The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 7, 2023 /PRNewswire/ -- As per The Business Research Company's Induction Furnace Global Market Report 2023, the global induction furnace market size will grow from $1 billion in 2022 to $1.14 billion in 2023 at a compound annual growth rate (CAGR) of more than 6%. The induction furnace market size is then expected to grow to $1.4 billion in 2027 at a CAGR of more than 6%. 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 induction furnace market growth.
The global induction furnace market is segmented -
1) By Type: Coreless Induction Furnace, Channel Induction Furnace
2) By End-Use Industry: Steel Industry, Copper Industry, Aluminum Industry, Zinc Industry
3) By Furnace Capacity: Up To 1 Ton, 1–100 Ton, More than 100 Ton
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.
Learn More On The Induction Furnace Market Report – https://www.thebusinessresearchcompany.com/report/induction-furnace-global-market-report
The global induction furnace market is highly fragmented, with a large number of players in the market. Danieli Group was the largest competitor with 6.1% of the market, followed by SMS Group (SMS Elotherm GmbH), Tenova S.p.A, Electrotherm Limited, IHI Group, Meltech Ltd., ABP Induction Systems, Inductotherm Groupwith, JP Steel Plantech Co. and ECM Technologies.
Companies operating in the induction furnace market are focusing on developing new, innovative products to strengthen their position in the market. For instance, in January 2020, Inductotherm, a US-based machinery manufacturing company, launched a new hybrid furnace that combines the best features of both coreless and channel technologies for melting, holding, and casting aluminium. This innovative furnace is appealing for a range of aluminium casting applications since it is built to provide operational flexibility, allow for inert gas cover, and give rapid alloy changes. The Hybrid Furnace is adaptable to bigger applications and is available in conventional capacities (10–40 metric tons). The design includes a number of fume exhaust systems to maintain a clean working environment, load cells to measure the weight of the metal, a dross door, and a back tilting mechanism to remove dross from the melt surface.
Request A Free Sample Of The Induction Furnace Market Report – https://www.thebusinessresearchcompany.com/sample.aspx?id=6923&type=smp
As per the induction furnace market analysis, Asia Pacific was the largest region in the induction furnace market and was worth $456 million in 2022.
The induction furnace market in Asia Pacific is supported by the presence of a large construction industry in the region. The construction sector uses steel and other metals that are largely melted and processed by an induction furnace. In 2022, China's construction market was valued at 2.8 trillion.
View More Similar Market Reports:
Metal Products Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/metal-products-global-market-report
Metalworking Machinery Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/metalworking-machinery-global-market-report
Metalworking Fluids Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/metalworking-fluids-global-market-report
Interested to know more about The Business Research Company?
The Business Research Company has published over 3000+ detailed industry reports, spanning over 3000+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
The World's Most Comprehensive Database
The Global Market Model, The Business Research Company's flagship product, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets that help its users make better strategic decisions.
Contact Information
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Logo: https://mma.prnewswire.com/media/1751581/tbrc_logo.jpg
SOURCE The Business Research Company
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO51716&Transmission_Id=202307071041PR_NEWS_USPR_____IO51716&DateId=20230707)
Share this article