Induction Furnace Market Trends, Business Growth And Major Players And Forecast To 2033

The new report published by The Business Research Company, titled Induction Furnace Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the induction furnace market size has grown strongly in recent years. It will grow from $1.14 billion in 2023 to $1.22 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The induction furnace market size is expected to see strong growth in the next few years. It will grow to $1.59 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.

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Rising Aerospace Industry Propels Growth In The Induction Furnace Market
The growth of the aerospace industry is expected to propel the growth of the induction furnace market going forward. Aerospace firms commonly use induction furnaces due to their predetermined specifications in manufacturing requirements. In aerospace, the induction furnace provides various applications in the manufacturing of aircraft, such as heat treating, hardening of metals, curing of epoxies and coatings, special materials research and testing, heating and bonding of composite materials, casting of different metals, including titanium and super alloys, vacuum and levitation melting of special alloys, and others. For instance, British aerospace exports are expected to reach $40.3 billion by 2026, an increase of 1.1% year on year on average. In 2021, the United Kingdom was placed fourth, after Germany's $34.5 billion. France, Germany, and the United Kingdom came in second, third, and fourth place, respectively, in this list. Therefore, the increasing growth of the aerospace sector will drive the induction furnace market.

Advancements In Induction Stirring Technology In The Induction Furnace Market
The increasing use of induction stirring technology is gaining popularity in the induction furnace market. Induction furnaces are being equipped with induction stirring technology to increase the homogeneity of molten metal. Using magnetic fields, this method causes the liquid metal to swirl, improving mixing and alloying. In the creation of specialty alloys and high-quality castings, it finds its use. For instance, in December 2021, ABB, a US-based industrial furnace manufacturer, introduced its Tundish EMS solution to help steelmakers get beyond the tundish vessel's restricted capacity to manage the flow of molten metal and, therefore, the quality and temperature of the steel. Utilizing non-contact electromagnetic stirring technology, Tundish EMS is mounted on the exterior of the tundish and produces an electromagnetic field that causes the bath melt to stir. With faster flow rates, the removal of dead zones, and temperature homogeneity, continuous stirring greatly expands the mixing zone volume over almost the full tundish. For steel producers who have many casting strands originating from a single tundish, the use of this electromagnetic stirring technique will be particularly crucial. Greater inclusion removal will result in smoother, cleaner steel and reductions in nozzle clogging.

The induction furnace market covered in this report is segmented -

1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By Furnace Capacity: Up To 1 Ton, 1-100 Ton, More Than 100 Ton
3) By End-Use Industries: Steel, Copper, Aluminium, Zinc, Other End-Use Industries

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Major companies operating in the induction furnace market report are Danieli Group, SMS Group, Tenova S.p.A, Electrotherm Limited, IHI Group, Meltech Ltd., ABP Induction Systems, Inductotherm Group, JP Steel Plantech Co., ECM Technologies, Indotherm Equipment Corporation, Dongguan Jinlai Electromechanical Device Co. Ltd., Guangzhou Durowelder Limited, Shandong Huaxin Electric Furnace Co. Ltd., Xi'an Abundance Electric Technology Co. Ltd., EFD Induction Ltd, Consarc Engineering Ltd, Wallwork Group, eldec Induction GmbH, Inductoheat Europe GmbH, PIOMA-ODLEWNIA S.A, Electrometalurgica S.A., Pillar Induction, ESC Induction, AMLET, EMSCO Inc., Ajax Tocco Magnethermic, Amir Industrial Equipments, Iran Industrial Furnaces, Cerefco, MUR Industries CC, Induction Technology Corporation, GH Induction group, TermiSoluciones SAS, Thermochem Furnaces Pvt. Ltd, ELTERMA S.A

Contents of the report:
1. Executive Summary
2. Induction Furnace Market Report Structure
3. Induction Furnace Market Trends And Strategies
4. Induction Furnace Market - Macro Economic Scenario
5. Induction Furnace Market Size And Growth
…..
27. Induction Furnace Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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