According to a recent market study published by Growth Market Reports (GMR), titled, “Global Induction Furnace Market by Types, Applications, and Regions: Size, Share, Trends, and Opportunity Analysis, 2017-2027”, the market was valued at USD 1,098.3 million in 2019 and is projected to expand at a CAGR of 5.1% between 2020 and 2027. In terms of volume, the market is estimated to expand at a CAGR of 4.2% during the forecast period. The global induction furnace market is anticipated to grow owing to factors such as rise in the metallurgical operations and increasing demand for induction furnace across industries such as steel, copper, aluminium, and zinc.
The global induction furnace market is fragmented based on types, applications, and regions. Based on types, the market is bifurcated into coreless induction furnace and channel induction furnace. On the basis of applications, the induction furnace market is segregated into steel industry, copper industry, aluminum industry, and zinc industry. In terms of regions, the global induction furnace market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). North America is segmented into countries such as the US and Canada. Latin America is categorized as Brazil, Mexico, and Rest of Latin America. Asia Pacific is fragmented into India, China, South Korea, Australia, Japan, and Rest of Asia Pacific. Europe is split into the UK, France, Germany, Italy, Spain, Russia, and Rest of Europe. MEA is segmented into Saudi Arabia, South Africa, the UAE, and Rest of Middle East & Africa (MEA).
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The induction furnace market is expected to expand at a sluggish pace due to the COVID-19 pandemic in 2020. The spread of the COVID-19 globally has affected on the world’s society, economy, and sanitary systems. The COVID-19 pandemic has decreased the production and distribution of the steel and aluminum products, which in turn, is expected to decline the demand for induction furnace in the near future. The supply chain disruption across automotive sector is expected to negatively impact the demand for induction furnace across the globe.
As per GMR industry analyst Vidya Jadhav, “The global induction furnace market is anticipated to expand at a substantial pace during the forecast period from 2020 to 2027, driven by increasing industrial activities, growing demand for refined metals in several countries, and rising adoption of induction furnace across steel and aluminum industry. Additionally, the superior performance characteristics of induction furnace such as fast heating speed, high production efficiency, less de-carbonization and decompression, saving materials, and forging die costs is anticipated to propel the demand for induction furnace”.
Key Takeaways from the Study:
- Companies such as Danieli and SMS held approximately one-fifth of the market share of the global induction furnace market in 2019.
- Asia Pacific accounts for a major share of the market, followed by Europe. The market in North America is projected to expand at substantial CAGR during the forecast period.
- The channel induction furnace is expected to expand at a substantial CAGR during the forecast period. The growth is attributed to the advantages of channel induction furnace that includes easy installation, lower melting points, and low maintenance downtime.
- Europe held substantial market share in 2019 as this region is striving to introduce new products through dedicated research and development. Moreover, the inclination of European government towards energy efficient production is expected to drive the demand for induction furnace in coming years.
|Market Value in 2019||USD 1,098.3 million|
|Market Growth Rate (from 2020 to 2027)||5.1%|
|Historical Data||2017 & 2018|
|Forecast Period||2020 – 2027|
|Units Considered||Value (USD Million) & Volume (Thousand Units)|
|Market Segments||Types and Applications|
|Regional Scope||North America, Europe, Latin America, Asia Pacific, and Middle East & Africa (MEA)|
|Country Scope||The US, Canada, Brazil, Mexico, Rest of Latin America, India, China, Japan, South Korea, Australia, Rest of Asia Pacific, the UK, France, Germany, Italy, Spain, Russia, Rest of Europe, Saudi Arabia, South Africa, the UAE, and Rest of MEA|
|Key Companies Profiled||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|
|Customization Scope||Report customization available on request|
|Pricing and Purchase Options||Avail tailor-made purchase options to meet your research requirements|
- Supply-side: Induction furnace manufacturers, raw material suppliers, primary respondents, and distributors
- Demand Side: Steel, copper, aluminum, and zinc manufacturing companies
- Regulatory Side: Concerned government authorities, commercial research & development (R&D) institutions, and other regulatory bodies
- Associations and Industry Bodies: All India Induction Furnaces Association, World Steel Association, Arab Iron and Steel Union, South East Asia Iron & Steel Institute (SEAISI), Copper Development Association (CDA), Center for Copper and Mining Studies (CESCO), and The Aluminum Association