The global induction furnace market is estimated to exceed US$ 1,500 Mn by the end of 2032. The sales of induction furnaces are expected to total US$ 900 Mn by 2022, accelerating at a CAGR of 5% to 6% during the forecast period 2022-2032. Rising shift from conventional combustion furnaces, owing to the rising electrification trend and growing environmental concerns regarding carbon emission is propelling the demand for induction furnaces in the market.
| Report Attribute | Details |
| Induction Furnace Market Base Year Value (2021) | US$ 885 Million |
| Induction Furnace Market Expected Value (2022) | US$ 900 Million |
| Induction Furnace Market Anticipated Value (2032) | US$ 1,500 Million |
| Induction Furnace Market Projected Growth Rate (2022-2032) | 5% to 6% CAGR |
Induction furnaces are electrical equipments that work on the principle of electromagnetic induction for processing and melting raw materials, particularly metals, at high temperatures. The capacities of these furnaces range from less than one kilogram to one hundred tons and above and are widely used to melt ferrous and non-ferrous metals such as steel, iron, copper, aluminum, zinc, precious metals, and others.
These electrical industrial equipments are gaining huge traction across diverse metal manufacturing and metallurgy sectors, owing to their favorable attributes such as oxidation-free product, clean, and well-controlled melting process in comparison to other means of metal melting. As, they operate on smoke-free and energy-efficient systems including an induction coil, tilting equipments for pouring molten metal, and a cooling system.
Attributed to this, induction furnaces are increasingly being adopted across iron & steel making, metal component manufacturing, non-ferrous metal production, aluminum manufacturing, others. This is projected to augment the demand for induction furnaces in the global market.
Induction furnaces driven by electricity have emerged as a boon for the metal manufacturing sectors, particularity for small-scale extractors. Its energy-efficient processing attributes and easy availability in small to large capacity are favoring the sales of induction furnaces in the market.
Over the past few years, a swift rise in trend of industry 4.0 and electrification is being experienced across diverse industries. This has led to rapid inclination towards the adoption of process automation technologies and electric industrial equipments, especially across emerging economies such as India, China, Brazil, South Korea, Australia, and others.
Also, with growing emphasis on increasing industrial production capacity, governments in several countries are aiming at undertaking numerous initiatives to promote industrial automation for expanding their manufacturing sectors.
For instance, according to the India Brand Equity Foundation (IBEF), in 2021, the Department of Heavy Industries announced launching the Samarth Udyog Bharat 4.0 initiative for augmenting the adoption of process automation and innovative technologies to expand the manufacturing sector across India by the end of 2025. As induction furnace assists in decreasing the melting time of metals and increasing productivity across metallurgy and metal manufacturing industries, a multiplicity of such initiatives are estimated to bolster the demand in the market.
Induction furnaces are increasingly gaining popularity across the metallurgy sector. However, high initial cost, large amount of energy consumption, and high maintenance due to frequent temperate fluctuations are factors hindering the sales of induction furnaces in the market.
In addition to this, short life of crucible used in induction furnaces, because of large temperature difference between the outside and inside of the crucible wall, results in adding additional cost, which is in turn, hampering the demand in the market.
Changing customer preference from using core type induction furnaces due to high turbulence of the molten metal due to the electromagnetic forces during the operation and inconvenient shape of these induction furnaces is negatively affecting their sales.
As per FM, Asia Pacific excluding Japan is forecast to exhibit the fastest growth in the global induction furnace market from 2022 to 2032.
With surging usages of metals such as iron, steel, copper, and aluminum across various industries such as power distribution, construction, machinery manufacturing, and others, a substantial rise in demand for aforementioned metals is being witnessed across the globe.
Hence, leading industry players are increasingly investing in expanding their production capacity to capitalize on the existing opportunity. For instance, in 2021, JSW Group, an Indian multinational conglomerate announced its plan of investing US$ 3.63 Billion to expand its steel-making capacity from 12 million tons to 36.5 million tons by the end of March 2024. As induction furnaces are increasingly used in metal manufacturing, such development is estimated to bolster the sales in the Asia Pacific excluding Japan market.
Future Market Insights reveals that North America is expected to exhibit robust growth in the global induction furnace market over the forecast period 2022-2032.
A significant rise in production and sales of automotive vehicles such as passenger cars is being witnessed due to rising per capita income and surging automobile demand across North America. For instance, as per the Bureau of Transportation Statistics, around 2.51 million passenger cars were manufactured and 3.54 million cars were sold across the U.S. in 2019.
This has resulted in bolstering the demand for metals such as aluminum and steel in the countries. Thus, governments of countries such as the U.S. and Canada are emphasizing on constructing new metal manufacturing plants to cater to this rising demand, which is in turn, anticipated to favor the sales of induction furnaces in the North America market.
Some of the leading players in the induction furnace market are Epcon Industrial Systems, Electrotherm, ANDRITZ AG, International Thermal Systems LLC, Danieli, DongXong, SMS, Meltech, Doshi, Carbolite Gero Limited, LP, Gasbarre Products, Inc., Ipsen International GmbH, NUTEC Group, Thermcraft Incorporated, and Nupro Corporation.
The market for induction furnace is highly competitive, due to large number of participants and increasing investment in development and introduction of induction furnace by leading players.
| Report Attribute | Details |
| Growth Rate in Automotive Sector | CAGR of 5% to 6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
|
| Countries Covered |
|
| Key Companies Profiled |
|
| Customization | Available Upon Request |
By Type:
By Furnace Capacity:
By End Use:
By Region:
FMI projects the demand for induction furnace in the market is expected to rise at 5% to 6% value CAGR by 2032
The global induction furnace market is anticipated to be dominated by Asia Pacific excluding Japan over the forecast period 2022-2032.
Epcon Industrial Systems, Electrotherm, ANDRITZ AG, International Thermal Systems LLC, Danieli, DongXong, SMS, Meltech, Doshi, Carbolite Gero Limited, LP, Gasbarre Products, Inc., Ipsen International GmbH, NUTEC Group, Thermcraft Incorporated, and Nupro Corporation some of the leading players in the prominent induction furnace market.
Explore Similar Insights
Induction Furnace Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
