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Induction Furnace Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

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Sheryl Dias
Induction Furnace Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast

The global induction furnace market was valued at USD 1,098.3 million in 2019 and is projected to reach USD 1,528.2 million by 2027, expanding at a CAGR of 5.1% during the forecast period.

In terms of volume, the market is projected to expand at a CAGR of 4.2% during the forecast period. Induction furnace is an electrical furnace that comprises shell, inductor coil, crucible, and cooling system. It enables melting of metal with the help of induction heating. It is an easily-controlled and energy-efficient melting process that is based on the heating effect of the electromagnetic field. The magnetic flux in induction furnace generates the heating effect in the internal side of the furnace. The inductor coil produces magnetic flux when alternating current passes through it.

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On the basis of types, the induction furnace market has been bifurcated into coreless induction furnace and channel induction furnace. The coreless induction furnace comprises of the coils carrying electrical current. A metallic charge consisting of pig iron, scrap, and ferroalloys are usually melted in such a vessel. When an electrical current is applied to the coil, a magnetic field forms that in turn generates thermal energy resulting in the melting of the charge.

Based on applications, the induction furnace market is divided into steel industry, copper industry, aluminum industry, and zinc industry. The addition of new and advanced technologies in induction furnace is expected to fuel the market in the coming years. Induction furnace is essential for small-scale metal manufacturers. It is smaller in size than the electric arc furnace, and has low operational costs. Moreover, it is less costly, which makes the induction furnace the first choice for small scale companies.

In terms of regions, the market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held a significant share of the market in 2019 and this trend is expected to continue during the forecast period. The share is attributed to the strong presence of metal processing companies, increasing scrap, and booming automotive sector. China dominates the induction furnace market in Asia Pacific; however, due to the ban on induction furnaces for the production of steel, the market in the country is expected to be hampered to a certain extent.

 

 

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