The Induction Furnace by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Induction Furnace, The induction furnace market size has grown strongly in recent years. It will grow from $1.14 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to increased urbanization, increased construction, increased growth of the iron and steel industries, and strong economic growth in emerging markets.
The induction furnace market size is expected to see strong growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rapid industrialization, the increasing growth of the automotive market, the growing aerospace sector, and the rising global demand for steel and copper . Major trends in the forecast period include increasing integration of automation and iot (internet of things), increasing development of compact and portable furnaces, increasing adoption of green technologies, product innovations, and increasing use of induction stirring technology.
The growth of the aerospace industry is expected to propel the growth of the induction furnace market going forward. Aerospace firms commonly use induction furnaces due to their predetermined specifications in manufacturing requirements. In aerospace, the induction furnace provides various applications in the manufacturing of aircraft, such as heat treating, hardening of metals, curing of epoxies and coatings, special materials research and testing, heating and bonding of composite materials, casting of different metals, including titanium and super alloys, vacuum and levitation melting of special alloys, and others. For instance, British aerospace exports are expected to reach $40.3 billion by 2026, an increase of 1.1% year on year on average. In 2021, the United Kingdom was placed fourth, after Germany’s $34.5 billion. France, Germany, and the United Kingdom came in second, third, and fourth place, respectively, in this list. Therefore, the increasing growth of the aerospace sector will drive the induction furnace market.
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The induction furnace market covered in this report is segmented –
1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries
Top Major Players:
Danieli Group
SMS Group
Tenova S.p.A
Electrotherm Limited
IHI Group
Asia-Pacific was the largest region in the induction furnace market in 2023.
The increasing use of induction stirring technology is gaining popularity in the induction furnace market. Induction furnaces are being equipped with induction stirring technology to increase the homogeneity of molten metal. Using magnetic fields, this method causes the liquid metal to swirl, improving mixing and alloying. In the creation of specialty alloys and high-quality castings, it finds its use. For instance, in December 2021, ABB, a US-based industrial furnace manufacturer, introduced its Tundish EMS solution to help steelmakers get beyond the tundish vessel’s restricted capacity to manage the flow of molten metal and, therefore, the quality and temperature of the steel. Utilizing non-contact electromagnetic stirring technology, Tundish EMS is mounted on the exterior of the tundish and produces an electromagnetic field that causes the bath melt to stir. With faster flow rates, the removal of dead zones, and temperature homogeneity, continuous stirring greatly expands the mixing zone volume over almost the full tundish. For steel producers who have many casting strands originating from a single tundish, the use of this electromagnetic stirring technique will be particularly crucial. Greater inclusion removal will result in smoother, cleaner steel and reductions in nozzle clogging.
The induction furnace market report table of contents includes:
1. Executive Summary
2. Induction Furnace Market Characteristics
3. Induction Furnace Market Trends And Strategies
4. Induction Furnace Market – Macro Economic Scenario
5. Global Induction Furnace Market Size and Growth
….
32. Global Induction Furnace Market Competitive Benchmarking
33. Global Induction Furnace Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Induction Furnace Market
35.Induction Furnace Market Future Outlook and Potential Analysis
36. Appendix
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