Induction Furnace Market Report 2025

The induction furnace market size has grown strongly in recent years. It will grow from $1.21 billion in 2024 to $1.29 billion in 2025 at a compound annual growth rate (CAGR) of 6.5%. 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 $1.7 billion in 2029 at a compound annual growth rate (CAGR) of 7.1%. 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.

The expansion of the aerospace industry is anticipated to boost the growth of the induction furnace market in the future. Aerospace companies frequently utilize induction furnaces due to their specific manufacturing requirements. In this sector, induction furnaces have various applications, including heat treating, metal hardening, curing epoxies and coatings, conducting research and testing of special materials, heating and bonding composite materials, casting metals like titanium and super alloys, and vacuum and levitation melting of specialty alloys. For instance, in September 2024, the Aerospace Industries Association, a U.S.-based government agency, reported that the U.S. aerospace and defense industry achieved a significant milestone in 2023, surpassing $955 billion in sales, marking a 7.1 percent increase from the previous year. Therefore, the ongoing growth of the aerospace sector is expected to drive the induction furnace market.

Rapid industrialization is projected to drive the growth of the induction furnace market during the forecast period. Factors such as increased industrial activity, enhanced metal production, and rising demand for refined metals across various countries have accelerated the adoption of induction furnaces. Specialized industrial induction furnaces are essential for the operations of foundries, manufacturers, mining companies, engineering firms, and steel producers. In the metallurgical sector, induction furnaces provide the necessary heat for processing tasks, playing a crucial role in these industries. The demand for high-quality alloys and metals produced in environmentally friendly conditions has led to an increased use of induction furnaces in foundries for producing steel, cast iron, and nonferrous metals. These furnaces serve various purposes, including smelting, steelmaking, metal casting, and heat treatment. For example, in July 2024, the European Commission, a Belgium-based government agency, reported that industrial production in the European Union (EU) rose by 0.4% in 2022 compared to 2021, reflecting an uptick in manufactured goods production. Thus, the ongoing global industrialization is expected to propel the induction furnace market in the coming years.

Major companies in the induction furnace market are increasingly adopting induction stirring technology to improve the homogeneity of molten metal. This method uses magnetic fields to create swirling motions that enhance mixing and alloying, making it particularly advantageous for producing specialty alloys and high-quality castings. For instance, in October 2023, Tenova, an Italy-based company offering sustainable solutions for the mining and metals industries, partnered with ABB, a Switzerland-based firm specializing in electrification and automation technologies. This collaboration aims to enhance electric arc furnace performance by integrating advanced stirring technologies and automation systems, thereby boosting efficiency, productivity, and environmental sustainability in steel production processes.

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 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.

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. 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.

An induction furnace is an electric furnace utilized in manufacturing industries to melt various metals at high temperatures. It comprises an electric coil carrying an electric current surrounding the metal chamber, inducing a charge. The circulation of this charge generates high temperatures, melting the metals and facilitating the production of alloys with different metal compositions.

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.