Electric Arc Furnaces Market: Size and Growth Trends by 2024

The global electric arc furnace market size was valued at USD 730.2 million in 2023. The market is projected to grow from USD 794.3 million in 2024 to USD 1,891.1 million by 2032, exhibiting a CAGR of 11.5% during the forecast period.

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Industry developments of electric arc furnaces market:

• • Tenova supplied its electric arc furnace to ORI Martin, a European steel group that specializes in manufacturing steel for the automotive, fastener, mechanical, and building sectors. Tenova replaced the existing EAF at the mill in Brescia, Italy.
  • ArcelorMittal planned to invest in a new electric arc furnace production capacity at Belval, Luxembourg. The company planned to invest approximately USD 16.4 Million.
  • Shinkansai Steel Co. Ltd., a Japanese flat-steel manufacturer, came into contract with Danieli to inbuild its Q-One digital power electronics technology to operate electric arc furnaces and maintain the power factor close to unity.
  • Primetals Technologies and Salzgitter Flachstahl GmbH undergone a contract for the engineering, supply, and installation of an electric arc furnace where the company has made a capital investment of about USD 724 Million for a low carbon dioxide (CO2) steelmaking facility.

Top Companies of electric arc furnaces market:

• • • Nippon Steel Corporation (Japan)
    • Danieli & C. Officine Meccaniche SpA (Italy)
    • ArcelorMittal (Luxembourg)
    • Tenova S.p.A. (Italy)
    • SMS Group GmbH (Germany)
    • Electrotherm (India)
    • Paul Wurth IHI Co., Ltd. (Japan)
    • Primetals Technologies (U.K.)
    • Wuxi Dongxong Heavy Arc Furnace Co., Ltd. (China)
    • JP Steel Plantech Co. (Japan)

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Electric Arc Furnaces Market Segmentation

Electric Arc Furnace Market Share, Size & Industry Analysis, By Type (DC Arc Furnace and AC Arc Furnace), By Capacity (Up to 100 Tons, 100 – 300 Tons, and Above 300 Tons), By Application (Ferrous Metals and Non-Ferrous Metals), and Regional Forecast Between, 2024 – 2032

Reasons to buy this report:

The present state of the market, trends, growth areas, and competitive dynamics in the electric arc furnaces market are all thoroughly examined in this report. It helps companies to see areas for expansion and improvement while pointing out possible difficulties and dangers. The report’s evaluation of product portfolios and business segments helps stakeholders make better-informed investments and market strategies.

Developing successful success strategies in the electric arc furnaces market can be facilitated and decision-making greatly enhanced by having a solid understanding of the industry dynamics described in the report. All things considered, this report is a great resource for anyone looking for in-depth knowledge about this quickly evolving industry.

Regional Atributes:

• • • North America (By Type, By Capacity, By Application, and By Country)
      • U.S.  (By Capacity)
      • Canada (By Capacity)
      • Mexico (By Capacity)
    • Europe (By Type, By Capacity, By Application, and By Country)
      • Germany (By Capacity)
      • U.K. (By Capacity)
      • France (By Capacity)
      • Italy (By Capacity)
      • Russia (By Capacity)
      • Rest of Europe
    • Asia Pacific (By Type, By Capacity, By Application, and By Country)
      • China (By Capacity)
      • India (By Capacity)
      • Japan (By Capacity)
      • South Korea (By Capacity)
      • Rest of Asia Pacific
    • Middle East & Africa (By Type, By Capacity, By Application, and By Country)
      • Turkey (By Capacity)
      • GCC (By Capacity)
      • South Africa (By Capacity)
      • Rest of the Middle East & Africa
    • South America (By Type, By Capacity, By Application, and By Country)
      • Brazil (By Capacity)
      • Argentina (By Capacity)
      • Rest of South America

Table of Contents:

• • • Introduction
      • Research Scope
      • Market Segmentation
      • Research Methodology
      • Definitions and Assumptions
    • Executive Summary
    • Market Dynamics
      • Market Drivers
      • Market Restraints
      • Market Opportunities
    • Key Insights
      • Key Industry Developments – Merger, Acquisitions, and Partnerships
      • Porter’s Five Forces Analysis
      • SWOT Analysis
      • Technological Developments
      • Value Chain Analysis

TOC Continued…!

Electric Arc Furnaces Market Drivers and restrains:

• • • Driver: Increasing Demand for Steel ProductionThe growing demand for steel across various industries, including construction, automotive, and manufacturing, drives the adoption of electric arc furnaces (EAFs) for efficient and cost-effective steel production.
    • Driver: Technological AdvancementsInnovations in EAF technology, such as improved energy efficiency, automation, and enhanced control systems, contribute to the growing use of electric arc furnaces by offering better performance and reduced operational costs.
    • Driver: Environmental Regulations and SustainabilityStricter environmental regulations and a focus on sustainability drive the shift towards EAFs, which have lower carbon emissions and offer better recycling capabilities compared to traditional blast furnaces.
    • Restraint: High Initial Capital InvestmentThe substantial capital required for the installation and setup of electric arc furnaces can be a barrier for smaller steel producers or companies with limited financial resources.
    • Restraint: Energy Consumption and Operational CostsAlthough EAFs are more environmentally friendly, they can have high energy consumption and operational costs, which may impact profitability and present challenges for efficient energy management.

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