Pune, India, Sept. 11, 2023 (GLOBE NEWSWIRE) -- The global electric arc furnace market size was valued at USD 676.5 million in 2022. The market is projected to grow from USD 730.3 million in 2023 to USD 1,473.8 million by 2030, exhibiting a CAGR of 10.6% during the forecast period. Fortune Business Insights™ mentioned this in a report titled “Electric Arc Furnace Market, 2023-2030.”
The global Electric Arc Furnace (EAF) market has witnessed a rise in demand for alloys and steel across several industries such as infrastructure, construction, and automotive. EAFs are a cost-effective and efficient method for steel production. Hence, the market is anticipated to grow during the forecast period.
KEY INDUSTRY DEVELOPMENTS:
December 2020: The American steel manufacturer Big River Steel is expanding the second construction stage of its steel plant with the help of electric arc furnaces supplied by SMS Group.
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Why Should You Get the Sample Report?
- Gain insights into the market's current state and future projections.
- Understand the impact of the COVID-19 pandemic on Electric arc furnace Market.
- Explore the latest Electric arc furnace Industry trends and technologies driving the market.
- Learn about key factors driving market growth and potential challenges in Electric arc furnace market.
- Stay informed about government policies and initiatives shaping the industry.
- Discover the top industry players and their strategies.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10.6% |
| 2030 Value Projection | USD 1,473.8 million |
| Base Year | 2022 |
| Electric Arc Furnace (EAF) market Share in 2023 | USD 730.3 million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 160 |
| Segments covered | By Type, By Capacity, By Application and By Region |
| Automated Guided Vehicle Market Growth Drivers | Companies' Inclination toward Sustainability Goals in Steel Production |
| Increasing Usage of DRI in Steelmaking to Aid Market Growth |
COVID-19 Impact:
Supply Chain Disturbances Hindered Market Growth During Pandemic
During the outbreak of COVID-19, the market witnessed a downfall due to the spread of the virus in the second quarter of 2020. The demand for electric arc furnace across several growing economies declined during pandemic. Post-pandemic, the demand for EAF increased, fostering the electric arc furnace market growth.
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List of the Companies Operating in the Market:
• Danieli & C. Officine Meccaniche SpA (Italy)
• Nippon Steel Corporation (Japan)
• ArcelorMittal (Luxembourg)
• SMS Group GmbH (Germany)
• Tenova S.p.A. (Italy)
• Electrotherm (India)
• Primetals Technologies (U.K.)
• Paul Wurth IHI Co., Ltd. (Japan)
• JP Steel Plantech Co. (Japan)
• Wuxi Dongxong Heavy Arc Furnace Co., Ltd. (China)
Drivers and Restraints:
Companies’ Rising Inclination toward Sustainability in Steel Production to Propel Market Growth
Prominent players in the market are taking steps to control direct emissions from owned sources, and indirect emissions & greenhouse emissions rising from their operations. Steel producers and miners recognize the need to transform their technologies that reduce carbon emissions.
However, the primary financial barrier hampers the market growth.
Report Coverage:
The report offers:
• Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
• Comprehensive insights into regional developments.
• List of major industry players.
• Key strategies adopted by the market players.
• Recent industry developments include product launches, partnerships, mergers, and acquisitions.
Market Segmentation:
DC Arc Furnaces to Lead the Market Owing to their Higher Efficiency
Based on type, the market is bifurcated into DC arc furnaces and AC arc furnaces. DC arc furnaces segment holds the major electric arc furnace market share due to their reduced energy consumption and higher efficiency. DC arc furnaces are generally more energy efficient than AC arc furnaces.
Increasing Adoption of EAF in Steelmaking to Drive Ferrous Metals Segment
On the basis of application, the market is diverged into non-ferrous metals and ferrous metals.
The ferrous metals segment dominates the market share. It mainly consists of steel and iron production. EAFs have gained importance owing to their financial advantages as they deliver cost-effective traditional blast furnaces.
Operational Flexibility Segment to Dominate the Market Growth for Up to 100 Tons
By capacity, the market is segmented into up to 100 tons, 100-300 tons, and above 300 tons.
Up to 100 tons segment to dominate the market share and witness the highest CAGR during the forecast period as they provide balance between operational flexibility and production capacity, making them the best option for a wide range of applications ranging from foundry to integrated steel plant.
100-300 tons segment to hold a substantial market share owing to their capacity to manage large production compared to smaller EAFs, offering cost-effectiveness and operational efficiency.
Geographically, the market is divided across regions such as North America, Asia Pacific, the Middle East & Africa, Europe, and South America.
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Regional Insights:
Rising Industrialization and Urbanization to Lead the Asia Pacific Market Growth
Asia Pacific dominated the market share in 2022 and is anticipated to hold the largest market share during the forecast period owing to the large-scale production of steel in the region. Growing industrialization and urbanization in Japan, China, and India have substantially driven the demand for steel and other metals produced using EAF.
The Middle East and Africa market to witness moderate growth owing to the rising demand for steel due to rising construction activities.
Competitive Landscape:
Key Manufacturers in the Market are Majorly Focused on Technological Innovation
The major players in the market include Primetals Technologies and Danieli & C. Officine Meccaniche SpA. The key players represent a dynamic landscape marked by diversification, technological innovation, operational efficiency, and sustainability efforts. The major electric arc furnace manufacturers are vital in shaping the modern steelmaking landscape.
Major Table of Contents:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Automated Guided Vehicle Key Players Market Share Insights and Analysis, 2022
- Global Electric Arc Furnace Market Size Estimates and Forecasts, By Segments 2019-2030
- Key Findings
- By Type (USD)
- DC Arc Furnace
- AC Arc Furnace
- By Capacity (USD)
- Up to 100 Tons
- 100 – 300 Tons
- Above 300 Tons
- By Application (USD)
- Ferrous Metals
- Non Ferrous Metals
- By Region (USD)
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North Electric Arc Furnace Market Size Estimates and Forecasts, By Segments 2019-2030
- Key Findings
- By Type (USD)
- DC Arc Furnace
- AC Arc Furnace
- By Capacity (USD)
- Up to 100 Tons
- 100 – 300 Tons
- Above 300 Tons
- By Application (USD)
- Ferrous Metals
- Non Ferrous Metals
- By Country (USD)
- United States
- Canada
- Mexico
To be Continue…
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