Induction Furnace Global Market Report 2024

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 expansion observed in the historical period can be attributed to heightened urbanization, increased construction activities, the growth of the iron and steel industries, and robust 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 anticipated growth in the forecast period can be attributed to rapid industrialization, the expanding automotive market, the burgeoning aerospace sector, and the rising global demand for steel and copper. Key trends expected in this period encompass the increasing integration of automation and IoT (Internet of Things), the development of compact and portable furnaces, the adoption of green technologies, product innovations, and the growing use of induction stirring technology.

The induction furnace market is anticipated to experience growth, driven by the expanding aerospace industry. Induction furnaces are commonly employed in aerospace manufacturing due to their tailored specifications, playing a crucial role in various applications such as heat treatment, metal hardening, curing of coatings and epoxies, special materials research and testing, bonding of composite materials, and the casting of metals such as titanium and super alloys. The aerospace sector's growth is evident in the projected increase in British aerospace exports to $40.3 billion by 2026, with the United Kingdom ranking fourth after Germany, France, and the United States in 2021. This surge in the aerospace industry is expected to be a key driver for the induction furnace market.

The induction furnace market is also poised to benefit from rapid industrialization, spurred by macroeconomic factors such as increased industrial activity, higher metal output, and rising demand for refined metals globally. Foundries, manufacturers, mining enterprises, and steel manufacturing firms rely on specialized industrial induction furnaces, particularly in the metallurgical industry. These furnaces are central to operations, supporting tasks such as smelting, steelmaking, metal casting, and heat treatment. The demand for high-quality alloys and metals produced in environmentally sustainable conditions has led to the expanded use of induction furnaces in foundries. Industrial production statistics from December 2022 indicate a global increase of 1.5% over the previous year, excluding the United States, showcasing the ongoing trend of increased industrialization. This global industrial growth is expected to drive the induction furnace market in the forecast period.

Induction stirring technology is gaining traction in the induction furnace market as a means to enhance the homogeneity of molten metal. By utilizing magnetic fields to induce swirling in the liquid metal, induction stirring improves mixing and alloying, particularly in the production of specialty alloys and high-quality castings. ABB, a US-based industrial furnace manufacturer, introduced the Tundish EMS solution in December 2021, employing non-contact electromagnetic stirring technology to enhance the flow of molten metal and improve steel quality. This technology is crucial for steel producers with multiple casting strands originating from a single tundish, leading to smoother, cleaner steel and reduced nozzle clogging.

Strategic partnerships are emerging as a key trend in the induction furnace market, with companies forming alliances to strengthen their market positions. In March 2022, Luna Innovations, a US-based fiber optics manufacturer, collaborated with Otto Junker GmbH, a Germany-based induction furnace operator. Luna Innovations utilized Otto Junker's fiber optic temperature measurement technology to enhance its induction furnace technology, resulting in the invention of the Optical Coil Protection System (OCP). OCP offers real-time temperature distribution monitoring on the exterior lining surface, contributing to accurate temperature monitoring of induction furnaces. Additionally, in April 2021, GH Induction Atmosphere, a US-based induction furnace company, partnered with Foka Engineering, a Germany-based company specializing in heat treatment networks. This collaboration aimed to provide vacuum-based induction furnace solutions for the European aerospace market, supporting machine installations and serving both new and existing customers.

In March 2023, Busch Vacuum, a Germany-based company specializing in compressors and vacuum pumps, acquired McLaughlin Furnace Group for an undisclosed amount. This acquisition expands Busch Vacuum's offering in the heat and metallurgy industries, providing customers with a more comprehensive range of vacuum services. McLaughlin Furnace Group, a manufacturer of various furnaces, enhances Busch Vacuum's capabilities in serving the evolving needs of its customer base.

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.

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. The countries covered in the induction furnace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of induction furnaces include coreless induction furnaces and channel induction furnaces. A coreless induction furnace is characterized by an electric coil around the metal chamber, inducing charge. These are applicable to non-ferrous, ferrous, and specialty melting processes. Induction furnaces find application in the steel, copper, aluminum, and zinc industries, with furnace capacities ranging from up to 1 ton, 1–100 tons, to more than 100 tons.

The induction furnace market research report is one of a series of new reports that provides induction furnace market statistics, including the induction furnace industry global market size, regional shares, competitors with an induction furnace market share, detailed induction furnace market segments, market trends and opportunities, and any further data you may need to thrive in the induction furnace industry. This induction furnace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.

The induction furnace market consists of sales of refractory lining, coil and yokes, tilting frame and furnace cover. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.