Electric Arc Furnaces Market size shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
Electric arc furnaces are high temperature furnaces which use high-voltage electric arcs to make steel. There are DC and AC electric arc furnaces. The furnaces are part of the mini-mills used in recycling of steel scrap into new steel products.
The electric arc furnaces route and blast furnace to basic oxygen furnace (BF-BOF) route are the two routes industries use in production of steel. The electric arc furnaces route uses scrap steel to produce steel hence requiring less capital. This results to reduction of investment costs used for transportation, storage and processing of iron ore and coking coal. Its a preferred method in Africa, Iran and Turkey for majority of their steel production.
BF-BOF routes require high investments so as to attain required demand. High investments are also required in railroad for transportation of raw materials to steel plants and to ship finished products to end-user industries. In 2019, US Steel purchased nearly half of Big River Steel, which is a player in the electric arc furnaces sector, with the option to purchase the rest of Big River in the next four years. US Steel has been struggling in the low price environment competition with its basic BOF. Coupled with the Big River purchase, US Steel is constructing a 1.6mn styler electric arc furnace at its Fairfield Works near Birmingham Alabama.
Applications are in metal smelting and ore smelting.
Electric Arc Furnaces Market Growth and Trends
Electric arc furnaces are machines to design crude steel. Operating at a high temperature and voltages, these equipment have incredible recycling properties. They recycle steel and blend it with iron to produce steel based products. Their market has been continuously amplifying owing to the following positive factors:
• A growth in power supply stands directly proportionate to the development of these equipment.
• The installation of ultra-supercritical thermal plants in Asian countries such as India and China has optimally fuelled their upcoming demand.
• Further, electric arc furnaces are an incredible investment option for stakeholders due to their recycling properties.
Challenges to Electric Arc Furnaces
In addition to the optimal drivers, here are the pertinent challenges which the electric arc furnaces face:
• Electric arc furnaces encounter a declining market in China. This is because of their low steel production.
• Moreover, Chinese government action of shutting down old steel pants manifests their diminishing development.
Electric Arc Furnaces Market Regional Analysis
Electric Arc Furnaces Market Share and Competition
Key companies operating in this industry are: Danieli Group, DescriptionIHI Corporation, Electrotherm Limited, Primetals Technologies Limited, Sinosteel Corporation, SMS Group, and Tenova.
Electric Arc Furnaces Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2020 - 2027)
• DC Arc Furnace
• AC Arc Furnace
Application Analysis (Revenue, USD Million, 2020 - 2027)
• Ore Smelting
• Metal Smelting
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Electric Arc Furnaces Market Companies
• Danieli Group
• DescriptionIHI Corporation
• Electrotherm Limited
• Primetals Technologies Limited
• Sinosteel Corporation
• SMS Group
Available Versions: -
United States Electric Arc Furnaces Market Research Report
Europe Electric Arc Furnaces Market Research Report
Asia Pacific Electric Arc Furnaces Market Research Report
India Electric Arc Furnaces Market Research Report