Induction Furnace Global Market Opportunities and Strategies to 2032

This report describes and explains the induction furnace market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global induction furnace market reached a value of nearly $1,071.37 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.2% since 2017. The market is expected to grow from $1,071.37 million in 2022 to $1,463.84 million in 2027 at a rate of 6.4%. The market is then expected to grow at a CAGR of 7.4% from 2027 and reach $2,092.24 million in 2032.

Growth in the historic period resulted from increased urbanization, increased construction, increased growth of the iron and steel industries, and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were the coronavirus (COVID-19) outbreak and the reduction in free trade globally.

Going forward, rapid industrialization, the increasing growth of the automotive market, the growing aerospace sector, and the rising global demand for steel and copper will drive the growth. Factors that could hinder the growth of the induction furnace market in the future include the impact of the Russia-Ukraine war and the shortage of skilled labor.

The induction furnace market is segmented by type into coreless induction furnace and channel induction furnace. The coreless market was the largest segment of the induction furnace market segmented by type, accounting for 67.07% of the total in 2022. Going forward, the channel induction furnace segment is expected to be the fastest growing segment in the induction furnace market segmented by type, at a CAGR of 6.5% during 2022-2027.

The induction furnace market is segmented by end-use into steel, copper, aluminium, zinc, and other end uses. The steel market was the largest segment of the induction furnace market segmented by end-use industry, accounting for 52.06% of the total in 2022. Going forward, the aluminium segment is expected to be the fastest growing segment in the induction furnace market segmented by end-use industry, at a CAGR of 6.7% during 2022-2027.

The induction furnace market is segmented by furnace capacity into up to 1 ton, 1-100 ton, and more than 100 ton. The 1-100 ton market was the largest segment of the induction furnace market segmented by furnace capacity, accounting for 70.76% of the total in 2022. Going forward, the 1-100 ton segment is expected to be the fastest growing segment in the induction furnace market segmented by furnace capacity, at a CAGR of 6.6% during 2022-2027.

Asia Pacific was the largest region in the induction furnace market, accounting for 42.6% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the induction furnace market will be Asia Pacific and Western Europe where growth will be at CAGRs of 7.4% and 6.2% respectively. These will be followed by North America and South America where the markets are expected to grow at CAGRs of 5.9% and 5.5% respectively.

The global induction furnace market is highly fragmented, with a large number of players in the market. The top ten competitors in the market made up to 23.06% of the total market in 2021. Danieli Group was the largest competitor with 6.14% of the market, followed by SMS Group (SMS Elotherm GmbH) with 3.78%, Tenova S.p.A with 3.48%, Electrotherm Limited with 2.88%, IHI Group with 2.08%, Meltech Ltd. with 1.99%, ABP Induction Systems with 1.08%, Inductotherm Groupwith 0.87%, JP Steel Plantech Co. with 0.46% and ECM Technologies with 0.30%.

The top opportunities in the induction furnace market segmented by type will arise in the coreless segment, which will gain $262.9 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by end-use industries will arise in the steel segment, which will gain $199.8 million of global annual sales by 2027. The top opportunities in the induction furnace market segmented by furnace capacity will arise in the 1-100 ton segment, which will gain $283.3 million of global annual sales by 2027. The induction furnace market size will gain the most in China at $112.8 million.

Market-trend-based strategies for the induction furnace market 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

Player-adopted strategies in the induction furnace market include focus on product innovations, focus on customer centric products, and focus on increasing earnings foundations by enhancing productivity while cutting costs

To take advantage of the opportunities, the publisher recommends the induction furnace companies to focus on adoption of green technologies, focus on product innovations, focus on integration of automation and IoT (internet of things), focus on use of induction stirring technology, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and continue to target fast-growing end-use industries.