Selbyville, Delaware, Aug. 06, 2023 (GLOBE NEWSWIRE) --
The submerged arc furnaces market will reach USD 10 billion by 2032, as reported in a research study by Global Market Insights Inc.
The rapid expansion of the iron and steel industry will support market growth over the next ten years. Submerged arc furnaces find widespread application in ferroalloys production. These are used as master alloys in the iron and steel industry and are added into the molten stage of steel production to impart specific attributes to the steel. They are used in the deoxidation, alloying, and refining processes to achieve the expected physical and chemical properties of steel.
The submerged arc furnaces market from DC submerged arc furnaces segment will grow significantly from 2023 to 2032, DC submerged arc furnaces demonstrate excellent energy efficiency and offer better resistance to thermal shock, contributing to reduced downtime and increased production efficiency. The direct current allows precise control of the smelting process, enabling operators to adjust production parameters as needed. This flexibility is crucial for industries that require varying production volumes or need to respond to market demands quickly.
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The submerged arc furnaces market from the silicon metal segment is projected to depict appreciable growth through 2032. In silicon metal production, submerged arc furnaces are used to smelt quartz and carbon materials at high temperatures. The raw materials are charged into the furnace, and the submerged electrodes generate an electric current, creating an arc that heats the materials and initiates the chemical reaction for the extraction of silicon metal.
Increasing demand for silicon metal in various industries, including automotive, aerospace, electronics, and renewable energy is supporting market expansion.
Europe submerged arc furnaces market share is anticipated to grow at a significant CAGR between 2023 and 2032. Expansion of the industrial sector is among the leading factors driving the industry demand in the region. Moreover, Europe has a strong presence of major submerged arc furnace manufacturers such as Siemens, SMS Group, and others who are continuously engaged in product innovations to sustain their industry leadership. The robust strategic landscape will further create optimistic growth scenarios for the regional industry.
Some of the leading companies operating in the submerged arc furnaces industry are SMS Group, TENOVA, DongXong, YUEDA, Hammers Industries, Siemens, Xi’an Abundance Electric Technology and Danieli.
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Submerged Arc Furnaces Market News:
- In November 2021, SMS Concast, a company of the SMS Group, a prominent submerged arc furnace manufacturer, inked a deal with Synhelion, a Swiss company, to support its sun-to-liquid process. This deal with help Synhelion in operating the first-ever industrial production plant for solar fuels. This partnership is predicted to accelerate the decarbonization of the metal sector.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Submerged Arc Furnaces Market 360° synopsis, 2018 – 2032
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Type trends
2.1.4 Application trends
Chapter 3 Submerged Arc Furnaces Industry Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 – 2032
3.2.1 COVID-19 impact on industry landscape
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.3.2 End-use analysis
3.3.3 Profit margin analysis
3.4 Regulatory Landscape
3.4.1.1 U.S.
3.4.1.2 Europe
3.4.1.3 China
3.5 Raw material analysis
3.6 Pricing analysis
3.6.1 Regional pricing analysis, By Application
3.6.1.1 North America
3.6.1.2 Europe
3.6.1.3 Asia Pacific
3.6.1.4 Latin America
3.6.1.5 Middle East & Africa
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Obesity and a growing fast food business are driving the market.
3.7.1.2 Diabetes preventive priorities will boost market growth.
3.7.2 Industry pitfalls & challenges
3.7.2.1 The availability of alternatives may stymie growth.
3.8 Growth potential analysis, 2022
3.9 Porter’s analysis
3.10 PESTEL analysis
3.11 COVID-19 impact on Submerged Arc Furnaces market by Application
3.12 Russia-Ukraine war impact on Submerged Arc Furnaces industry by Application
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
