Induction Furnace Market Analysis: Market Size, Lucrative Segments, And Player Strategies

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company's Induction Furnace Global Market Report 2023, the global induction furnace market size will grow from $1 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The induction furnace market size is then expected to grow to $1.4 billion in 2027 at a CAGR of more than 6%. 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 induction furnace market growth.

The global induction furnace market is segmented -

1) By Type: Coreless Induction Furnace, Channel Induction Furnace

2) By End-Use Industry: Steel Industry, Copper Industry, Aluminum Industry, Zinc Industry

3) By Furnace Capacity: Up To 1 Ton, 1–100 Ton, More than 100 Ton

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.

Learn More On The Induction Furnace Market Report – https://www.thebusinessresearchcompany.com/report/induction-furnace-global-market-report

The global induction furnace market is highly fragmented, with a large number of players in the market. Danieli Group was the largest competitor with 6.1% of the market, followed by SMS Group (SMS Elotherm GmbH), Tenova S.p.A, Electrotherm Limited, IHI Group, Meltech Ltd., ABP Induction Systems, Inductotherm Groupwith, JP Steel Plantech Co. and ECM Technologies.

Companies operating in the induction furnace market are focusing on developing new, innovative products to strengthen their position in the market. For instance, in January 2020, Inductotherm, a US-based machinery manufacturing company, launched a new hybrid furnace that combines the best features of both coreless and channel technologies for melting, holding, and casting aluminium. This innovative furnace is appealing for a range of aluminium casting applications since it is built to provide operational flexibility, allow for inert gas cover, and give rapid alloy changes. The Hybrid Furnace is adaptable to bigger applications and is available in conventional capacities (10–40 metric tons). The design includes a number of fume exhaust systems to maintain a clean working environment, load cells to measure the weight of the metal, a dross door, and a back tilting mechanism to remove dross from the melt surface.

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As per the induction furnace market analysis, Asia Pacific was the largest region in the induction furnace market and was worth $456 million in 2022.

The induction furnace market in Asia Pacific is supported by the presence of a large construction industry in the region. The construction sector uses steel and other metals that are largely melted and processed by an induction furnace. In 2022, China's construction market was valued at 2.8 trillion.

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