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 expansion observed in the historical period can be attributed to heightened urbanization, increased construction activities, the growth of the iron and steel industries, and robust 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 anticipated growth in the forecast period can be attributed to rapid industrialization, the expanding automotive market, the burgeoning aerospace sector, and the rising global demand for steel and copper. Key trends expected in this period encompass the increasing integration of automation and IoT (Internet of Things), the development of compact and portable furnaces, the adoption of green technologies, product innovations, and the growing use of induction stirring technology.
The induction furnace market is anticipated to experience growth, driven by the expanding aerospace industry. Induction furnaces are commonly employed in aerospace manufacturing due to their tailored specifications, playing a crucial role in various applications such as heat treatment, metal hardening, curing of coatings and epoxies, special materials research and testing, bonding of composite materials, and the casting of metals such as titanium and super alloys. The aerospace sector's growth is evident in the projected increase in British aerospace exports to $40.3 billion by 2026, with the United Kingdom ranking fourth after Germany, France, and the United States in 2021. This surge in the aerospace industry is expected to be a key driver for the induction furnace market.
The induction furnace market is also poised to benefit from rapid industrialization, spurred by macroeconomic factors such as increased industrial activity, higher metal output, and rising demand for refined metals globally. Foundries, manufacturers, mining enterprises, and steel manufacturing firms rely on specialized industrial induction furnaces, particularly in the metallurgical industry. These furnaces are central to operations, supporting tasks such as smelting, steelmaking, metal casting, and heat treatment. The demand for high-quality alloys and metals produced in environmentally sustainable conditions has led to the expanded use of induction furnaces in foundries. Industrial production statistics from December 2022 indicate a global increase of 1.5% over the previous year, excluding the United States, showcasing the ongoing trend of increased industrialization. This global industrial growth is expected to drive the induction furnace market in the forecast period.
Induction stirring technology is gaining traction in the induction furnace market as a means to enhance the homogeneity of molten metal. By utilizing magnetic fields to induce swirling in the liquid metal, induction stirring improves mixing and alloying, particularly in the production of specialty alloys and high-quality castings. ABB, a US-based industrial furnace manufacturer, introduced the Tundish EMS solution in December 2021, employing non-contact electromagnetic stirring technology to enhance the flow of molten metal and improve steel quality. This technology is crucial for steel producers with multiple casting strands originating from a single tundish, leading to smoother, cleaner steel and reduced nozzle clogging.
Strategic partnerships are emerging as a key trend in the induction furnace market, with companies forming alliances to strengthen their market positions. In March 2022, Luna Innovations, a US-based fiber optics manufacturer, collaborated with Otto Junker GmbH, a Germany-based induction furnace operator. Luna Innovations utilized Otto Junker's fiber optic temperature measurement technology to enhance its induction furnace technology, resulting in the invention of the Optical Coil Protection System (OCP). OCP offers real-time temperature distribution monitoring on the exterior lining surface, contributing to accurate temperature monitoring of induction furnaces. Additionally, in April 2021, GH Induction Atmosphere, a US-based induction furnace company, partnered with Foka Engineering, a Germany-based company specializing in heat treatment networks. This collaboration aimed to provide vacuum-based induction furnace solutions for the European aerospace market, supporting machine installations and serving both new and existing customers.
In March 2023, Busch Vacuum, a Germany-based company specializing in compressors and vacuum pumps, acquired McLaughlin Furnace Group for an undisclosed amount. This acquisition expands Busch Vacuum's offering in the heat and metallurgy industries, providing customers with a more comprehensive range of vacuum services. McLaughlin Furnace Group, a manufacturer of various furnaces, enhances Busch Vacuum's capabilities in serving the evolving needs of its customer base.
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.
Asia-Pacific was the largest region in the induction furnace market in 2023. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the induction furnace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The primary types of induction furnaces include coreless induction furnaces and channel induction furnaces. A coreless induction furnace is characterized by an electric coil around the metal chamber, inducing charge. These are applicable to non-ferrous, ferrous, and specialty melting processes. Induction furnaces find application in the steel, copper, aluminum, and zinc industries, with furnace capacities ranging from up to 1 ton, 1–100 tons, to more than 100 tons.
The induction furnace market research report is one of a series of new reports that provides induction furnace market statistics, including the induction furnace industry global market size, regional shares, competitors with an induction furnace market share, detailed induction furnace market segments, market trends and opportunities, and any further data you may need to thrive in the induction furnace industry. This induction furnace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The induction furnace market consists of sales of refractory lining, coil and yokes, tilting frame and furnace cover. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 anticipated growth in the forecast period can be attributed to rapid industrialization, the expanding automotive market, the burgeoning aerospace sector, and the rising global demand for steel and copper. Key trends expected in this period encompass the increasing integration of automation and IoT (Internet of Things), the development of compact and portable furnaces, the adoption of green technologies, product innovations, and the growing use of induction stirring technology.
The induction furnace market is anticipated to experience growth, driven by the expanding aerospace industry. Induction furnaces are commonly employed in aerospace manufacturing due to their tailored specifications, playing a crucial role in various applications such as heat treatment, metal hardening, curing of coatings and epoxies, special materials research and testing, bonding of composite materials, and the casting of metals such as titanium and super alloys. The aerospace sector's growth is evident in the projected increase in British aerospace exports to $40.3 billion by 2026, with the United Kingdom ranking fourth after Germany, France, and the United States in 2021. This surge in the aerospace industry is expected to be a key driver for the induction furnace market.
The induction furnace market is also poised to benefit from rapid industrialization, spurred by macroeconomic factors such as increased industrial activity, higher metal output, and rising demand for refined metals globally. Foundries, manufacturers, mining enterprises, and steel manufacturing firms rely on specialized industrial induction furnaces, particularly in the metallurgical industry. These furnaces are central to operations, supporting tasks such as smelting, steelmaking, metal casting, and heat treatment. The demand for high-quality alloys and metals produced in environmentally sustainable conditions has led to the expanded use of induction furnaces in foundries. Industrial production statistics from December 2022 indicate a global increase of 1.5% over the previous year, excluding the United States, showcasing the ongoing trend of increased industrialization. This global industrial growth is expected to drive the induction furnace market in the forecast period.
Induction stirring technology is gaining traction in the induction furnace market as a means to enhance the homogeneity of molten metal. By utilizing magnetic fields to induce swirling in the liquid metal, induction stirring improves mixing and alloying, particularly in the production of specialty alloys and high-quality castings. ABB, a US-based industrial furnace manufacturer, introduced the Tundish EMS solution in December 2021, employing non-contact electromagnetic stirring technology to enhance the flow of molten metal and improve steel quality. This technology is crucial for steel producers with multiple casting strands originating from a single tundish, leading to smoother, cleaner steel and reduced nozzle clogging.
Strategic partnerships are emerging as a key trend in the induction furnace market, with companies forming alliances to strengthen their market positions. In March 2022, Luna Innovations, a US-based fiber optics manufacturer, collaborated with Otto Junker GmbH, a Germany-based induction furnace operator. Luna Innovations utilized Otto Junker's fiber optic temperature measurement technology to enhance its induction furnace technology, resulting in the invention of the Optical Coil Protection System (OCP). OCP offers real-time temperature distribution monitoring on the exterior lining surface, contributing to accurate temperature monitoring of induction furnaces. Additionally, in April 2021, GH Induction Atmosphere, a US-based induction furnace company, partnered with Foka Engineering, a Germany-based company specializing in heat treatment networks. This collaboration aimed to provide vacuum-based induction furnace solutions for the European aerospace market, supporting machine installations and serving both new and existing customers.
In March 2023, Busch Vacuum, a Germany-based company specializing in compressors and vacuum pumps, acquired McLaughlin Furnace Group for an undisclosed amount. This acquisition expands Busch Vacuum's offering in the heat and metallurgy industries, providing customers with a more comprehensive range of vacuum services. McLaughlin Furnace Group, a manufacturer of various furnaces, enhances Busch Vacuum's capabilities in serving the evolving needs of its customer base.
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.
Asia-Pacific was the largest region in the induction furnace market in 2023. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the induction furnace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The primary types of induction furnaces include coreless induction furnaces and channel induction furnaces. A coreless induction furnace is characterized by an electric coil around the metal chamber, inducing charge. These are applicable to non-ferrous, ferrous, and specialty melting processes. Induction furnaces find application in the steel, copper, aluminum, and zinc industries, with furnace capacities ranging from up to 1 ton, 1–100 tons, to more than 100 tons.
The induction furnace market research report is one of a series of new reports that provides induction furnace market statistics, including the induction furnace industry global market size, regional shares, competitors with an induction furnace market share, detailed induction furnace market segments, market trends and opportunities, and any further data you may need to thrive in the induction furnace industry. This induction furnace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The induction furnace market consists of sales of refractory lining, coil and yokes, tilting frame and furnace cover. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Induction Furnace Market Characteristics3. Induction Furnace Market Trends and Strategies32. Global Induction Furnace Market Competitive Benchmarking33. Global Induction Furnace Market Competitive Dashboard34. Key Mergers and Acquisitions in the Induction Furnace Market
4. Induction Furnace Market - Macro Economic Scenario
5. Global Induction Furnace Market Size and Growth
6. Induction Furnace Market Segmentation
7. Induction Furnace Market Regional and Country Analysis
8. Asia-Pacific Induction Furnace Market
9. China Induction Furnace Market
10. India Induction Furnace Market
11. Japan Induction Furnace Market
12. Australia Induction Furnace Market
13. Indonesia Induction Furnace Market
14. South Korea Induction Furnace Market
15. Western Europe Induction Furnace Market
16. UK Induction Furnace Market
17. Germany Induction Furnace Market
18. France Induction Furnace Market
19. Italy Induction Furnace Market
20. Spain Induction Furnace Market
21. Eastern Europe Induction Furnace Market
22. Russia Induction Furnace Market
23. North America Induction Furnace Market
24. USA Induction Furnace Market
25. Canada Induction Furnace Market
26. South America Induction Furnace Market
27. Brazil Induction Furnace Market
28. Middle East Induction Furnace Market
29. Africa Induction Furnace Market
30. Induction Furnace Market Competitive Landscape and Company Profiles
31. Induction Furnace Market Other Major and Innovative Companies
35. Induction Furnace Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Induction Furnace Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on induction furnace market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
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- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for induction furnace? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered: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; Aluminum; Zinc; Other End-Use Industries
Key Companies Mentioned: Danieli Group; SMS Group; Tenova S.p.A; Electrotherm Limited; IHI Group
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- 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
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 1.22 Billion |
| Forecasted Market Value ( USD | $ 1.59 Billion |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 36 |
