Induction Furnace Market-Global Industry Analysis and Forecast (2023-2029)

Global Induction Furnace Market was valued at USD 1275 Million in 2022 and is anticipated to grow at a CAGR of 5.1 % to USD 1806 Million by 2029.
Induction Furnace Market Overview:
The Induction Furnace Market was valued at USD 1275 Million in 2022 and is anticipated to grow at a CAGR of 5.1 % to USD 1806 Million by 2029. The Induction Furnace Market is studied by segments like Type (Coreless Induction Furnace, Channel Induction Furnace), End-use (Steel, Copper, Aluminium), and Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa). The report consists of the Trend, forecasts, Competitive Analysis, and Growth Opportunities of the market.

Induction furnaces are extensively employed in manufacturing steel, copper, and aluminium because they provide a clean, energy-efficient, and controllable melting process. Induction furnaces use convection current to melt these metals, consuming less energy than other furnaces that often fire at temperatures more significant than those required to melt the metals.

Due to its advantages over other methods of metal melting, such as oxidation-free product clean, and well-controlled melting process, this electrical industrial equipment's gaining a lot of traction throughout many metal manufacturing and metallurgy sectors. To work, they use smoke-free and energy-efficient technology, such as an induction coil, tilting equipment for pouring molten metal, and a cooling system.

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Induction Furnace Market Dynamics:
The global Induction Furnace market demand is rising across various industries. Large-scale projects across industries, from petrochemicals to infrastructure to real estate, ensure high demand for base metals such as steel and copper. The various projects include the construction, infrastructure, petrochemical industry, and all significant consumers of steel and copper.

In addition, some long-term trends are currently driving growth in copper demand, and this trend is expected to continue for the next few years. These trends include increasing use of renewable energy sources and energy efficiency, widespread use of electric vehicles (EVs), and increased use by consumers of electronic devices that require large amounts of copper to increase, thereby leading to the growth of the induction furnace market.

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 focus on improving productivity at a high pace due to rapid industrialization.

In the automotive industry, induction furnace is used for various metallurgical processes. New processes have gained high speed in the melting metals such as steel and aluminium. This mainly benefits in improving industrial productivity and the growth of the induction furnace market. However, the high furnace cost is expected to hinder the induction furnace market in low-and middle-income countries.
Induction Furnace Market: Effect of COVID-19
The outbreak of COVID-19 has adversely affected most sectors around the world in recent months. The pandemic has hit the aluminium industry dramatically, and as the number of cases of coronavirus increases, supply chain disruptions and declining demand are causing companies to slow or stop production. This scenario has led to reduced use of induction furnaces and is hindering the growth of the induction furnace market.

Factors driving the market's growth include the fast-growing rail sector and high demand for smelting, mining, and metal alloy machinery. Nevertheless, the COVID 19 pandemic has postponed most construction projects and imposed travel restrictions. The rail industry has a dramatic impact, hampering the growth of the induction furnace market. Europe has the largest share of the global market due to the increasing use of household induction furnaces. In addition, the growing renewable energy market is also driving demand for copper, which is expected to drive growth in the post-blockage induction furnace market.
Segment Analysis:
On the basis of Type, the Induction Furnace market is segmented into Coreless Induction Furnace and Channel Induction Furnace. Coreless induction furnaces are used for refractory metals such as cast iron and steel. Growth in this segment is projected given the high global demand for steel. Essential for steel production, coreless induction furnaces have much more extended maintenance downtime than other types of induction furnaces. Henceforth, Coreless induction furnaces are the largest segment in the induction furnace market.

Channel induction furnaces are suitable for all metals that do not have a very high melting point. Channel induction furnaces use less energy and have little maintenance downtime. It is also used to prevent the already melted metal from solidifying. They offer excellent reliability, easy installation, and long service life. However, it cannot be used for steel, which is in high demand worldwide. As a result, the market share of the channel induction furnace segment is limited.

On the basis of End-user, the Induction Furnace Market is segmented into Steel, Aluminium, and Copper. Steel accounts for the largest segment in the induction furnace market due to the high global demand for steel, which is widely used in almost all manufacturing industries.

India, China, and Japan are among the largest steel producers in the world. Aluminium is widely used in the transportation, consumer goods, and packaging and construction industries.

Although aluminium is more expensive than steel, it has excellent corrosion resistance and is significantly lighter, making it suitable for applications that require low density and formability. Copper is widely used as a conductor because of its excellent conductivity. Increasing demand for copper is driving segment growth in the induction furnace market.
Regional Analysis:
The Induction Furnace market is expected to continue to be dominated by North America. This is due to the expanding manufacturing and packaging industries. The North American steel market is nearly mature, limiting the need for induction furnaces for metal mining and production.

Due to increased per capita income and surging automobile demand across North America, there has been an enormous increase in manufacturing and sales of automotive vehicles such as passenger cars. Around 2.51 million passenger automobiles were produced, and 3.54 million cars were sold in the United States in 2019. As a result, demand for metals like aluminium and steel has increased. Governments in countries like the United States and Canada are now focusing on building new metal manufacturing plants to meet this increased demand, which is expected to boost the sales and growth of the induction furnace market in the North American region.

Europe is an emerging market primarily for home induction ovens. The growing renewable energy market is driving demand for copper in the region, driving the growth of the induction furnace market.

The Asia-Pacific region is the largest and fastest-growing region in the induction furnace market regarding CAGR and revenue. The Asia-Pacific region, consisting of countries like India, China, and Australia, is the world's largest producer of steel, aluminium and other metals that require induction furnaces. The Asia-Pacific steel and copper industry is expected to grow against solid demand, political support, and increased investment. The macroeconomic factors such as increasing industrial activities, the upgrade in metal processing & production, and an increase in the demand for refined metals in many countries, thus augmenting the adoption of induction furnaces. Most of the world's copper is produced in South America and is driving the growth of the induction furnace market.

The objective of the report is to present a comprehensive analysis of the Induction Furnace market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complex data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors on the Induction Furnace market have been presented in the report. External and internal factors that are supposed to positively or negatively affect the business have been analyzed, which is anticipated to give the decision-makers a transparent, futuristic view of the industry.

The report also helps understand the Induction Furnace market dynamics and structure by analyzing the market segments and projecting the Induction Furnace market size. Explicit representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Induction Furnace market make the report investor’s guide.
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Induction Furnace Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
U.S. $ 1275 Mn.


Forecast Period 2023 to 2029 CAGR:
5.1 %
Market Size in 2029:
U.S. $ 1806 Mn.


 Segments Covered:
by Product
Coreless Induction Furnace
Channel Induction Furnace


by Type
Steel
Aluminium
Copper



Induction Furnace 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)
South America (Brazil, Argetina and Rest of South America)
Induction Furnace Market Key Players:
1. Electrotherm (India)
2. Danieli Group (Italy)
3. Doshi Technologies Pvt. Ltd (India)
4. SMS Elotherm GmbH (Germany)
5. Meltech Ltd (UK)
6. Tenova SpA (Italy)
7. IHI Machinery and Furnace Co., Ltd (Japan)
8. ECM Technologies (Netherlands)
9. Agni Electrical Pvt. Ltd (India)
10. JP Steel Plantech Co. (Japan)
11. Pees Induction Equipment’s Pvt. Ltd (India)
12. Magnalenz (India)
13. OTTO Junker (Germany)
14. Nupro Corporation (Japan)
15. Dong Xong (Vietnam)
16. Yueda (Switzerland)

Frequently Asked Questions:

1. What forecast period is considered for the Induction Furnace market report?
Ans. The forecast period for the market is 2023-2029.

2. What factors cause a hindrance to the growth of the Induction Furnace market?
Ans. The high cost of induction furnaces is expected to hinder the market in low-and middle-income countries.

3. What is the Induction Furnace market's compound annual growth rate (CAGR) for the forecast period?
Ans. The CAGR of the market for the forecast period 2023-2029 is 5.1 %.

4. What are the key factors driving the growth of the Induction Furnace market?
Ans. Large-scale projects across industries, from petrochemicals to infrastructure to real estate, ensure high demand for base metals such as steel and copper. In addition, some long-term trends are currently driving growth in copper demand, and this trend is expected to continue for the next few years. These are the major growth factors in the induction furnace market.

5. What major key players are covered in the Induction Furnace market report?
Ans. The major worldwide critical players in the market are Dong Xong, Doshi Technologies Pvt. Ltd., and Yueda.