Market Synopsis
Induction furnaces offer a clean, energy-efficient, and controllable melting process and are widely employed in steel, copper, and aluminum production. Induction furnaces use convection current to achieve the melting point of these metals, thereby using less energy than other furnaces which usually fire up at higher temperature levels than those required to melt the metals.
The growing railroad industry along with a higher requirement for mining, smelting, and metal alloy machinery are factors contributing to the growth of this market. Steel and copper production is shifting from traditional bases in North America and Europe to the fast-developing economies in Asia such as India, China, and Bangladesh. The setting up of new plants is also driving market growth considerably.
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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, Danieli Group, SMS Elotherm GmbH, Meltech Ltd, Tenova SpA, Doshi Technologies Pvt. Ltd, IHI Machinery and Furnace Co., Ltd, JP Steel Plantech Co, ECM Technologies, Agni Electrical Pvt. Ltd, Pees Induction Equipment’s Pvt. Ltd, Magnalenz
By Region
North America: The North American steel market is mostly matured, thereby limiting the demand for induction furnaces for the extraction and production of the metal. A large aerospace industry is, however, creating new opportunities for growth in the region.
Europe: Europe is a growing market for induction furnaces especially for domestic use. A growing renewable energy market is fueling the demand for copper in the region, which is driving the growth of the induction furnace market.
Asia-Pacific: The largest and fastest-growing market for induction furnaces, Asia-Pacific is the world’s largest producer of steel, aluminum, and other metals that require the induction furnaces.
Rest of the World: Most of the world’s copper is produced in South America, driving the growth of the induction furnace market.
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