Market Overview:
The global induction furnace market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for steel, copper, aluminum and zinc across the globe. Additionally, factors such as technological advancements and rising demand from end-use industries are also contributing to the growth of this market. The coreless induction furnace segment is projected to grow at a higher CAGR than other segments during the forecast period from 2018 to 2030. This can be attributed to its growing popularity among end-users owing to its high efficiency and low power consumption as compared with other types of furnaces available in the market. Among applications, steel industry is expected witness highest growth rate during forecast period followed by copper industry Aluminum Industry Zinc Industry respectively .
Product Definition:
An induction furnace is a type of furnace that uses an electric current to heat metal. The metal is placed inside a coil and the electric current passes through the coil. This causes the metal to become very hot very quickly.
Coreless Induction Furnace:
Coreless induction furnace is a type of electric heating furnace that uses an electrical current to generate heat instead of using the conventional convection or radiation method. In coreless induction furnaces, there is no hot air ballooning system and the firebox does not contain any heated air. The absence of hot air ballooning system reduces maintenance costs and energy losses associated with it.
Channel Induction Furnace:
A channel induction furnace is a type of electric heating appliance used to melt metal scrap in an open-ended steel or iron pipe. The molten metal collects at the bottom of the pipe and can be rolled into a bar, sheet, or coil for further processing. It is one of several types of melting processes used by foundries and smelters to produce metals such as tin, lead, copper & zinc from their ores.
Application Insights:
The steel industry application segment led the global induction furnace market in 2017. The growth of the steel industry is expected to drive demand for these furnaces over the forecast period. In 2016, U.S Steel Corporation announced about investing USD 1 billion in expanding its facilities in order to meet growing demand from customers including automotive manufacturers and construction companies for carbon and low-alloyed steels. This investment is expected to increase production capacity by around 10% by 2019 which will further propel product demand over the next few years.
Regional Analysis:
Asia Pacific dominated the global market in 2017 and is expected to continue its dominance over the forecast period. The region has been witnessing rapid growth in construction activities, owing to which there is a rise in demand for steel and iron products. China, India, Japan, South Korea are some of the largest markets that have witnessed significant growth over the past few years.
The Asia Pacific regional market was followed by Europe with a share of 31%. Copper-nickel mining sector has been one of the major sectors contributing towards economic activity across European countries such as Sweden and Russia. In addition, increasing exploration activities coupled with rising demand for electricity from industrial applications is anticipated to drive industry expansion over this region.
North America accounted for a significant share owing to growing investments from public & private entities toward developing domestic industries within U.S., Canada & Mexico regions respectively; however; slow growth compared to other regions may hamper its progress by 2030 time frame).
Growth Factors:
- Increasing demand from the automotive and aerospace industries for high-quality, precision-cast parts
- Growing popularity of electric vehicles, which require more lightweight and heat-resistant components
- Rising demand for energy-efficient induction furnaces in foundries and other manufacturing facilities
- Advances in furnace technology that make them easier to operate and maintain
- Increasing use of 3D printing technology in the production of metal parts
Scope Of The Report
Report Attributes
Report Details
Report Title
Induction Furnace Market Research Report
By Type
Coreless Induction Furnace, Channel Induction Furnace
By Application
Steel Industry, Copper Industry, Aluminum Industry, Zinc Industry
By Companies
Electrotherm, Danieli, SMS, Meltech, TENOVA, STEEL PLANTECH, Doshi, IHI, DongXong, YUEDA, Nupro Corporation, OTTO JUNKER, ECM Technologies
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
250
Number of Tables & Figures
175
Customization Available
Yes, the report can be customized as per your need.
Global Induction Furnace Market Report Segments:
The global Induction Furnace market is segmented on the basis of:
Types
Coreless Induction Furnace, Channel Induction Furnace
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Steel Industry, Copper Industry, Aluminum Industry, Zinc Industry
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Electrotherm
- Danieli
- SMS
- Meltech
- TENOVA
- STEEL PLANTECH
- Doshi
- IHI
- DongXong
- YUEDA
- Nupro Corporation
- OTTO JUNKER
- ECM Technologies
Highlights of The Induction Furnace Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Coreless Induction Furnace
- Channel Induction Furnace
- By Application:
- Steel Industry
- Copper Industry
- Aluminum Industry
- Zinc Industry
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Induction Furnace Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
An induction furnace is a type of electric furnace that uses magnetic fields to heat the air inside. The magnets create a powerful current of electricity, which helps to heat up the air quickly and efficiently.
Some of the major players in the induction furnace market are Electrotherm, Danieli, SMS, Meltech, TENOVA, STEEL PLANTECH, Doshi, IHI, DongXong, YUEDA, Nupro Corporation, OTTO JUNKER, ECM Technologies.
The induction furnace market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Induction Furnace Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Induction Furnace Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Induction Furnace Market - Supply Chain
4.5. Global Induction Furnace Market Forecast
4.5.1. Induction Furnace Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Induction Furnace Market Size (000 Units) and Y-o-Y Growth
4.5.3. Induction Furnace Market Absolute $ Opportunity
5. Global Induction Furnace Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Induction Furnace Market Size and Volume Forecast by Type
5.3.1. Coreless Induction Furnace
5.3.2. Channel Induction Furnace
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Induction Furnace Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Induction Furnace Market Size and Volume Forecast by Application
6.3.1. Steel Industry
6.3.2. Copper Industry
6.3.3. Aluminum Industry
6.3.4. Zinc Industry
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Induction Furnace Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Induction Furnace Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Induction Furnace Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Induction Furnace Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Induction Furnace Demand Share Forecast, 2019-2026
9. North America Induction Furnace Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Induction Furnace Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Induction Furnace Market Size and Volume Forecast by Application
9.4.1. Steel Industry
9.4.2. Copper Industry
9.4.3. Aluminum Industry
9.4.4. Zinc Industry
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Induction Furnace Market Size and Volume Forecast by Type
9.7.1. Coreless Induction Furnace
9.7.2. Channel Induction Furnace
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Induction Furnace Demand Share Forecast, 2019-2026
10. Latin America Induction Furnace Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Induction Furnace Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Induction Furnace Market Size and Volume Forecast by Application
10.4.1. Steel Industry
10.4.2. Copper Industry
10.4.3. Aluminum Industry
10.4.4. Zinc Industry
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Induction Furnace Market Size and Volume Forecast by Type
10.7.1. Coreless Induction Furnace
10.7.2. Channel Induction Furnace
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Induction Furnace Demand Share Forecast, 2019-2026
11. Europe Induction Furnace Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Induction Furnace Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Induction Furnace Market Size and Volume Forecast by Application
11.4.1. Steel Industry
11.4.2. Copper Industry
11.4.3. Aluminum Industry
11.4.4. Zinc Industry
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Induction Furnace Market Size and Volume Forecast by Type
11.7.1. Coreless Induction Furnace
11.7.2. Channel Induction Furnace
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Induction Furnace Demand Share, 2019-2026
12. Asia Pacific Induction Furnace Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Induction Furnace Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Induction Furnace Market Size and Volume Forecast by Application
12.4.1. Steel Industry
12.4.2. Copper Industry
12.4.3. Aluminum Industry
12.4.4. Zinc Industry
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Induction Furnace Market Size and Volume Forecast by Type
12.7.1. Coreless Induction Furnace
12.7.2. Channel Induction Furnace
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Induction Furnace Demand Share, 2019-2026
13. Middle East & Africa Induction Furnace Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Induction Furnace Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Induction Furnace Market Size and Volume Forecast by Application
13.4.1. Steel Industry
13.4.2. Copper Industry
13.4.3. Aluminum Industry
13.4.4. Zinc Industry
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Induction Furnace Market Size and Volume Forecast by Type
13.7.1. Coreless Induction Furnace
13.7.2. Channel Induction Furnace
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Induction Furnace Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Induction Furnace Market: Market Share Analysis
14.2. Induction Furnace Distributors and Customers
14.3. Induction Furnace Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Electrotherm
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Danieli
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. SMS
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Meltech
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. TENOVA
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. STEEL PLANTECH
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. Doshi
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. IHI
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. DongXong
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. YUEDA
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. Nupro Corporation
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. OTTO JUNKER
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. ECM Technologies
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
