Global Electric Arc Furnaces Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Electric Arc Furnaces Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An electric arc furnace (EAF) is a furnace that heats charged material by means of an electric arc. Industrial arc furnaces range in size from small units of approximately one-ton capacity (used in foundries for producing cast iron products) up to about 400-tonne units used for secondary steelmaking.

Market Overview:

The latest research study on the global Electric Arc Furnaces market finds that the global Electric Arc Furnaces market reached a value of USD 1029.7 million in 2022. It’s expected that the market will achieve USD 1462.68 million by 2028, exhibiting a CAGR of 6.02% during the forecast period.

Market Risk

Since the construction of electric arc furnaces requires high-quality components, design complexity is the main limiting factor for electric arc furnaces. If cheap substitute products are used in the structure of electric arc furnaces, the motors may be damaged. Any failure of the motor components may cause accidents or damage. In order to prevent this, various aspects need to be considered. This is a challenging development process that may affect the growth of the global market.
One of the main factors hindering the growth of this market is the downsizing of the Chinese steel industry to reduce the debt of the steel industry. The Chinese government has also shut down several obsolete and illegal steel plants to reduce pollution levels in Chinese cities such as Beijing and Hebei. Since China is one of the world's largest steel producers, consumers and exporters, layoffs in the Chinese steel industry will have a negative impact on the growth of the electric arc furnaces market.

Region Overview:

From 2023-2028, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

SMS group GmbH is one of the major players operating in the Electric Arc Furnaces market, holding a share of 9% in 2021.

SMS group GmbH provides plant construction and mechanical engineering services. The Company offers plants and machinery solutions for casting, cold rolling, forging, hot rolling, metallurgy, mini mills, and tube and pipe making services. SMS Group serves customers worldwide.

Primetals Technologies, Limited operates as an engineering and plant construction company. The Company provides ironmaking, steelmaking, continuous casting, hot rolling long, nonferrous rolling, endless casting and rolling, and custom-tailored plant equipment and services.

Segmentation Overview:

Among different product types, DC-EAF segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the Metal smelting segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Electric Arc Furnaces market covered in Chapter 3:

IHI Corporation
SARRALLE
Doshi Technologies Pvt. Ltd
Electrotherm (India) Ltd.
Edmund Bühler GmbH
Xi’an Tengye Metallurgical Engineering Co., Ltd.
BK-Services GmbH
SMS group GmbH
STEEL PLANTECH
Primetals Technologies Limited
INTECO GROUP
Danieli
Tenova Inc

In Chapter 4 and Chapter 14.2, on the basis of types, the Electric Arc Furnaces market from 2018 to 2029 is primarily split into:

AC-EAF
DC-EAF

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electric Arc Furnaces market from 2018 to 2029 covers:

Metal Smelting
Ore Smelting
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)