The Induction Furnace Market is estimated to grow at 5.6% CAGR in 2020-2031 with a market size of 2 Billion
The Induction furnace refers to an electric furnace, where heat is produced using the induction heat of the metal. Induction melting is commonly used to melt iron, steel, copper, aluminum, and precious metals, with capacities ranging from less than one kilogram to one hundred tons or more. In comparison to most other methods of metal melting, the induction furnace offers a clean, energy-efficient, and well-controllable melting process.
Induction furnaces are commonly used in steel, copper, and aluminum manufacturing. Induction furnaces employ convection current to melt these metals, which requires less energy than conventional furnaces that often fire up at greater temperatures than those essential to melt the metals. Induction furnaces typically have an inductor coil, shell, crucible, & cooling system, and even a tilting mechanism for pouring molten metal. As alternating current flows through the inductor coil, it generates magnetic fluxing, creating a heating action in the furnace.
Key Trends & Drivers
The worldwide induction furnace market drives the continued growth of the mining and metallurgy sectors, which has resulted in increasing demand for induction furnaces in all major emerging nations. Induction furnace sales are expanding by macroeconomic factors such as rising industrial activity, up-gradation in metal processing and manufacturing, and growing demand for refined metals in various nations. Secondly, the induction furnaces excellent performance features, such as quick heating speed, high production capacity, reduced decarbonization and decompression, and saving materials and forging die costs, are expected to drive demand. Because induction furnaces melt precious metals, copper, and aluminum, and theyre also extensively employed for alloy production, theyre getting a lot of attention in foundries all over the world.
Over the projected period, all of the impacting factors stated above are likely to expand the induction furnace market globally. The worldwide induction furnace markets development may create significant restraints such as high costs, the requirement for trained labor, and the induction furnaces extensive installation procedure throughout the projected timeframe.
Key Players
Electrotherm, Danieli, SMS, Meltech, TENOVA, STEEL PLANTECH, Doshi, IHI, DongXong, YUEDA, Nupro Corporation, OTTO JUNKER, ECM Technologies, and other leading industry players are among the prominent participants in the induction furnace market globally. The worldwide and regional participants in the induction furnace market are well-diversified, with regional vendors controlling their respective regional markets.
Regional Assessment
The regions covered are North America, Latin America, Europe, CIS & Russia, Japan, The Asia Pacific & MEA. Due to a growth in industrial activity in countries like China, India, Indonesia, and Australia, the Asia Pacific accounts for a considerable market share among the various nations. Because of the increase in mining operations in the region, the worldwide Induction Furnace market is likely to develop rapidly in North America.
Furthermore, due to increasing building activity and an industrial transformation across the region, the Middle East and Africa are expected to have the most promising growth in the global induction furnace market. Due to the availability of substantial metals, Europe is one of the main maturing areas that will offer creditable potential in the global induction furnace market in the coming years.
Report Highlights
• Historical data available (as per request)
• Estimation/projection/forecast for revenue and unit sales (2021-2031)
• Data breakdown for every market segment (2021-2031)
• Gross breakdown for every market segment (2021-2031)
• 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 and Revenue Segmentation
Product Type Analysis (Revenue, USD Million, 2020-2031)
• Coreless Induction Furnace
• Channel Induction Furnace
• Others
End-User Analysis (Revenue, USD Million, 2020-2031)
• Steel
• Copper
• Aluminum
• Zinc
Furnace Capacity Analysis (Revenue, USD Million, 2020-2031)
• Up to 1 Ton
• 1-100 Ton
• More than 100 Ton
Key Player Analysis (Revenue, USD Million, 2020-2031)
• Electrotherm (India)
• Danieli Group (Italy)
• SMS Elotherm GmbH (Germany)
• Meltech Ltd (UK)
• Tenova SpA (Italy)
• Doshi Technologies Pvt. Ltd (India)
• IHI Machinery and Furnace Co. Ltd (Japan)
• JP Steel Plantech Co. (Japan)
• ECM Technologies (Netherlands)
• Agni Electrical Pvt. Ltd (India)
• Pees Induction Equipment’s Pvt. Ltd (India)
• Magnalenz (India)
Regional Analysis (Revenue, USD Million, 2020 – 2031)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United kingdom
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• UAE
• Qatar
• Saudi Arabia
• Japan
• Africa
• Rest of the world
Available Versions:
• United States Induction Furnace Industry Research Report
• Europe Induction Furnace Industry Research Report
• Asia Induction Furnace Industry Research Report
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