Electric Arc Furnaces Market Growth and Emerging Trends

The “Electric Arc Furnaces Market Research Report Overview by 2024” market size is reached USD 730.2 million by 2023 and it is projected to reach USD 1,891.1 million by 2032 between the forecast period and expected Compound annual growth rate of 11.5% between the forcast period by (2023-2032).

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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

Major Keyplayers of electric arc furnaces market:

Some of the key players operating in the global electric arc furnaces Industry are:

• 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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Key industry developments of electric arc furnaces market:

• • July 2023: 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.
  • June 2023: 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.
  • January 2023: 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.
  • August 2022: 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.

Drivers and restraints of electric arc furnaces market:

• • • 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.

Regional Insights:

• • • 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…!

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