Electric Arc Furnaces Market Size, Share, and Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Application (Ferrous Metals and Non-Ferrous Metals), By Capacity (Below 100 Tons, 100-300 Tons, and Above 300 Tons), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
Electric Arc Furnaces Market Size, Share, and Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Application (Ferrous Metals and Non-Ferrous Metals), By Capacity (Below 100 Tons, 100-300 Tons, and Above 300 Tons), and By Region (North America, Europe, Asia-Pacific, And Rest of the World) And Regional Forecast 2024-2034
PRODUCT OVERVIEW
Electric Arc Furnaces Market is anticipated t%li%grow at a CAGR of 9.2% in the forecast period (2024-2034), with the market size valued at USD 0.93 billion in 2023 and projected t%li%reach USD 2.45 billion by 2034.
Electric arc furnaces (EAFs) refer t%li%essential equipment that are used in the production of steel and utilizes electric arcs between graphite electrodes and recycled steel scrap t%li%reach temperatures as high as 3000°C. The process melts the scrap, which enables the elimination of impurities and offer precise control over the steel composition. EAFs have advantages over traditional blast furnaces, such as low emissions, less energy use, and more material flexibility. They play an important role in the production of specialty steels and alloys with specific compositions, which makes substantial contributions t%li%modern steel manufacturing. Furthermore, EAFs play an important role in steel recycling, which supports sustainable practices through the efficient use of scrap metal. Therefore, EAFs are efficient alternative in steel manufacturing, which assures that the industry complies with environmental and economic requirements.
MARKET HIGHLIGHTS
Electric Arc Furnaces Market is anticipated t%li%reach USD 2.45 billion, growing at a CAGR of 9.2% during the forecast period, owing t%li%high demand for steel and other metals due t%li%infrastructure developments happening across developing economies. Additionally, technological improvements, along with the integration of AI and data visualization tools are assisting in using electric furnaces more effortlessly and efficiently. Moreover, electric furnaces are predominately used in the steelmaking and metal recycling industries. It is used t%li%create steel and across the automobile, construction, and manufacturing sectors. In metal recycling, it is employed in recycling waste metals from landfills. Furthermore, continuous R&D initiatives t%li%improve EAF technology, such as the integration of digitalization and automation, are projected t%li%boost market growth.
Electric Arc Furnaces Market Segments:
Growth Drivers
Surge In Global Steel Demand in Every Major Industry t%li%Drive the Market
Advancement In Furnace Technology Is Leading the Way for Electric Furnace Market
Restraint
High Initial Investments for Setting Up the Industrial Plants Can Hinder the Financial Growth
Key Players
PRODUCT OVERVIEW
Electric Arc Furnaces Market is anticipated t%li%grow at a CAGR of 9.2% in the forecast period (2024-2034), with the market size valued at USD 0.93 billion in 2023 and projected t%li%reach USD 2.45 billion by 2034.
Electric arc furnaces (EAFs) refer t%li%essential equipment that are used in the production of steel and utilizes electric arcs between graphite electrodes and recycled steel scrap t%li%reach temperatures as high as 3000°C. The process melts the scrap, which enables the elimination of impurities and offer precise control over the steel composition. EAFs have advantages over traditional blast furnaces, such as low emissions, less energy use, and more material flexibility. They play an important role in the production of specialty steels and alloys with specific compositions, which makes substantial contributions t%li%modern steel manufacturing. Furthermore, EAFs play an important role in steel recycling, which supports sustainable practices through the efficient use of scrap metal. Therefore, EAFs are efficient alternative in steel manufacturing, which assures that the industry complies with environmental and economic requirements.
MARKET HIGHLIGHTS
Electric Arc Furnaces Market is anticipated t%li%reach USD 2.45 billion, growing at a CAGR of 9.2% during the forecast period, owing t%li%high demand for steel and other metals due t%li%infrastructure developments happening across developing economies. Additionally, technological improvements, along with the integration of AI and data visualization tools are assisting in using electric furnaces more effortlessly and efficiently. Moreover, electric furnaces are predominately used in the steelmaking and metal recycling industries. It is used t%li%create steel and across the automobile, construction, and manufacturing sectors. In metal recycling, it is employed in recycling waste metals from landfills. Furthermore, continuous R&D initiatives t%li%improve EAF technology, such as the integration of digitalization and automation, are projected t%li%boost market growth.
Electric Arc Furnaces Market Segments:
- By Type
- DC Arc Furnace
- AC Arc Furnace
- By Application
- Ferrous Metals
- Non-Ferrous Metals
- By Capacity
- Below 100 Tons
- 100-300 Tons
- Above 300 Tons
Growth Drivers
Surge In Global Steel Demand in Every Major Industry t%li%Drive the Market
Advancement In Furnace Technology Is Leading the Way for Electric Furnace Market
Restraint
High Initial Investments for Setting Up the Industrial Plants Can Hinder the Financial Growth
Key Players
- Danieli & C. Officine Meccaniche S.p.A.
- SMS group GmbH
- Nippon Steel Corporation
- Siemens AG
- Electrotherm (India) Limited
- Tenova S.p.A.
- Mitsubishi Heavy Industries, Ltd.
- China First Heavy Industries
- Primetals Technologies Limited
- Techint Group
- IHI Corporation
- TENOVA LOI Thermprocess GmbH
- Doshi Technologies Pvt. Ltd.
- Inductotherm Corp.
- Mcwane, Inc.
- Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAG.R – United States and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA
- Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
- Provision of market value (USD Billion) data for each segment and sub-segment
- Indicates the region and segment that is expected t%li%witness the fastest growth as well as t%li%dominate the market
- Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
- Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
- Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
- The current as well as the future market outlook of the industry with respect t%li%recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
- Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
- Provides insight int%li%the market through Value Chain
- Market dynamics scenario, along with growth opportunities of the market in the years t%li%come
- 3-month post-sales analyst support.
1.EXECUTIVE SUMMARY
1.1. Regional Market Share
1.2.Business Trends
1.3. Electric Arc Furnaces Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Electric Arc Furnaces Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.ELECTRIC ARC FURNACES MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview on world economy
4.3.Industry ecosystem Channel analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porters Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.ELECTRIC ARC FURNACES MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3. Market Segmentation
11.3.1.By Type
11.3.1.1.DC Arc Furnace
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2. AC Arc Furnace
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Capacity
11.3.2.1.Below 100 Ton
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2.100-300 Ton
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Above 300 Ton
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By Application
11.3.3.1.Ferrous Metals
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2.Non-Ferrous Metals
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1.By Type
12.3.2. By Capacity
12.3.3. By Application
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Type
13.3.2. By Capacity
13.3.3. By Application
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Type
14.3.2. By Capacity
14.3.3. By Application
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Type
15.3.2. By Capacity
15.3.3. By Application
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Type
16.3.2. By Capacity
16.3.3. By Application
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Danieli & C. Officine Meccaniche S.p.A
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. SMS group GmbH
18.3. Nippon Steel Corporation
18.4. Siemens AG
18.5. Electrotherm (India) Limited
18.6. Tenova S.p.A.
18.7. Mitsubishi Heavy Industries, Ltd.
18.8. China First Heavy Industries
18.9. Primetals Technologies Limited
18.10. Techint Group
18.11.IHI Corporation
18.12. TENOVA LOI Thermprocess GmbH
18.13. Doshi Technologies Pvt. Ltd.
18.14. Inductotherm Corp.
18.15. Mcwane, Inc.
18.16.. Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
1.1. Regional Market Share
1.2.Business Trends
1.3. Electric Arc Furnaces Market: COVID-19 Outbreak
1.4. Regional Trends
1.5. Segmentation Snapshot
2. RESEARCH METHODOLOGY
2.1.Research Objective
2.2. Research Approach
2.3. Data Sourcing and Methodology
2.4.Primary Research
2.5.Secondary Research
2.5.1.Paid Sources
2.5.2. Public Sources
2.6. Market Size Estimation and Data Triangulation
3. MARKET CHARACTERISTICS
3.1.Market Definition
3.2.Electric Arc Furnaces Market: COVID-19 Impact
3.3. Key Segmentations
3.4.Key Developments
3.5.Allied Industry Data
4.ELECTRIC ARC FURNACES MARKET – INDUSTRY INSIGHTS
4.1. Industry Segmentation
4.2.COVID-19 overview on world economy
4.3.Industry ecosystem Channel analysis
4.4.Innovation & Sustainability
5. MACROECONOMIC INDICATORS
6. RECENT DEVELOPMENTS
7. MARKET DYNAMICS
7.1.Introduction
7.2. Growth Drivers
7.3. Market Opportunities
7.4.Market Restraints
7.5. Market Trends
8.RISK ANALYSIS
9. MARKET ANALYSIS
9.1.Porters Five Forces
9.2. PEST Analysis
9.2.1.Political
9.2.2. Economic
9.2.3. Social
9.2.4. Technological
10.ELECTRIC ARC FURNACES MARKET
10.1.Overview
10.2. Historical Analysis (2019-2022)
10.2.1. Market Size, Y-o-Y Growth (%) and Market Forecast
11. ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
11.1. Overview
11.2.Key Findings
11.3. Market Segmentation
11.3.1.By Type
11.3.1.1.DC Arc Furnace
11.3.1.1.1.By Value (USD Million) 2024-2034F
11.3.1.1.2. Market Share (%) 2024-2034F
11.3.1.1.3. Y-o-Y Growth (%) 2024-2034F
11.3.1.2. AC Arc Furnace
11.3.1.2.1. By Value (USD Million) 2024-2034F
11.3.1.2.2.Market Share (%) 2024-2034F
11.3.1.2.3.Y-o-Y Growth (%) 2024-2034F
11.3.2. By Capacity
11.3.2.1.Below 100 Ton
11.3.2.1.1. By Value (USD Million) 2024-2034F
11.3.2.1.2.Market Share (%) 2024-2034F
11.3.2.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.2.2.100-300 Ton
11.3.2.2.1.By Value (USD Million) 2024-2034F
11.3.2.2.2. Market Share (%) 2024-2034F
11.3.2.2.3. Y-o-Y Growth (%) 2024-2034F
11.3.2.3. Above 300 Ton
11.3.2.3.1.By Value (USD Million) 2024-2034F
11.3.2.3.2. Market Share (%) 2024-2034F
11.3.2.3.3. Y-o-Y Growth (%) 2024-2034F
11.3.3.By Application
11.3.3.1.Ferrous Metals
11.3.3.1.1. By Value (USD Million) 2024-2034F
11.3.3.1.2.Market Share (%) 2024-2034F
11.3.3.1.3.Y-o-Y Growth (%) 2024-2034F
11.3.3.2.Non-Ferrous Metals
11.3.3.2.1.By Value (USD Million) 2024-2034F
11.3.3.2.2. Market Share (%) 2024-2034F
11.3.3.2.3. Y-o-Y Growth (%) 2024-2034F
12.NORTH AMERICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
12.1.Overview
12.2. Key Findings
12.3. Market Segmentation
12.3.1.By Type
12.3.2. By Capacity
12.3.3. By Application
12.4. Country
12.4.1. United States
12.4.2. Canada
13.EUROPE ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
13.1.Overview
13.2. Key Findings
13.3. Market Segmentation
13.3.1.By Type
13.3.2. By Capacity
13.3.3. By Application
13.4.Country
13.4.1.Germany
13.4.2. United Kingdom
13.4.3. France
13.4.4. Italy
13.4.5. Spain
13.4.6. Russia
13.4.7. Rest of Europe (BENELUX, NORDIC, Hungary, Turkey & Poland)
14.ASIA-PACIFIC ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
14.1. Overview
14.2. Key Findings
14.3.Market Segmentation
14.3.1.By Type
14.3.2. By Capacity
14.3.3. By Application
14.4. Country
14.4.1.India
14.4.2. China
14.4.3. South Korea
14.4.4.Japan
14.4.5.Rest of APAC
15.MIDDLE EAST AND AFRICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
15.1.Overview
15.2. Key Findings
15.3. Market Segmentation
15.3.1.By Type
15.3.2. By Capacity
15.3.3. By Application
15.4.Country
15.4.1. Israel
15.4.2. GCC
15.4.3. North Africa
15.4.4.South Africa
15.4.5. Rest of Middle East and Africa
16. LATIN AMERICA ELECTRIC ARC FURNACES MARKET SIZE & FORECAST 2024A-2034F
16.1.Overview
16.2. Key Findings
16.3. Market Segmentation
16.3.1.By Type
16.3.2. By Capacity
16.3.3. By Application
16.4.Country
16.4.1. Mexico
16.4.2. Brazil
16.4.3. Rest of Latin America
17. COMPETITIVE LANDSCAPE
17.1.Company market share, 2023
17.2. Key player overview
17.3. Key stakeholders
18. COMPANY PROFILES
18.1. Danieli & C. Officine Meccaniche S.p.A
18.1.1.Company Overview
18.1.2.Financial Overview
18.1.3.Key Product; Analysis
18.1.4.Company Assessment
18.1.4.1.Product Portfolio
18.1.4.2.Key Clients
18.1.4.3. Market Share
18.1.4.4. Recent News & Development (Last 3 Yrs.)
18.1.4.5. Executive Team
18.2. SMS group GmbH
18.3. Nippon Steel Corporation
18.4. Siemens AG
18.5. Electrotherm (India) Limited
18.6. Tenova S.p.A.
18.7. Mitsubishi Heavy Industries, Ltd.
18.8. China First Heavy Industries
18.9. Primetals Technologies Limited
18.10. Techint Group
18.11.IHI Corporation
18.12. TENOVA LOI Thermprocess GmbH
18.13. Doshi Technologies Pvt. Ltd.
18.14. Inductotherm Corp.
18.15. Mcwane, Inc.
18.16.. Other Prominent Players
19. APPENDIX
20.CONSULTANT RECOMMENDATION
