Induction Furnace (IF) Market Size, Share, Growth, and Industry Analysis by Type (Induction Melting Furnace, and Induction Heating Furnace) By Application (Non-Ferrous, Ferrous, and Specialty Melting), Regional Forecast To 2031

Updated On: 01 April 2024

Induction Furnace (IF) Market Report Overview

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The induction furnace (IF) market size was USD 884 million in 2021 and is projected to touch USD 1325.64 million by 2031, at a CAGR of 4.1% during the forecast period.

An induction furnace is a type of electric furnace that uses heat generated by its own electrical resistance to melt a charge of scrap. They are ideal for melting and alloying a wide range of metals with minimal melt losses, but little metal refining is possible. Based on the theory of Electro Magnetic Induction, it uses induction to heat a metal to its melting point. A coil carrying alternating electric current surrounds the metal container or chamber in the induction furnace. Eddy currents are induced in the metal (charge), and the circulation of these currents produces extremely high temperatures, allowing the metals to be melted and alloys of exact composition to be formed.

The size of this furnace can range from a small furnace used for very precise alloys weighing less than a kilogram to much larger furnaces designed to mass produce clean metal for a variety of applications. In comparison to most other methods of metal melting, these furnace has the advantage of being a clean, energy-efficient, and well-controllable melting process.

COVID-19 Impact: Halt on Machinery and Equipment to Hamper Market

The COVID-19 pandemic affected almost every industry on the planet. The manufacturing facilities have been temporarily halted due to government restrictions and World Health Organization (WHO) guidelines. Furthermore, the prolonged lockdown in several countries disrupted the supply chain and increased raw material prices. These factors had an impact on the global induction furnace (IF) Market.

Latest Trends

"Rise in Steel and Copper Industries to Drive the Market Growth"

Major projects in industries ranging from petrochemicals to infrastructure and real estate have ensured that base metals such as steel and copper are in high demand. Construction, infrastructure, petrochemical industries, and other large users of steel and copper are among the projects. Furthermore, several long-term trends are currently boosting copper demand and are expected to continue in the coming years. Increased use of renewable energy sources and energy efficiency, widespread adoption of electric vehicles (EVs), and increased consumer use of electronics that require significant amounts of copper to function are among these trends. Since copper and aluminum melting, etc are the major applications of induction furnaces, thereby it helps in driving the global induction furnace market growth.

Induction Furnace (IF) Market Segmentations

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• By Type

The market is classified into induction melting furnace, and induction heating furnace based on type. The induction melting furnace segment will lead the global induction furnace market share throughout the forecast period.

• By Application

The market is classified into non-ferrous, ferrous, and specialty melting on the basis of application. The non-ferrous segment will lead the global induction furnace market share throughout the forecast period.

Driving Factors

"Easy Access of Induction Furnaces to Drive the Market Growth"

Electric induction furnaces have emerged as a boon for the metal manufacturing sectors, particularly for small-scale extractors. The sales are increasing due to their energy-efficient processing characteristics and easy availability in small to large capacities.

Over the last few years, there has been a rapid rise in the trend of industry 4.0 and electrification across a wide range of industries. This has resulted in the rapid adoption of process automation technologies and electric industrial equipment, particularly in emerging economies like India, China, Brazil, South Korea, Australia, and others.

"Growth of Industrial Production Capacity to Drive the Market Growth"

With an increased focus on growing industrial production capacity, governments in a number of countries are planning a slew of initiatives to promote industrial automation in order to expand their manufacturing sectors.

India Brand Equity Foundation (IBEF) reports that the Indian Department of Heavy Industries announced the Samarth Udyog Bharat 4.0 initiative in 2021 with the aim of expanding the manufacturing sector across India by the end of 2025 using the latest manufacturing techniques and new technologies. Due to their ability to reduce metal melting times and increase productivity, induction furnaces are expected to boost IF market demand in the metallurgy and metal manufacturing industries.

Restraining Factors

"High Costs to Impede Market Growth"

Induction furnaces are becoming increasingly popular in the metallurgy industry. However, high initial costs due to the large temperature difference between the outside and inside of the crucible wall, and the short life of the crucible used in these furnaces add additional cost, hampered market demand.

Customer preference is shifting away from core-type induction furnaces due to the high turbulence of the molten metal caused by electromagnetic forces during operation and the inconvenient shape of these furnaces. Apart from this, high energy consumption and high maintenance due to frequent temperature fluctuations are some of the other factors impeding market sales.

Induction Furnace (IF) Market Regional Insights

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"Asia Pacific to Hold the Major Share Due to Large Number of Market Players"

Asia Pacific accounted for a sizable share of the market in 2019, and this trend is expected to continue throughout the forecast period. The high presence of metal processing companies, rising scrap, and a thriving automotive sector all contribute to the share. China dominates the Asia Pacific induction furnace market; however, due to a ban on these furnaces for steel production, the country's market is expected to be hampered to some extent.

Rising per capita income and surging automobile demand in North America are driving up production and sales of automotive vehicles such as passenger cars. According to the Bureau of Transportation Statistics, approximately 2.51 million passenger cars were manufactured and 3.54 million cars were sold in the United States in 2019. This has increased the demand for metals such as aluminum and steel in the countries. As a result, governments in countries such as the United States and Canada are emphasizing the construction of new metal manufacturing plants to meet this rising demand, which is expected to favor the sales of induction furnaces in the North American market.

Key Industry Players

"Leading Players Adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolios and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global induction furnace market.

List of Market Players Profiled

• OTTO JUNKER (Germany)
• Inductotherm Group (U.S.)
• ABP Induction Systems (Germany)
• ECM Technologies (U.S.)
• Electrotherm (India)
• EFD Induction (Norway)
• Ajax Tocco (U.S.)
• Indotherm (India)
• Megatherm (India)
• Ningbo Haishun Electronic Co., Ltd (China)
• Ningbo Shenguang Electric Furnace Co., Ltd (China)
• Retech Systems LLC (U.S.)
• Hebei YUANTUO (China)
• Dai-ichi Kiden Co., Ltd (Japan)
• Jinlai Electromechanical (China)
• Agni Electrical (India)
• Shenzhen Shuangping (China)

REPORT COVERAGE

In the report, factors affecting the market from both demand and supply are evaluated and market dynamics during the forecast period are also forecasted. Also included in the report is a comprehensive PEST analysis of countries, which assesses the governmental, financial, and shared factors influencing their markets. Apart from all of these, the report also provides drivers, restraints, opportunities, and future trends.