Submerged Arc Furnaces Market Size - By Product (DC Submerged Arc Furnaces, AC Submerged Arc Furnaces), By Application (Ferroalloy, Silicon Metal, Fused Alumina, Calcium Carbide, Yellow Phosphorus), Regional Outlook & Global Forecast, 2024 - 2032

Submerged Arc Furnaces Market Size - By Product (DC Submerged Arc Furnaces, AC Submerged Arc Furnaces), By Application (Ferroalloy, Silicon Metal, Fused Alumina, Calcium Carbide, Yellow Phosphorus), Regional Outlook & Global Forecast, 2024 - 2032

Submerged arc furnaces market size is estimated to register 4.3% CAGR between 2024 and 2032, driven by the rising global demand for essential components like steel and ferroalloys in industries, such as construction, automotive, aerospace, and manufacturing. With the escalating infrastructure projects and urbanization, particularly in emerging economies including China and India, the need for steel and its alloys is surging.

Modern submerged arc furnaces (SAFs) are equipped with automation and control systems that enhance production efficiency, reduce energy consumption, and improve the overall operational safety. These technological improvements are more appealing to manufacturers looking to optimize their production processes and lower operational costs. The stringent environmental regulations and the increasing emphasis on sustainable manufacturing practices are also encouraging the adoption of advanced SAFs to meet higher environmental standards. For instance, in February 2023, Zimasco expanded its advanced furnaces to increase output, reduce carbon emissions, and contribute to global climate change efforts.

The industry is divided into product type, application, and region.

Based on product type, the DC submerged arc furnaces market size will gain notable traction during 2024-2032, favored by their superior efficiency and enhanced control over the smelting process compared to traditional AC furnaces. DC furnaces offer significant advantages, such as lower energy consumption, higher productivity, and the ability to process a wider range of raw materials, including those with lower grades. These benefits are particularly attractive to industries focused on reducing operational costs and increasing output quality.

Submerged arc furnaces market from the fused alumina application segment will generate lucrative revenue from 2024-2032, owing to the rising demand for high-quality abrasives and refractory materials in various industrial applications. Fused alumina, known for its superior hardness, thermal stability, and resistance to corrosion, is widely used in the manufacturing of abrasives, refractories, and ceramics. These furnaces also provide the necessary high-temperature environment and precise control required for production.

North America submerged arc furnaces industry size will witness rapid expansion between 2024-2032, attributed to the strong industrial base and increasing investments in infrastructure development and modernization. The demand for steel and ferroalloys, which are essential in the construction of bridges, highways, and commercial buildings, is on the rise as the U.S. and Canada are upgrading their aging infrastructure. The emphasis on technological innovation and sustainability for offering higher efficiency and lower environmental impact will drive the regional market growth.