Induction Furnace Market Size, Share & Industry Report 2030
Induction Furnace Market Size, Share & Industry Report 2030
Segments - 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) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020 – 2027
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Report Description
Induction Furnace Market Outlook:
The global induction furnace market size 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 2020-2027. In terms of volume, the market is projected to expand at a CAGR of 4.2% during the forecast period.
Induction furnace is an electrical furnace that comprises shell, inductor coil, crucible, and cooling system. It enables melting of metal with the help of induction heating. It is an easily-controlled and energy-efficient melting process that is based on the heating effect of the electromagnetic field. The magnetic flux in induction furnace generates the heating effect in the internal side of the furnace. The inductor coil produces magnetic flux when alternating current passes through it.
Induction Furnace 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 construction, 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 continue 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 function. 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 activities and the upgrade in metal processing & production and an increase in the demand for refined metals in many countries, thus augmenting the adoption of induction furnace. Specialized industrial induction furnaces are crucial to the processes performed by foundries, manufacturers, mining companies, engineering operations, and steel production companies. Metallurgical industrial induction furnaces are at the center of operations for these industries, providing induction heat necessary to perform processing functions.
Growing demand for high-quality alloys and metals under environmentally clean conditions has increased the application of induction furnaces in foundries for steel, cast iron, and nonferrous metals. Various functions of industrial induction furnaces include smelting, steelmaking, metal casting, and heat treatment. Furthermore, manufacturers are focusing on improving productivity at a high pace due to rapid industrialization. In the automotive industry, induction furnace are used for various metallurgical processes. New processes have gained high speed in the melting metals such as steel and aluminum. This mainly benefits in improving industrial productivity.
However, high cost of induction furnace is expected to hinder the market in low- and middle-income countries.
Induction Furnace Market Segmental Outlook
On the basis of types, the induction furnace market has been bifurcated into coreless induction furnace and channel induction furnace. The coreless induction furnace segment held a significant market share in 2019 and is anticipated to expand at considerable CAGR during the forecast period due to increasing applications of coreless induction furnace in the steel industry and copper industry. The coreless induction furnace comprises of the coils carrying electrical current. A metallic charge consisting of pig iron, scrap, and ferroalloys are usually melted in such a vessel. When an electrical current is applied to the coil, a magnetic field forms that in turn generates thermal energy resulting in the melting of the charge.
Based on applications, the induction furnace market is divided into steel industry, copper industry, aluminum industry, and zinc industry. Steel Industry is expected to be the most attractive segment and anticipated to expand at a significant CAGR during the forecast period. The implementation of induction furnace in the steel industry has significantly increased in the past few years. The addition of new and advanced technologies in induction furnace is expected to fuel the market in the coming years. Induction furnace is essential for small-scale metal manufacturers. It is smaller in size than the electric arc furnace, and has low operational costs. Moreover, it is less costly, which makes the induction furnace the first choice for small scale companies.
Induction Furnace Market Regional Outlook
In terms of regions, the market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held a significant share of the market in 2019 and this trend is expected to continue during the forecast period. The share is attributed to the strong presence of metal processing companies, increasing scrap, and booming automotive sector. China dominates the induction furnace market in Asia Pacific; however, due to the ban on induction furnaces for the production of steel, the market in the country is expected to be hampered to a certain extent.
Induction Furnace Market Report's Key Benefits for Industry Participants & Stakeholders
- In-depth analysis of the global induction furnace market
- Historical, current and projected market size in terms of value and volume (Thousand Units)
- Potential & niche segments and regions exhibiting promising growth covered
- Industry drivers, restraints and opportunities covered in the study
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Neutral perspective on global induction furnace market performance
Segments
By Types
- Coreless Induction Furnace
- Channel Induction Furnace
By Applications
- Steel Industry
- Copper Industry
- Aluminum Industry
- Zinc Industry
By Regions
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- France
- Italy
- U.K.
- Spain
- Russia
- Rest of the Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
- Rest of MEA
Key Market Players Profiled in the Report
- Electrotherm
- Danieli
- SMS
- Meltech
- IHI
- OTTO JUNKER
- ECM Technologies
- PVA Tepla Group
- Ajax Magnethermic
- Inductotherm Corp.
- Doshi
- Tenova
- STEEL PLANTECH
- DONG XONG
- YUEDA
- NUPRO CORPORATION
Competitive Landscape
- Key players in the market include Electrotherm, Danieli, SMS, Inductotherm Corporation, IHI, and OTTO JUNKER. These companies are considered as key manufacturers of induction furnace based on their revenue, regional presence, research & development (R&D) activities, and supply chain management system.
- These players are adopting key strategies such as acquisition, merger, and geographical expansion to strengthen their market position.
- In March 2017, Meltech completed the sale of its fourth induction furnace system to the Newby Foundries group. The foundry functions at a high utilization operating a two or three shift system, five days a week.
Frequently Asked Questions
Major Manufactures include Electrotherm, Danieli, SMS, Inductotherm Corporation, IHI, and OTTO JUNKER.
The companies operating in the industries such as steel, copper, aluminum, and zinc industry are the key end-users driving the market growth.
The base year considered for the global induction furnace market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
The market is expected to witness slow growth between 2019 and 2020 owing to the slight negative impact of COVID-19 pandemic on the induction furnace market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The growing demand for induction furnace for the various industries such as steel, copper, aluminum, zinc and increasing metallurgical operations are the factors driving the growth of the induction furnace market.
The report provides company market share analysis and volume data.
According to the Growth Market Reports report, the induction furnace market is likely to register a CAGR of 5.1% during forecast period 2020-2027, with an anticipated valuation of USD 1,528.2 million by the end of the 2027.
Yes, the report covers product specific information such as coreless induction furnace and channel induction furnace.
Additional company profiles can be provided on request.
Table Of Content
Chapter 1 Executive SummaryChapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Induction Furnace Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Induction Furnace Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Induction Furnace Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Induction Furnace Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Induction Furnace Market Size & Forecast, 2017-2027
4.5.1 Induction Furnace Market Size and Y-o-Y Growth
4.5.2 Induction Furnace Market Absolute $ Opportunity
Chapter 5 Global Induction Furnace Market Analysis and Forecast By Types
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities By Types
5.1.2 Basis Point Share (BPS) Analysis By Types
5.1.3 Absolute $ Opportunity Assessment By Types
5.2 Induction Furnace Market Size & Volume Forecast By Types
5.2.1 Coreless Induction Furnace
5.2.2 Channel Induction Furnace
5.3 Market Attractiveness Analysis By Types
Chapter 6 Global Induction Furnace Market Analysis and Forecast By Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities By Applications
6.1.2 Basis Point Share (BPS) Analysis By Applications
6.1.3 Absolute $ Opportunity Assessment By Applications
6.2 Induction Furnace Market Size & Volume Forecast By Applications
6.2.1 Steel Industry
6.2.2 Copper Industry
6.2.3 Aluminum Industry
6.2.4 Zinc Industry
6.3 Market Attractiveness Analysis By Applications
Chapter 7 Global Induction Furnace Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Induction Furnace Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Induction Furnace Analysis and Forecast
9.1 Introduction
9.2 North America Induction Furnace Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Induction Furnace Market Size & Volume Forecast By Types
9.6.1 Coreless Induction Furnace
9.6.2 Channel Induction Furnace
9.7 Basis Point Share (BPS) Analysis By Types
9.8 Absolute $ Opportunity Assessment By Types
9.9 Market Attractiveness Analysis By Types
9.10 North America Induction Furnace Market Size & Volume Forecast By Applications
9.10.1 Steel Industry
9.10.2 Copper Industry
9.10.3 Aluminum Industry
9.10.4 Zinc Industry
9.11 Basis Point Share (BPS) Analysis By Applications
9.12 Absolute $ Opportunity Assessment By Applications
9.13 Market Attractiveness Analysis By Applications
Chapter 10 Europe Induction Furnace Analysis and Forecast
10.1 Introduction
10.2 Europe Induction Furnace Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Induction Furnace Market Size & Volume Forecast By Types
10.6.1 Coreless Induction Furnace
10.6.2 Channel Induction Furnace
10.7 Basis Point Share (BPS) Analysis By Types
10.8 Absolute $ Opportunity Assessment By Types
10.9 Market Attractiveness Analysis By Types
10.10 Europe Induction Furnace Market Size & Volume Forecast By Applications
10.10.1 Steel Industry
10.10.2 Copper Industry
10.10.3 Aluminum Industry
10.10.4 Zinc Industry
10.11 Basis Point Share (BPS) Analysis By Applications
10.12 Absolute $ Opportunity Assessment By Applications
10.13 Market Attractiveness Analysis By Applications
Chapter 11 Asia Pacific Induction Furnace Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Induction Furnace Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Induction Furnace Market Size & Volume Forecast By Types
11.6.1 Coreless Induction Furnace
11.6.2 Channel Induction Furnace
11.7 Basis Point Share (BPS) Analysis By Types
11.8 Absolute $ Opportunity Assessment By Types
11.9 Market Attractiveness Analysis By Types
11.10 Asia Pacific Induction Furnace Market Size & Volume Forecast By Applications
11.10.1 Steel Industry
11.10.2 Copper Industry
11.10.3 Aluminum Industry
11.10.4 Zinc Industry
11.11 Basis Point Share (BPS) Analysis By Applications
11.12 Absolute $ Opportunity Assessment By Applications
11.13 Market Attractiveness Analysis By Applications
Chapter 12 Latin America Induction Furnace Analysis and Forecast
12.1 Introduction
12.2 Latin America Induction Furnace Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Induction Furnace Market Size & Volume Forecast By Types
12.6.1 Coreless Induction Furnace
12.6.2 Channel Induction Furnace
12.7 Basis Point Share (BPS) Analysis By Types
12.8 Absolute $ Opportunity Assessment By Types
12.9 Market Attractiveness Analysis By Types
12.10 Latin America Induction Furnace Market Size & Volume Forecast By Applications
12.10.1 Steel Industry
12.10.2 Copper Industry
12.10.3 Aluminum Industry
12.10.4 Zinc Industry
12.11 Basis Point Share (BPS) Analysis By Applications
12.12 Absolute $ Opportunity Assessment By Applications
12.13 Market Attractiveness Analysis By Applications
Chapter 13 Middle East & Africa (MEA) Induction Furnace Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Induction Furnace Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Induction Furnace Market Size & Volume Forecast By Types
13.6.1 Coreless Induction Furnace
13.6.2 Channel Induction Furnace
13.7 Basis Point Share (BPS) Analysis By Types
13.8 Absolute $ Opportunity Assessment By Types
13.9 Market Attractiveness Analysis By Types
13.10 Middle East & Africa (MEA) Induction Furnace Market Size & Volume Forecast By Applications
13.10.1 Steel Industry
13.10.2 Copper Industry
13.10.3 Aluminum Industry
13.10.4 Zinc Industry
13.11 Basis Point Share (BPS) Analysis By Applications
13.12 Absolute $ Opportunity Assessment By Applications
13.13 Market Attractiveness Analysis By Applications
Chapter 14 Competition Landscape
14.1 Induction Furnace Market: Competitive Dashboard
14.2 Global Induction Furnace Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Electrotherm
14.3.2 Danieli
14.3.3 SMS
14.3.4 Meltech
14.3.5 IHI
14.3.6 OTTO JUNKER
14.3.7 ECM Technologies
14.3.8 PVA Tepla Group
14.3.9 Ajax Magnethermic
14.3.10 Inductotherm Corp.
14.3.11 Doshi
14.3.12 Tenova
14.3.13 STEEL PLANTECH
14.3.14 DONG XONG
14.3.15 YUEDA
14.3.16 NUPRO CORPORATION
Methodology
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