Induction Furnace Market – Global Industry Analysis, Size

1. Home  Engineering, Equipment & Machinery  Induction Furnace Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast Global Induction Furnace Market by Types (Coreless Induction Furnace and Channel Induction Furnace), Applications (Steel Industry, Copper Industry, Aluminum Industry, and Zinc Industry), and Regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) Report ID: CM-114 Rating: 4.9 No. Of Pages: 264 Pub. Date: 2019-04-02 Format:  Author: Growth Market Reports Total Reviews: 125 Share: Report Description Table Of Content Segments Methodology Market Outlook: The global induc?on furnace market was valued at USD 1,098.3 million in 2019 and is projected to reach USD 1,528.2 million by 2027, expanding at a CAGR of 5.1% during the forecast period. In terms of volume, the market is projected to expand at a CAGR of 4.2% during the forecast period. Induc?on furnace is an electrical furnace that comprises shell, inductor coil, crucible, and cooling system. It enables mel?ng of metal with the help of induc?on hea?ng. It is an easily- controlled and energy-efficient mel?ng process that is based on the hea?ng effect of the electromagne?c field. The magne?c flux in induc?on furnace generates Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

2. the hea?ng effect in the internal side of the furnace. The inductor coil produces magne?c flux when alterna?ng current passes through it. Market Dynamics Large-scale projects spread across sectors from petrochemicals to infrastructure and real estate have ensured a high demand for base metals such as steel and copper. The different projects include construc?on, infrastructure, petrochemical industries, and all large users of steel and copper. Moreover, several long-term trends are currently enhancing growth in copper demand and are expected to con?nue the same trend in the coming years. These trends include increased use of renewable energy sources & energy efficiency, wide uptake of electric vehicles (EVs), increased consumer use of electronics that require significant amounts of copper to func?on. The steel and copper industry is expected to grow in Asia Pacific due to robust demand, policy support, and increasing investments. The macroeconomic factors such as growing industrial ac?vi?es and the upgrade in metal processing & produc?on and an increase in the demand for refined metals in many countries, thus augmen?ng the adop?on of induc?on furnace. Specialized industrial induc?on furnaces are crucial to the processes performed by foundries, manufacturers, mining companies, engineering opera?ons, and steel produc?on companies. Metallurgical industrial induc?on furnaces are at the Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

3. center of opera?ons for these industries, providing induc?on heat necessary to perform processing func?ons. Growing demand for high-quality alloys and metals under environmentally clean condi?ons has increased the applica?on of induc?on furnaces in foundries for steel, cast iron, and nonferrous metals. Various func?ons of industrial induc?on furnaces include smel?ng, steelmaking, metal cas?ng, and heat treatment. Furthermore, manufacturers are focusing on improving produc?vity at a high pace due to rapid industrializa?on. In the automo?ve industry, induc?on furnace are used for various metallurgical processes. New processes have gained high speed in the mel?ng metals such as steel and aluminum. This mainly benefits in improving industrial produc?vity. However, high cost of induc?on furnace is expected to hinder the market in low- and middle-income countries. Segmental Outlook On the basis of types, the induc?on furnace market has been bifurcated into coreless induc?on furnace and channel induc?on furnace. The coreless induc?on furnace segment held a significant market share in 2019 and is an?cipated to expand at considerable CAGR during the forecast period due to increasing applica?ons of coreless induc?on furnace in the steel industry and copper industry. The coreless induc?on furnace comprises of the coils carrying electrical current. A metallic charge consis?ng of pig iron, scrap, and ferroalloys are usually melted in such a vessel. When an electrical current is applied to the coil, a magne?c field forms that in turn generates thermal energy resul?ng in the mel?ng of the charge. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

4. Based on applica?ons, the induc?on furnace market is divided into steel industry, copper industry, aluminum industry, and zinc industry. Steel Industry is expected to be the most a?rac?ve segment and an?cipated to expand at a significant CAGR during the forecast period. The implementa?on of induc?on furnace in the steel industry has significantly increased in the past few years. The addi?on of new and advanced technologies in induc?on furnace is expected to fuel the market in the coming years. Induc?on furnace is essen?al for small-scale metal manufacturers. It is smaller in size than the electric arc furnace, and has low opera?onal costs. Moreover, it is less costly, which makes the induc?on furnace the first choice for small scale companies. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

5. Regional Outlook In terms of regions, the market has been segregated into North America, Europe, Asia Pacific, La?n America, and Middle East & Africa. Asia Pacific held a significant share of the market in 2019 and this trend is expected to con?nue during the forecast period. The share is a?ributed to the strong presence of metal processing companies, increasing scrap, and booming automo?ve sector. China dominates the induc?on furnace market in Asia Pacific; however, due to the ban on induc?on furnaces for the produc?on of steel, the market in the country is expected to be hampered to a certain extent. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

6. Compe??ve Landscape Key players in the market include Electrotherm, Danieli, SMS, Inductotherm Corpora?on, IHI, and OTTO JUNKER. These companies are considered as key manufacturers of induc?on furnace based on their revenue, regional presence, research & development (R&D) ac?vi?es, and supply chain management system. These players are adop?ng key strategies such as acquisi?on, merger, and geographical expansion to strengthen their market posi?on. In March 2017, Meltech completed the sale of its fourth induc?on furnace system to the Newby Foundries group. The foundry func?ons at a high u?liza?on opera?ng a two or three shi? system, five days a week. Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

7. Key Benefits for Industry Par?cipants & Stakeholders In-depth analysis of the global induc?on furnace market Historical, current and projected market size in terms of value and volume (Thousand Units) Poten?al & niche segments and regions exhibi?ng promising growth covered Industry drivers, restraints and opportuni?es covered in the study Recent industry trends and developments Compe??ve landscape & strategies of key players Neutral perspec?ve on global induc?on furnace market performance Buy Report $4200  Si l U Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

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10. FAQ Section Some frequently asked quetions about this report! 1. Can I ask for different company profiles? Additional company profiles can be provided on request. 2. Does this report also cover product specific details? 3. How big will be the induction furnace market in 2027? 4. What additional data analysis is available in the report? 5. What are the factors driving the growth of induction furnace market? 6. What is the criteria used for selecting company profile? 7. What is the impact of COVID-19 on the overall market during year 2019 -2020? 8. Which is the base year calculated in the global induction furnace market report and what is analysis period? 9. Who are the key end-users driving the market growth? 10. Who are the major players operating in the market? Create PDF in your applications with the Pdfcrowd HTML to PDF API PDFCROWD

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