Induction Furnace Market Global Segmentation and Major Key Players Analysis 2025
Induction Furnace Market Share, Size, Trends, Analysis, Research, Review, Applications and Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2025. Induction Furnace Industry report is helpful for future strategy development, and to know about Market Drivers, Restraints, Opportunities, And Global market size, share, Growth, Trends, key players forecast to 2025.
Market Forecast
The global induction furnace market is expected to exhibit a CAGR of 5.6% to reach USD 1.5 billion by 2025.
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Segmentation
By Type: The market has been divided, by type, into coreless induction furnaces, channel induction furnaces, and others. Coreless induction furnaces are complicated to install, use more energy, and require long maintenance downtimes. But they can achieve higher temperatures than any other induction furnace, making them ideal for use in the production of steel. This results in the segment garnering the largest market share. Channel induction furnaces are ideal for copper and aluminum as they have lower melting points. In addition, channel induction furnaces are easy to install, use the least amount of energy, and have very little maintenance downtime. They are used in tandem with coreless induction furnaces to keep molten metals from solidifying.
By Furnace Capacity: The furnace capacity segments of the market are up to 1 ton, 1–100 ton, and more than 100 ton. The up to 1 ton segment is the smallest as furnaces with this capacity are used to meet domestic demand. The fastest-growing segment is expected to be 1–100 ton. Induction furnaces with a capacity of 1–100 ton are increasingly being adopted in developing nations with growing steel, copper, and aluminum production. They are less expensive than the larger induction furnaces and are ideal for small and mid-scale companies that cannot afford high investments. The widespread use of 1–100 ton induction furnaces in the Philippines, Indonesia, and Bangladesh is driving the growth of the segment. The more than 100 ton segment is expected to be the largest as these furnaces are used in the large-scale production of metals, especially in China, India, the US, South Korea, and Russia.
By Industry Vertical: Steel, aluminum, copper, and others are the industry vertical segments of the market. The steel segment is expected to be the largest due to the high production of the metal, with 1808.6 million metric tons of steel produced globally in 2018 alone. Steel finds utility in all manufacturing industries and demand is growing. It has a high melting point, necessitating the use of coreless induction furnaces. Aluminum is a lighter, more malleable, and less corrosive substitute for steel, albeit more expensive. It is used extensively in the aerospace industry and in construction. Aluminum can be produced using the more efficient channel induction furnaces. The global copper demand is increasing due to its excellent electric conductivity and use in renewable energy generation.
Key Players
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
North America: This region is a large market for induction furnaces. The presence of a robust manufacturing industry, a large construction industry, and the largest aerospace industry have resulted in the high demand for steel and aluminum. These factors serve to drive the growth of the regional induction furnace market.
US: The revival of the once-dominant steel industry is driving the demand for induction furnaces in the US. Moreover, the USD 250 billion US aviation industry has a pressing requirement for high-quality steel and aluminum, thereby fueling market growth.
Europe: The demand for steel in Europe is higher than the production rate. In order to reduce dependence on imports, investments in steel foundries are increasing in countries such as Germany, which is expected to propel market growth.
Asia-Pacific: The largest and fastest-growing regional market for induction furnaces, Asia-Pacific is the largest producer of steel and aluminum. The developing economies in the region such as Bangladesh, the Philippines, and Indonesia are investing in steel and aluminum production, driving market growth considerably.
China: China is the largest steel and aluminum producer in the world, producing 33 million metric tons of aluminum and 928 million metric tons of steel in 2018. These accounted for more than half of the entire global aluminum and steel production for the year. The Chinese market for induction furnaces is large, but in 2017, the government banned the use of certain induction furnaces that cannot eliminate impurities, resulting in sub-standard rebar steel production. This ban has prompted the loss of 140 million tons of steel producing capacity, which has been taken up by nations such as Thailand and Indonesia.
Rest of the World: This region has limited steel and aluminum production but is home to the largest copper production industry in the world with Chile and Peru producing almost half of the world’s copper. This driving the growth of the market, especially channel induction furnaces, which are energy efficient and require little maintenance. Moreover, the metals produced using induction furnaces are of purer quality than the metals produced using other furnaces, resulting in a cleaner finished product.
Chile: Chile is the world’s foremost copper producer with the advantage of having large deposits of copper ore. The country accounts for a third of the world’s copper production, which is driving the growth of the induction furnace market.
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