This report describes and explains the induction furnace market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global induction furnace market reached a value of nearly $1,071.37 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.2% since 2017. The market is expected to grow from $1,071.37 million in 2022 to $1,463.84 million in 2027 at a rate of 6.4%. The market is then expected to grow at a CAGR of 7.4% from 2027 and reach $2,092.24 million in 2032.
Growth in the historic period resulted from increased urbanization, increased construction, increased growth of the iron and steel industries, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were the coronavirus (COVID-19) outbreak and the reduction in free trade globally.
Going forward, rapid industrialization, the increasing growth of the automotive market, the growing aerospace sector, and the rising global demand for steel and copper will drive the growth. Factors that could hinder the growth of the induction furnace market in the future include the impact of the Russia-Ukraine war and the shortage of skilled labor.
The induction furnace market is segmented by type into coreless induction furnace and channel induction furnace. The coreless market was the largest segment of the induction furnace market segmented by type, accounting for 67.07% of the total in 2022. Going forward, the channel induction furnace segment is expected to be the fastest growing segment in the induction furnace market segmented by type, at a CAGR of 6.5% during 2022-2027.
The induction furnace market is segmented by end-use into steel, copper, aluminium, zinc, and other end uses. The steel market was the largest segment of the induction furnace market segmented by end-use industry, accounting for 52.06% of the total in 2022. Going forward, the aluminium segment is expected to be the fastest growing segment in the induction furnace market segmented by end-use industry, at a CAGR of 6.7% during 2022-2027.
The induction furnace market is segmented by furnace capacity into up to 1 ton, 1-100 ton, and more than 100 ton. The 1-100 ton market was the largest segment of the induction furnace market segmented by furnace capacity, accounting for 70.76% of the total in 2022. Going forward, the 1-100 ton segment is expected to be the fastest growing segment in the induction furnace market segmented by furnace capacity, at a CAGR of 6.6% during 2022-2027.
Asia Pacific was the largest region in the induction furnace market, accounting for 42.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the induction furnace market will be Asia Pacific and Western Europe where growth will be at CAGRs of 7.4% and 6.2% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 5.9% and 5.5% respectively.
The global induction furnace market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 23.06% of the total market in 2021. Danieli Group was the largest competitor with 6.14% of the market, followed by SMS Group (SMS Elotherm GmbH) with 3.78%, Tenova S.p.A with 3.48%, Electrotherm Limited with 2.88%, IHI Group with 2.08%, Meltech Ltd. with 1.99%, ABP Induction Systems with 1.08%, Inductotherm Groupwith 0.87%, JP Steel Plantech Co. with 0.46% and ECM Technologies with 0.30%.
The top opportunities in the induction furnace market segmented by type will arise in the coreless segment, which will gain $262.9 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by end-use industries will arise in the steel segment, which will gain $199.8 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by furnace capacity will arise in the 1-100 ton segment, which will gain $283.3 million of global annual sales by 2027. The induction furnace market size will gain the most in China at $112.8 million.
Market-trend-based strategies for the induction furnace market 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
Player-adopted strategies in the induction furnace market include focus on product innovations, focus on customer centric products, and focus on increasing earnings foundations by enhancing productivity while cutting costs
To take advantage of the opportunities, the publisher recommends the induction furnace companies to focus on adoption of green technologies, focus on product innovations, focus on integration of automation and IoT (internet of things), focus on use of induction stirring technology, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-use industries.
The global induction furnace market reached a value of nearly $1,071.37 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.2% since 2017. The market is expected to grow from $1,071.37 million in 2022 to $1,463.84 million in 2027 at a rate of 6.4%. The market is then expected to grow at a CAGR of 7.4% from 2027 and reach $2,092.24 million in 2032.
Growth in the historic period resulted from increased urbanization, increased construction, increased growth of the iron and steel industries, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were the coronavirus (COVID-19) outbreak and the reduction in free trade globally.
Going forward, rapid industrialization, the increasing growth of the automotive market, the growing aerospace sector, and the rising global demand for steel and copper will drive the growth. Factors that could hinder the growth of the induction furnace market in the future include the impact of the Russia-Ukraine war and the shortage of skilled labor.
The induction furnace market is segmented by type into coreless induction furnace and channel induction furnace. The coreless market was the largest segment of the induction furnace market segmented by type, accounting for 67.07% of the total in 2022. Going forward, the channel induction furnace segment is expected to be the fastest growing segment in the induction furnace market segmented by type, at a CAGR of 6.5% during 2022-2027.
The induction furnace market is segmented by end-use into steel, copper, aluminium, zinc, and other end uses. The steel market was the largest segment of the induction furnace market segmented by end-use industry, accounting for 52.06% of the total in 2022. Going forward, the aluminium segment is expected to be the fastest growing segment in the induction furnace market segmented by end-use industry, at a CAGR of 6.7% during 2022-2027.
The induction furnace market is segmented by furnace capacity into up to 1 ton, 1-100 ton, and more than 100 ton. The 1-100 ton market was the largest segment of the induction furnace market segmented by furnace capacity, accounting for 70.76% of the total in 2022. Going forward, the 1-100 ton segment is expected to be the fastest growing segment in the induction furnace market segmented by furnace capacity, at a CAGR of 6.6% during 2022-2027.
Asia Pacific was the largest region in the induction furnace market, accounting for 42.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the induction furnace market will be Asia Pacific and Western Europe where growth will be at CAGRs of 7.4% and 6.2% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 5.9% and 5.5% respectively.
The global induction furnace market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 23.06% of the total market in 2021. Danieli Group was the largest competitor with 6.14% of the market, followed by SMS Group (SMS Elotherm GmbH) with 3.78%, Tenova S.p.A with 3.48%, Electrotherm Limited with 2.88%, IHI Group with 2.08%, Meltech Ltd. with 1.99%, ABP Induction Systems with 1.08%, Inductotherm Groupwith 0.87%, JP Steel Plantech Co. with 0.46% and ECM Technologies with 0.30%.
The top opportunities in the induction furnace market segmented by type will arise in the coreless segment, which will gain $262.9 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by end-use industries will arise in the steel segment, which will gain $199.8 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by furnace capacity will arise in the 1-100 ton segment, which will gain $283.3 million of global annual sales by 2027. The induction furnace market size will gain the most in China at $112.8 million.
Market-trend-based strategies for the induction furnace market 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
Player-adopted strategies in the induction furnace market include focus on product innovations, focus on customer centric products, and focus on increasing earnings foundations by enhancing productivity while cutting costs
To take advantage of the opportunities, the publisher recommends the induction furnace companies to focus on adoption of green technologies, focus on product innovations, focus on integration of automation and IoT (internet of things), focus on use of induction stirring technology, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-use industries.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction And Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Induction Furnace Market Segmentation
10. Induction Furnace Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Induction Furnace Market, Conclusions And Recommendations
22. Appendix
Executive Summary
Induction Furnace Global Market Opportunities and Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global induction furnace market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest-growing market for induction furnace? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The induction furnace market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider induction furnace market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the induction furnace market.
- Key Trends - Highlights the major trends shaping the global induction furnace market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation - Contains the market values (2017-2032) and analysis for each segment by type, by end use industries and by furnace capacity in the market.
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for induction furnace providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Type: Coreless Induction Furnace; Channel Induction Furnace2) By End Use Industries: Steel; Copper; Aluminium; Zinc; Other End Uses
3) By Furnace Capacity: Up to 1 ton; 1-100 ton; More than 100 ton
Companies Mentioned: Danieli Group; SMS Group (SMS Elotherm GmbH); Tenova S.p.A; Electrotherm Limited; IHI Group
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time-series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; induction furnace indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Danieli Group
- SMS Group (SMS Elotherm GmbH)
- Tenova S.p.A
- Electrotherm Limited
- IHI Group
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 281 |
Published | August 2023 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 1071.4 Million |
Forecasted Market Value ( USD | $ 2092.2 Million |
Compound Annual Growth Rate | 6.9% |
Regions Covered | Global |