnalenz
Market Dynamics
The increasing railroad industry, along with a higher demand for mining, smelting, and metal alloy machinery, contributes to the growth of the induction furnace industry. Steel and copper production is shifting from conventional bases in North America and Europe to fast-growing economies in Asia like India, China, and Bangladesh. The establishment of new plants is also a significant driver of market growth.
Industry/ Innovation/ Related News:
August 05, 2020 ---- SS Steel Ltd. (Bangladesh), announced the acquisition of its competitor producer Saleh Steel in a deal worth USD 2.86 MN to boost the production capacity. Saleh Steel has a steelmaking capacity of 84,000 tonnes per year from an induction furnace in Chattogram province.
SS Steel also produces steel billet from an induction furnace, which consumes scrap and sponge iron and then rolls the billet using a bar mill made in Italy. The company also revealed its plans to invest further in the "smooth running" of the Saleh plant.
Market Segmentation
The global induction furnace market has been segmented into type, furnace capacity, and industry vertical.
By Type : Coreless Induction Furnace, Channel Induction Furnace, and others.
By Furnace Capacity: Up to 1 Ton, 1–100 Ton, and More than 100 Ton.
By Industry Vertical: Steel, Aluminum, Copper, and others.
By Regions : Europe, North America, APAC, and Rest-of-the-World.
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