Induction Furnace Market:
According to Market Research Future (MRFR), The global induction furnace market is expected to cross USD 1.5 Billion at a CAGR of 5.6% from 2022 to 2030 (forecast period). The report presents the COVID-19 review of the global induction furnace market and provides a rigorous illustration of market segments, emerging developments, growth forecasts, and market challenges.
Induction Furnace Market provide a clean, energy-efficient, and controllable melting process and are commonly used in the production of steel, copper, and aluminum. Induction furnaces use convection current to achieve the melting point of these metals, thereby utilizing less energy than other furnaces that typically fire at higher temperatures than those needed to melt the metals.
Market Dynamics
The increasing railroad industry, along with a higher demand for mining, smelting, and metal alloy machinery, contributes to the growth of the induction furnace industry. Steel and copper production is shifting from conventional bases in North America and Europe to fast-growing economies in Asia like India, China, and Bangladesh. The establishment of new plants is also a significant driver of market growth.
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Key Players
COVID-19 Impact on the Global Induction Furnace Market
Induction Furnaces are electric furnaces in which heat is applied by means of the induction heating of metal. They offer an energy-efficient, controllable, and clean melting process and are widely used in aluminum, steel, and copper production. Induction furnaces use convection current to reach the melting point of these metals, thus utilizing less energy than other heaters, which usually fire up at a temperature level far higher than those required to melt the metals. COVID-19 has spread all over the globe. The pandemic has dramatically impacted the aluminum industry. Rising coronavirus cases have caused companies to slow down or even stop production due to disrupted supply chains and decreased demand. This scenario has led to a decline in the use of induction furnaces, which hinders the industry's growth.
The factors propelling the market's growth include the rising railroad sector and high requirements for smelting, mining, and metal alloy machinery. Nevertheless, as a result of the COVID-19 pandemic, most construction projects have been postponed, and travel restrictions have been imposed. The rail industry has had a dramatic impact, which, in turn, is also hindering the growth of the market for induction furnaces. Due to the growing use of induction furnaces for domestic purposes, Europe holds the largest share of the global market. In addition, the growing market for renewable energy also drives demand for copper, which in turn, is anticipated to push the growth of the induction furnaces market after the lockdown period.
Market Segmentation
The global Induction Furnace Market size has been segmented into type, furnace capacity, and industry vertical.
By type, the global induction furnace market has been segmented into coreless induction furnace, channel induction furnace, and others. Coreless induction furnace is the largest segment; coreless induction furnace is used for metals with high melting points like cast iron and steel. Considering the high demand for steel worldwide, the segment is predicted to grow. Though they are critical for steel processing, coreless induction furnaces have much longer maintenance downtimes than other types of induction furnaces. Channel induction furnace is suitable for all metals that do not have a very high melting point; channel induction furnaces use less amount of energy and have almost no maintenance downtime. They are also used to keep already molten metals from solidifying. They provide superior reliability, easy installation, and a long service lifetime. Nevertheless, they cannot be used for steel, the demand for which is significantly high worldwide. This results in a limited market share for the segment. The other segment includes the vertical core and indirect core induction furnaces.
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By furnace capacity, the global induction furnace market has been segmented into Up to 1 Ton, 1–100 Ton, and More than 100 Ton. Up to 1 Ton is used for small-scale operations; these are easier to clean and maintain; they use less energy, though they are not as energy-efficient as their larger counterparts. 1–100 Ton is the fastest-growing segment, induction furnaces with this capacity are favored in developing countries like Indonesia, the Philippines, and Bangladesh. Ideal for small and medium-size plants to serve a domestic need, they need significantly less investments compared to the larger induction furnaces. The growth of allied manufacturing industries in such countries is anticipated to drive the development of the segment. More than 100 Ton is the largest segment; induction furnaces with this capacity are used in large steel and copper plants. Though they need massive initial investments, they offer unparalleled melting capacities and are cost-effective.
By industry vertical, the global induction furnace market has been segmented into steel, aluminum, copper, and others. Steel is the largest segment due to the high global demand for steel, widely used in almost all manufacturing industries. India, China, and Japan are some of the largest steel producers in the world. Aluminum is used broadly in the transportation, consumer goods, packaging, and construction industries. It is more expensive compared to steel but offers much better corrosion resistance and is significantly lighter, making it suitable for applications that require low density and malleability. Copper is used broadly as an electricity conductor due to its excellent electric conductivity. The rise in demand for copper is pushing the growth of the segment. Others segment covers metals such as zinc, silicon, and brass.
Regional Analysis
Region-wise, the global induction furnace market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
- The North American steel market is largely mature, limiting the need for induction furnaces to extract and produce metal. However, the strong aerospace industry is generating new opportunities for growth in the region.
- Europe is a rising market for induction furnaces, mainly for domestic use. The rising market for renewable energy fuels the demand for copper in the region, which is propelling the growth of the induction furnace market.
- The Asia Pacific is the largest and fastest-growing market for induction furnaces, and the Asia Pacific is the world's largest manufacturer of steel, aluminum, and other metals requiring induction furnaces.
Most of the world’s copper is manufactured in South America, pushing the induction furnace market's growth.
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