Press release
Global Induction Furnace, Industry Growth, Market Trends, Analysis 2024
Induction Furnace, Market Growth
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=6923&type=smp
According to The Business Research Company's, 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 growth in the historic period can be attributed to increased urbanization, increased construction, increased growth of the iron and steel industries, and strong economic growth in emerging markets.
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%. The growth in the forecast period can be attributed to rapid industrialization, the increasing growth of the automotive market, the growing aerospace sector, and the rising global demand for steel and copper . Major trends in the forecast period include increasing integration of automation and iot (internet of things), increasing development of compact and portable furnaces, increasing adoption of green technologies, product innovations, and increasing use of induction stirring technology.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/induction-furnace-global-market-report
Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Nippon Light Metal Holdings Company, Ltd., Alcoa Inc., Sumitomo Chemical Co., Ltd., RusAL, Sasol Limited,CoorsTek Inc., Rio Tinto, Orbite Technologies Inc., Baikowski SAS, Polar Sapphire Ltd., Altech Chemicals Ltd., FYI Resources Limited, Austral Indorganics Pvt Ltd., CHALCO Shandong Co., Ltd., Xuancheng Jingrui New Material Co., Ltd., Zibo Honghe Chemical Co., Ltd., XinRen Aluminum Holdings Limited, Shandong Keheng Crystal Material Technologies Co., Ltd, TBEA, Almatis Inc., AEM UK, Norsk Hydro, Alum Tulcea S.A., Advanced Ceramic Materials, Anovion Battery Materials LLC, Syrah Resources Limited, Rio Tinto Alcan, American Elements, H.C. Starck, First Bauxite Corporation, Alumina Limited, Norsk Hydro ASA, Companhia Brasileira de Alumínio (CBA), Vale S. A, Emirates Global Aluminum (EGA), Ma'aden, Alumco, Al Khabr, Jubail Chemical Industries Company (JANA), AECI Limited, Omnia Holdings Limited, NCP Chlorchem, Sachem, Siddex RSA (Pty) Ltd
Induction Furnace Market 2024 Key Insights:
• 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%.
• Rising Aerospace Industry Propels Growth In The Induction Furnace Market
• Advancements In Induction Stirring Technology In The Induction Furnace Market
• Asia-Pacific was the largest region in the induction furnace market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=6923&type=smp
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: mailto:info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Global Induction Furnace, Industry Growth, Market Trends, Analysis 2024 here
News-ID: 3776477 • Views: …
More Releases from The Business Research Company
Company Registration Service Market Landscape 2025: Forecast Data and Growth Str …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Company Registration Service Market Through 2025?
The market size for company registration services has seen robust growth in the recent past. The market is projected to expand from $10.67 billion in 2024 to $11.55 billion in 2025, exhibiting a compound annual growth…
Comprehensive 2025 Commercial Toilet Partition Market Overview: Trends, Forecast …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Toilet Partition Market Through 2025?
In recent years, the market size for commercial toilet partitions has significantly expanded. The forecast predicts a rise from $1.82 billion in 2024 to $1.95 billion in 2025, with a compound annual growth rate (CAGR) of…
Key Trends Influencing the Growth of the Commercial Insurance For Small And Medi …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Commercial Insurance For Small And Medium-Sized Enterprises (SMEs) Market Through 2025?
The market size of commercial insurance for small and medium-sized enterprises (SMEs) has seen substantial growth over the recent years. A rise from $111.83 billion in 2024 to $119.76 billion in…
Growing Focus On Reducing Greenhouse Gas Emissions Driving The Market Growth Due …
Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.
What Is the Expected CAGR for the Combustion Emissions Analyzer Market Through 2025?
In the past few years, the market size for combustion emissions analyzer has seen robust growth. It is projected to increase from $1.02 billion in 2024 to $1.09 billion in 2025, with a compound annual growth…
More Releases for Induction
Core Type Induction Furnace Market Current Scenario and Future Prospects | Globa …
Global Core Type Induction Furnace Market Outlook 2025-2033: Rising Demand and Key Trends:
The latest research study by Infinity Business Insights, titled 'Global Core Type Induction Furnace Market,' offers 142+ pages of in-depth analysis on business strategies adopted by key and emerging industry players. It provides insights into current market developments, trends, technologies, drivers, opportunities, and overall market outlook. Understanding various segments is crucial for identifying the factors that drive market growth. Some…
Induction Heat Treatment Solution for Wind Market Size in 2023 To 2029 | Shiyan …
The Induction Heat Treatment Solution for Wind Industry market report is a valuable resource for clients who wish to forecast investments in emerging markets, expand their market share, or introduce new products. By utilizing established tools and techniques, the report offers a comprehensive and simplified analysis of the multifaceted market. With clear and understandable data presented through the use of graphs and charts, the report is a reliable marketing tool.…
Induction Furnace Melting Aluminum
The induction melting furnace working principle is that the power supply device converts the power frequency 50HZ alternating current into the medium frequency (from 300HZ to 1000HZ), converts the three-phase power frequency alternating current into the direct current after rectification, and then converts the direct current into the adjustable medium frequency current, supplies the medium frequency alternating current flowing through the capacitor and the induction coil, generates high-density magnetic lines…
Global High Frequency Induction Heating Machine Market 2019 - Inductotherm Group …
This new report by Eon Market Research, titled “Global High Frequency Induction Heating Machine Market 2019 Research Report, 2015 – 2025” offers a comprehensive analysis of High Frequency Induction Heating Machine industry at a global as well as regional and country level. Key facts analyzed in this report include the High Frequency Induction Heating Machine market size by players, regions, product types and end industries, history data 2014-2018 and forecast…
Induction Furnace Market Foraying into Emerging Economies 2018 to 2028(Based on …
Induction Furnace Market: Introduction
Induction furnace is an electrical furnace in which the heat is generated by induction heat of the metal. Induction capacities range from less than one kilogram to one hundred tonnes, and widely used to melt iron, steel, copper, aluminium and precious metal. The main advantage of the induction furnace is a clean, energy-efficient and well-controllable melting process compared to most other means of metal melting.
Induction Furnace Market:…
Global Induction Furnace Transformers Market Analysis & Outlook 2018-2025 | Kita …
Qyresearchreports include new market research report Global Induction Furnace Transformers Market Insights,Forecast to 2025 to its huge collection of research reports.
Induction Furnace Transformers are used to supply power to an induction furnace, which lowers the high voltage to the lower voltage required for induction furnace applications.
The Induction Furnace Transformers market was valued at xx Million US$ in 2017 and is projected to reach xx Million US$ by 2025, at a…
