What is Global Electric Arc Furnaces Market?
The Global Electric Arc Furnaces Market is a comprehensive study of the current trends, growth indicators, and market dynamics that revolve around the production and use of electric arc furnaces worldwide. Electric arc furnaces are advanced equipment used in the process of heating charged material, typically in the form of metal ore or scrap metal, to cause a chemical change resulting in the extraction of a base metal. They are an integral part of the metal smelting and ore smelting industries. The global market for these furnaces was valued at a significant US$ 641.4 million in 2022. The market is projected to grow at a steady pace, reaching an estimated value of US$ 988.6 million by 2029. This represents a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2023 to 2029. The market is dominated by five key players - Danieli, SMS, Electrotherm, TENOVA, and Primetals Technologies, who collectively hold a market share of approximately 56%.
AC-EAF, DC-EAF in the Global Electric Arc Furnaces Market:
The two main types of electric arc furnaces are AC-EAF (Alternating Current Electric Arc Furnace) and DC-EAF (Direct Current Electric Arc Furnace). AC-EAFs are the traditional type of furnace, using three electrodes to create an electric arc that melts the charged material. On the other hand, DC-EAFs use a single electrode, resulting in a more focused and efficient arc. Both types of furnaces have their own advantages and disadvantages, and their usage depends on the specific requirements of the smelting process. The choice between AC and DC furnaces can significantly impact the efficiency, cost, and environmental footprint of the smelting operation.
Metal Smelting, Ore Smelting, Others in the Global Electric Arc Furnaces Market:
The Global Electric Arc Furnaces Market finds its application in various areas, primarily in metal smelting, ore smelting, and others. In metal smelting, these furnaces are used to melt scrap metal and convert it into useful products. This process is crucial in the recycling of metals, contributing to the conservation of natural resources and reduction of environmental pollution. In ore smelting, electric arc furnaces are used to extract base metals from their ores. This is a critical process in the mining industry, enabling the production of metals for various industrial applications. Other applications of electric arc furnaces include the production of alloys, refining of metals, and production of steel from direct reduced iron (DRI).
Global Electric Arc Furnaces Market Outlook:
To rephrase the market outlook, the Global Electric Arc Furnaces Market is currently valued at US$ 641.4 million as of 2022. It is expected to grow at a CAGR of 6.3% during the forecast period of 2023-2029, reaching a projected value of US$ 988.6 million by 2029. The market is dominated by five major players - Danieli, SMS, Electrotherm, TENOVA, and Primetals Technologies, who collectively account for about 56% of the market share.
| Report Metric | Details |
| Report Name | Electric Arc Furnaces Market |
| Accounted market size in 2022 | US$ 641.4 million |
| Forecasted market size in 2029 | US$ 988.6 million |
| CAGR | 6.3% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Danieli, SMS, Electrotherm, TENOVA, Primetals Technologies, Steel Plantech, IHI, Doshi, TYMEC, DongXong, Sermak Metal, XiYe Technology Group |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
