Key Trends Influencing the Growth of the Induction Furnace Market in 2025: Major Companies Adopt Induction Stirring Technology to Boost Efficiency and Quality in Induction Furnaces

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What Is the Expected CAGR for the Induction Furnace Market Through 2025?
The steady increase in the size of the induction furnace market in the past years is evident. There is a projected growth from $1.21 billion in 2024 to $1.27 billion in 2025, marking a compound annual growth rate (CAGR) of 4.8%. Factors contributing to the growth during the historic period include higher urbanization levels, an uptick in construction activities, expansion of iron and steel industries, and significant economic growth in budding markets.

What's the Projected Size of the Global Induction Furnace Market by 2029?
Over the coming years, substantial expansion is anticipated in the induction furnace market, which is expected to reach a valuation of $1.64 billion by 2029, registering a compound annual growth rate (CAGR) of 6.6%. The growth during the forecast period can be credited to accelerating industrialization, the expanding automotive market, the burgeoning aerospace sector, and the escalating global demand for steel and copper. The forecast period is also expected to witness prevailing trends such as the heightened integration of automation and IoT (Internet of Things), the development of more compact and portable furnaces, the rising adoption of eco-friendly technologies, advancements in product innovations, and the growing use of induction stirring technology.

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Top Growth Drivers in the Induction Furnace Industry: What's Accelerating the Market?
The induction furnace market is projected to expand, fuelled by the advancements in the aerospace industry. Induction furnaces are frequently employed by aerospace companies due to their adaptability to specific manufacturing requirements. They offer various applications in the production of aircraft, such as hardening metals through heat treatment, curing epoxies and coatings, conducting research and tests on special materials, heating and binding of composite materials, casting diverse metals including titanium and super alloys, vacuum and levitation melting of unique alloys and more. For example, the Aerospace Industries Association, a United States government organization, revealed in September 2024 that the U.S. aerospace and defense industry surpassed a significant benchmark in 2023, achieving over $955 billion in sales. This marked a growth of 7.1 percent compared to the previous year. Thus, the continuous progress in the aerospace domain is likely to steer the growth of the induction furnace market.

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What Are the Key Trends Driving Induction Furnace Market Growth?
Leading players in the induction furnace market are progressively implementing induction stirring technology to increase the homogeneity of molten metal. This technique employs magnetic fields to generate swirling movements that bolster mixing and alloying processes, proving particularly advantageous in the manufacturing of specialty alloys and top-quality castings. For example, Tenova, an Italy-based firm that offers sustainable solutions for the mining and metals sectors, partnered with ABB, a Swiss firm that excels in electrification and automation technologies in October 2023. This collaboration aimed to heighten electric arc furnace efficiency by incorporating advanced stirring methodologies and automation systems, subsequently improving efficiency, productivity, and environmental sustainability within steel production processes.

What Are the Main Segments in the Induction Furnace Market?
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 Top Companies are Driving Growth in the Induction Furnace Market?
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

Which Regions Will Dominate the Induction Furnace Market Through 2029?
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.

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