Pune, India, Nov. 08, 2022 (GLOBE NEWSWIRE) -- The global Electric Arc Furnaces Market size is expected to witness a huge spike during the forecast period. Its cost efficiency and quality of production can enhance its adoption in metal manufacturing, which, in turn, can boost the market growth. Fortune Business Insights™ mentions this information in its report, titled, "Electric Arc Furnaces Market, 2022-2029."
Industry Development
March 2020: Tenova S.p.A offered its technology to modernize Metalloinvest's electric arc furnaces. This offering can enable the company to produce steel with the converter method and eliminate the use of electrodes in steel production.
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Electric arc furnaces are used to manufacture metals by using high-voltage electrical arches. It recycles steel, iron, and other materials and transforms them into a newer product. It differs in capacity ranging from one ton to 400-ton capacity. These furnaces are slightly smaller and costly to set up as compared to normal steel production facilities. The lower production rate, cost-efficiency, and enhanced quality of production can boost its demand.
Further, increasing investments in direct reduced iron (DRI) production would enhance business opportunities for electric arc furnaces. DRI is used alongside scrap steel to produce crude metal, such as crude steel. Therefore, increasing investments in electric arc furnaces production and the rising demand for recycled metal parts can propel the industry growth during the upcoming years.
Impact of COVID-19
Restraints on Production Activities to Slump Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic due to the halt of production activities globally. The lack of demand is negatively affecting manufacturers. Further, the lack of raw materials and the unavailability of components required to manufacture electric arc furnaces can reduce the product's sales. However, the demand for recycled metal parts from several industries, such as automotive, construction, and others can raise its sales. Governments are backing manufacturers by allowing them to function in reduced capacities with safety measures. Thus, this factor can boost market growth during the pandemic.
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List of Key Players Profiled in the Electric Arc Furnaces Market Report
- IHI Corporation
- SMS group GmbH
- DANIELI
- Tenova S.p.A.
- Siemens
- Electrotherm
- JP Steel Plantech Co.
- Wuxi Dongxong Heavy Arc Furnace Co., Ltd.
- Primetals Technologies
- IHI Corporation
- ArcelorMittal & Systemchef
Segments
By type, the market is segmented into DC furnace and AC furnace. As per capacity, it is categorized into up to 100 tons, 100-200 tons, 200-300 tons, 300-400 tons, and more than 400 tons. Based on application, it is classified into zinc, tin, steel, iron, copper, bronze, brass, and others. Regionally, it is grouped into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Highlights of the Report
- This report highlights the leading segments and the latest market trends.
- It comprehensively discusses the impact of COVID-19 and the driving and restraining factors.
- The report examines the regional developments and the strategies devised by the market's prominent players.
Drivers and Restraints
Flexibility in Production Process to Boost Market Growth
Electric arc furnaces are extremely flexible in the production process due to their ability to produce recycled metals in specified quantities. The demand for renewable energy and resources would lead to the increasing adoption of electric arc furnaces. The adoption of DRI for the production of crude steel, copper, and other metals is likely to increase the demand for the furnace. Furthermore, the demand for recycled metals, raw materials, crude metals in the construction, automotive, and refining sectors is likely to boost the product demand.
Manufacturers are producing electric arc furnaces with variable capacities to provide flexibility to end-users. These furnaces can produce new metals purely from scrap materials and consume less energy, which, in turn, can enhance their demand in small manufacturing facilities. In addition, its cost efficiency, lower energy consumption, and quality of new materials can enhance sales. Hence, this factor can drive the electric arc furnaces industry growth.
However, the dependence of electric arc furnaces upon metal scraps and electricity can hamper the market growth.
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Regional Insights
Increasing Manufacturing Activities to Propel Market Growth in Asia Pacific
Asia Pacific is projected to dominate in terms of the electric arc furnaces industry share due to the rising manufacturing activities in India, Korea, Japan, and China. Increasing investments for the expansion of production activities and the demand for metals in automobile and electronics & consumer goods industries can boost sales. In addition, the prevalence of major players can enhance the market growth.
In Latin America and the Middle East & Africa, low labor costs and the presence of prominent companies can enhance product demand.
In Europe and North America, increasing manufacturing facilities and the presence of prominent market players can enhance the demand for electric arc furnaces. Thus, this factor can boost the market growth.
Competitive Landscape
Prominent Companies Acquire Crucial Players to Enhance Brand Presence
Prominent companies operating in the market are devising acquisition strategies to enhance their brand presence globally. For example, Cleveland-Cliffs Inc. completed the acquisition of AK Steel Holding Corporation in March 2020 to enhance its brand presence globally. Further, the adoption of partnership strategies can enable companies to enhance resources and improve their production processes. This strategy can enable them to strengthen their market positions. In addition, the incorporation of advanced production techniques is set to help companies to reduce their production costs. It would also enhance their productivity and aid in achieving the set goals.
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 Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Shopping Trolley Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
Continued…
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