Press release
Global Induction Furnace Market Projected to Surpass $1.7 Billion by 2029 with 7.2% Annual Growth
Induction Furnace
The induction furnace market is poised for expansion with the growing advancement of the aerospace industry. Aerospace companies frequently employ induction furnaces due to their suitability in meeting specifically defined manufacturing standards. The induction furnace finds multipurpose uses in aircraft manufacturing such as heat processing, metal hardening, epoxy and coating solidification, research and experimentation with special materials, thermal bonding of composite substances, casting of various metals involving titanium and superalloys, vacuum and levitation melting of special alloys, among others. For instance, the Aerospace Industries Association, a government entity based in the U.S, detailed in September 2024 that the U.S aerospace and defense industry surpassed a pivotal landmark in 2023 by recording over $955 billion in sales. This denoted a 7.1 percent surge compared to the preceding year. Consequently, the robust growth within the aerospace field propels the advancement of the induction furnace market.
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How will the growth rate of the induction furnace market shape industry trends by 2034?
The size of the induction furnace market has seen considerable expansion recently. Its growth trajectory is projected to elevate from $1.21 billion in 2024 to $1.29 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.5%. The past growth in the market has been influenced by factors such as heightened urbanisation, expanded construction activities, surge in the iron and steel sectors, and robust economic development in budding markets.
Forecasting robust expansion in upcoming years, the induction furnace market is slated to surge to a whopping $1.7 billion by 2029, with a compound annual growth rate (CAGR) of 7.1%. This projected growth during the forecast period can be credited to rapid industrial development, booming automotive market, expansion of the aerospace industry, and increasing worldwide steel and copper demand. The forecast period is also expected to see major trends such as greater integration of automation and IoT (Internet of Things), developments in creating compact and portable furnaces, rising acceptance of eco-friendly technologies, innovative product developments, and a growing preference for induction stirring technology.
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What are the emerging trends shaping the future of the induction furnace market?
Leading players in the induction furnace market are gradually adopting the technology of induction stirring to boost the uniformity of molten metal. This technique leverages magnetic fields to generate swirling actions that ameliorate mixing and alloying, becoming especially advantageous in the manufacture of specialty alloys and high-caliber castings. For instance, in October 2023, Italy-based firm Tenova, which offers eco-friendly solutions for the mining and metals industries, teamed up with ABB, a Switzerland-based corporation that specializes in automation and electrification technologies. Their aim was to ameliorate the performance of electric arc furnaces by incorporating cutting-edge stirring technologies and automation systems. This collaboration aimed to elevate efficiency, productivity, and green sustainability in the processes of steel production.
Which primary segments of the induction furnace market are driving growth and industry transformations?
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
Subsegments:
1) By Coreless Induction Furnace: Medium Frequency Coreless Induction Furnace, High Frequency Coreless Induction Furnace
2) By Channel Induction Furnace: Horizontal Channel Induction Furnace, Vertical Channel Induction Furnace
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Which geographical regions are pioneering growth in the induction furnace market?
Asia-Pacific was the largest region in the induction furnace market in 2024. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the influential players reshaping the induction furnace market landscape?
Major companies operating in the induction furnace market include 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
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What Is Covered In The Induction Furnace Global Market Report?
• Market Size Forecast: Examine the induction furnace market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the induction furnace market for a structured understanding.
• Key Players Overview: Analyze major players in the induction furnace market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the induction furnace market.
• Segment Contributions: Evaluate how different segments drive overall growth in the induction furnace market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the induction furnace market.
• Industry Challenges: Identify potential risks and obstacles affecting the induction furnace market.
• Competitive Landscape: Review strategic developments in the induction furnace market, including expansions, agreements, and new product launches.
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