Electric Arc Furnaces Market Size by Type, Application, Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Electric Arc Furnaces Market is expected to grow at a CAGR of 11.25% during the forecast period. Global Electric Arc Furnaces Market is expected to reach US$ 1607.74 Mn. by 2030.
Electric Arc Furnaces Market Introduction
Electric arc furnace has developed significantly over the past 30 years. In the steel industry, an electric arc furnace (EAF), referred to as a mini mill. The mini mill is charged with almost 100% scrap. EAFs rapidly evolved due to their lower production costs, lower impact on the environment, and lower price of raw materials in comparison to the blast furnaces. In addition to scrap, the EAF is charged by direct-reduced-iron (DRI) and fluxes. The main heat source in EAF is electric arcs formed between electrodes and bath. Heat is transferred to the bath through four mechanisms, convection, and radiation.
To Know About The Research Methodology :- Request Free Sample Report
Electric Arc Furnaces Market Dynamics
One of the primary growth drivers for this market is the lower investment requirements of the EAF route than the BF-BOF route. In 2018, approximately 70-75% of the global steel, output originated from the BF-BOF route. The BF-BOF route or the integrated steel plant needs a huge capital expenditure in securing the supplies of coking coal, iron ore, and limestone. Additionally, investments in railroads are also required to carry raw materials to the integrated steel plants and to carry the finished steel to end-user industries. The EAF route requires less capital expenditure when compared to the BF-BOF route for a required output of steel.
25% of the metallics requested by the EAF industry are satisfied with DRI/HBI, pig iron, and hot metal. Gas-based direct reduction dominates the DRI (Direct reduced Iron) captive plants, which are in countries with availability of natural gas and electricity at low cost. India, Iran, Mexico, Saudi Arabia, and Russia has been the top DRI producer. Artificial graphite electrodes are currently a standard in EAF operations. Raw materials are petroleum coke (needle type is preferred) and coal tar pitch. Electrode water cooling was first adopted by Nippon Steel Corporation, and then most companies followed. The main advantage is to decrease side consumption.
Electric Arc Furnaces Market Segment Analysis
DC arc furnaces were first used industrially for the reductive smelting of chromite fines to produce ferrochromium thirty years ago. The power of these furnaces has increased from 12 MW to 72 MW for ferrochromium, and to 80 MW for ferronickel. The largest of these furnaces requires two electrodes to carry sufficient current to generate this much power. A review is presented of various DC arc furnaces in use, along with a discussion of the likely ways in which furnace power might be increased further in the future.
DC arc furnaces are not a panacea for all metallurgical problems but are very well suited to several reductive smelting processes where they have been applied successfully in a number of industrial contexts, and many further applications.
Electric Arc Furnaces Market Regional Insights
67% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for the electric arc furnaces market in the region. Increasing demand from the steel industry has driven the electric arc furnaces market in the Asia Pacific. The steel industry in countries in the Asia Pacific, such as China and India, is witnessing significant expansion. Followed by APAC, North America and Europe are expected to dominate the market for Electric Arc Furnaces.
Global Electric Arc Furnaces Market Report Scope: Inquire before buying
| Global Electric Arc Furnaces Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 762.28 Mn. |
| Forecast Period 2024 to 2030 CAGR: | 11.25% | Market Size in 2030: | US $ 1607.74 Mn. |
| Segments Covered: | by Type | DC Arc Furnace AC Arc Furnace |
|
| by Application | Ore Smelting Metal Smelting Others |
||
Electric Arc Furnaces Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electric Arc Furnaces Market, Key Players are:
Danieli Group
JSW Steel
DescriptionIHI Corporation
Electrotherm Limited
Primetals Technologies Limited
Sinosteel Corporation
SMS Group
Tenova
JP Steel Plantech Co
Nippon Steel Corp
Siemens AG
IHI Corp.
STEEL PLANTECH
Doshi
DongXong
YUEDA
Nupro Corporation
Wuxi Dongxong Heavy Arc Furnace Co., Ltd.
Frequently Asked Questions:
1. Which region has the largest share in Global market ?
Ans: Asia Pacific region held the highest share in 2023.
2. What is the growth rate of Global market ?
Ans: The Global market is growing at a CAGR of 11.25% during forecasting period 2024-2030.
3. What is scope of the Global market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global market ?
Ans: The important key players in the Global market are – Danieli Group, JSW Steel, DescriptionIHI Corporation, Electrotherm Limited, Primetals Technologies Limited, Sinosteel Corporation, SMS Group, Tenova, JP Steel Plantech Co, Nippon Steel Corp, Siemens AG, IHI Corp., STEEL PLANTECH, Doshi, DongXong, YUEDA, Nupro Corporation, Wuxi Dongxong Heavy Arc Furnace Co., Ltd.
5. What is the study period of this Market?
Ans: The Global market is studied from 2023 to 2030.