Overview and Scope
The induction furnace refers to an electric furnace that is used to melt various metals at high temperatures in manufacturing industries. An induction furnace consists of an electric coil carrying an electric current that surrounds the camber of metal, which induces a charge. The circulation of this charge produces a high temperature that melts the metals and is used in making alloys of different metal compositions.
Sizing and Forecast
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.
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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
Asia-Pacific was the largest region in the induction furnace market in 2023. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the induction furnace market report are Danieli Group, SMS Group, Tenova S.p.A, Electrotherm Limited, IHI Group, Meltech Ltd., ABP Induction Systems, Inductotherm Group, JP Steel Plantech Co., ECM Technologies, Indotherm Equipment Corporation, Dongguan Jinlai Electromechanical Device Co. Ltd., Guangzhou Durowelder Limited, Shandong Huaxin Electric Furnace Co. Ltd., Xi’an Abundance Electric Technology Co. Ltd., EFD Induction Ltd, Consarc Engineering Ltd, Wallwork Group, eldec Induction GmbH, Inductoheat Europe GmbH, PIOMA-ODLEWNIA S.A, Electrometalurgica S.A., Pillar Induction, ESC Induction, AMLET, EMSCO Inc., Ajax Tocco Magnethermic, Amir Industrial Equipments, Iran Industrial Furnaces, Cerefco, MUR Industries CC, Induction Technology Corporation, GH Induction group, TermiSoluciones SAS, Thermochem Furnaces Pvt. Ltd, ELTERMA S.A
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
……….
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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