Plasma Fractionation Market Research Report Data by Product (Immunoglobulin, Coagulation Factor Concentrates, Albumin, Protease Inhibitors, and Others), by Method (Cryoprecipitation, Chromatography, Ethanol Precipitation, Ultrafiltration, and Others), by Application (Immunology, Neurology, Hematology, Critical Care, Pulmonology, Rheumatology, Hemato-Oncology, and Others), by End User (Hospitals & Clinics, Clinical Research Laboratories, Academic Institutes, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)- Industry Forecast to 2030
In 2023, the market size of induction furnaces was estimated to be USD 1919.5 million. The Induction Furnace Market industry is anticipated to experience a compound annual growth rate (CAGR) of 5.32% from USD 2021.23 million in 2024 to USD 3059.6 million by 2032. This growth is expected to occur over the forecast period (2024-2032). In recent years, the Induction Furnace Market has experienced remarkable market growth and is expected to continue to experience significant sales in the foreseeable future due to the consistent increase in demand for energy-efficient and technology-driven solutions. Additionally, the Induction Furnace Market is experiencing further growth due to the substantial demand generated by the steel and aluminum industries and the increasing manufacturing output from manufacturing industries. Additionally, the sales of induction furnaces are being significantly influenced by the substantial penetration of both small-scale and prominent manufacturers of induction furnaces across continents.
The market for induction furnaces is currently undergoing substantial growth, primarily because of the unparalleled accessibility of these cutting-edge metallurgical systems. The landscape of metal manufacturing and processing industries has been entirely transformed by this level of accessibility, resulting in a significant increase in demand for induction furnaces. Induction furnaces have historically been considered the optimal option for businesses in a variety of sectors due to their environmental friendliness, precision, and efficiency. Nevertheless, the current market trend is distinguished by the exceptional accessibility of these furnaces to a diverse array of industries, including agile startups and large-scale enterprises. This accessibility is tremendously advantageous to small and medium-sized enterprises (SMEs).
Market segment insightsThe Induction Furnace Market has been segmented into coreless induction furnace and channel induction furnace based on type.
The Market has been segmented into three categories: Up To 1 Ton, 1-100 Ton, and More Than 100 Ton, based on capacity.
The Induction Furnace Market has been segmented into steel, aluminum, copper, and other industries based on end use.
Regional PerspectivesNorth America, Europe, Asia Pacific, Middle East and Africa, and South America comprise the Induction Furnace Market, which has been segmented by region. The Induction Furnace Market is expected to be driven by the Asia Pacific and Europe regions for the duration of the forecast period. It is anticipated that the target regions will provide a total incremental opportunity of USD 769.4 Mn by the conclusion of 2032. The induction furnace market is experiencing rapid expansion in the Asia Pacific region. The expansion of this market in the region is influenced by a variety of factors. Initially, Asia Pacific is the location of several of the world's largest and fastest-growing industrial sectors, such as electronics production, automotive manufacturing, and steel production.
The induction furnace market in North America is characterized by consistent expansion, which is influenced by a variety of factors. Induction furnaces have been consistently in demand due to the region's robust industrial base, which is notably evident in the aerospace, automotive, and manufacturing sectors. These furnaces are preferred due to their eco-friendly operation, precise temperature control, and energy efficiency. In addition, the growing emphasis on environmental regulations and sustainability has led numerous industries to implement induction furnaces because of their lower energy consumption and emissions in comparison to conventional melting and heating techniques. Furthermore, the ongoing modernization and automation of manufacturing processes have significantly increased the adoption of induction furnace technology. Manufacturers are emphasizing technological advancements and product enhancements to meet the changing needs of the industry, which is also resulting in market innovations.
Major PlayersAjax TOCCO Magnethermic Corporation, Electrotherm Limited, ABP Induction System, Inductotherm Corporation, FOMET, Otto Junker, Tenova SPA, Pioneer Furnaces Pvt.Ltd, Saint-Gobain, Duca Manufacturing, ZZ Industrial (Shanghai) Co., Ltd., Topcast Engineering, Wertli AG, HarbisonWalker International, Marx GmbH & Co. KG, and others are among the major players in the market.