This site uses cookies, including third-party cookies, that help us to provide and improve our services.

Privacy Policy
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, United States
T: +1-845-579-5705
MEA
Market Access DMCC
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Americas
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
London W1B 3HH
United Kingdom
T: + 44 (0) 20 8123 9659
D: +44 (0) 20 3287 4268
APAC
Future Market Insights
Office No. 401-A, 4th Floor,
VANTAGE 9, S.No. 36/1/1,
Baner, Pune 411045 India

Induction Furnace Market

Market Insights on Induction Furnace covering sales outlook, demand forecast & up-to-date key trends

Induction Furnace Market by Type, Furnace Capacity, End-Use & Region - Forecast 2022 - 2032

Induction Furnace Market Outlook (2022-2032)

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.

Which are Some Prominent Drivers Spearheading Induction Furnace Market Growth?

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.

Customize this Report

Let us know your requirement to get
100% FREE customization

What are the Challenges Faced by the Induction Furnace 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.

Why is Asia Pacific Excluding Japan Emerging as an Opportunistic Induction Furnace Market?

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.

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

How is North America Contributing to the Growth of the Induction Furnace 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.

Market Competition

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.

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Report Scope

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

  • Type
  • Furnace Capacity
  • End Use
  • Region

Countries Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Companies Profiled

  • 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
  • Nupro Corporation

Customization

Available Upon Request

Key Segments Profiled in the Induction Furnace Market Survey

By Type:

  • Coreless Induction Furnace
  • Channel Induction Furnace
  • Rollover Induction Furnace

By Furnace Capacity:

  • Below 1 Ton
  • Between 1 to 100 Tons
  • Above 100 Tons

By End Use:

  • Steel Industry
  • Copper Industry
  • Aluminum Industry
  • Zinc Industry
  • Other Metal Manufacturing Industry

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Frequently Asked Questions

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.

Table of Content

NA

Customize this Report

Let us know your requirement to get
100% FREE customization

List of Tables

NA

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

List of Charts

NA

Need specific information?

Request Customization

Explore Industrial Automation Insights

View Reports
Google translate

Induction Furnace Market