Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Global Electric Arc Furnace (EAF) Stainless Steel Market (2023 Edition): Analysis By Value and Volume, Type (AC, DC), Capacity Tons (<100, 100-200, 200-300, 300-400, >400), By Region, By Country: Demand, Trends and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering
The Global Electric Arc Furnace (EAF) Stainless Steel market demonstrated impressive growth, achieving a Compound Annual Growth Rate (CAGR) of 4.01% between 2019 and 2022. This growth trajectory propelled the market's valuation to USD 65.54 Billion in 2022, and this figure is projected to soar to USD 159.42 Billion by 2029.
The Global Electric Arc Furnace (EAF) Stainless Steel Market is poised to maintain its upward trajectory during the forecast period, projected to reach a substantial market value of USD 159.42 Billion in 2029. This growth is anticipated to be characterized by a robust Compound Annual Growth Rate (CAGR) of 11.53% throughout the forecast duration.
Electric Arc Furnaces (EAFs) represent an energy-efficient alternative to traditional steelmaking methods, including the blast furnace-basic oxygen furnace (BF-BOF) process. By utilizing electricity as the primary energy source, EAFs can tap into various renewable and clean energy sources.
This shift towards cleaner energy is driven by heightened global concerns regarding climate change and carbon emissions. As the world strives for sustainability, the demand for more environmentally friendly processes such as EAFs continues to grow.
The Global Duplex and Super Duplex Stainless Steel Market is expected to grow in the forecast period and register a market value of USD 9101.07 Million in 2029 at a CAGR of 17.25% during the forecast period. Duplex and Super Duplex Stainless Steel is a versatile stainless-steel grade whose product are used by various industry to enhance their product quality and durability.
The surge in global demand for duplex grade steel is driven by its superior corrosion resistance, high strength, toughness, cost-effectiveness, and increasing adoption in key industrial sectors. As the world continues to prioritize durability, sustainability, and operational efficiency, duplex stainless steels are poised to play a crucial role in meeting the diverse needs of a wide range of applications.
The demand for steel products globally continues to grow due to increasing population, urbanization, and infrastructure development. EAFs play a crucial role in meeting this demand by providing a flexible and efficient steel production process. Additionally, EAFs are well-suited for producing specialty steel grades required in industries such as automotive, construction, and machinery.
In addition, Asia Pacific Duplex and Super Duplex grade Stainless Steel Market growth is driven by the rise in demand for stainless steel products in several end-use industries including chemical/petrochemical products, consumer goods, heavy and vehicle transportation, medical items, energy sector. The huge production of Super Duplex and Duplex stainless steel, research and development activities based on this product, growth of construction activities, and technological advancement are key driving factors for the Asia Pacific market growth.
Moreover, EAFs emit fewer greenhouse gases and pollutants compared to BF-BOF processes. The reduction in carbon dioxide emissions, nitrogen oxides, and sulfur oxides associated with EAFs aligns with global efforts to mitigate air pollution and reduce the environmental impact of industrial activities. Additionally, EAFs contribute to waste recycling by using scrap metal, reducing the need for mining virgin ore and minimizing landfill disposal.
Increasing raw materials supply for EAFs is to expand recycling efforts, and thus scrap supply, in countries with low recycling rates, such as China and India. The Chinese government recently announced that it would support the establishment of recycling plants for used vehicles and appliances and decommissioned ships which is further going to increase the demand for the Electric Arc Furnace Stainless Steel
Another key driver is the cost-effectiveness of the EAF process compared to the traditional Basic Oxygen Furnace (BOF) route for stainless steel production. The EAF method allows for greater flexibility in raw material selection, as it can use a higher proportion of scrap metal, which is often cheaper than virgin iron ore used in the BOF process. Additionally, the EAF process requires less capital investment and offers shorter lead times, making it more attractive to stainless steel producers.
Furthermore, the growing focus on sustainability and environmental regulations has contributed to the adoption of the EAF stainless steel production method. The EAF process consumes less energy and emits fewer greenhouse gases compared to the BOF process, aligning with the industry's commitment to reducing carbon emissions and promoting sustainable production practices
The research report covers a detailed analysis of the regions (Americas, Europe, APAC, Middle East Africa) and 11 countries (United States, Canada, Brazil, Mexico, Germany, Russia, Italy, China, Japan, South Korea and India).
Analyst Recommendations
- Incorporating Hydrogen in the Direct Reduction of Electric Arc Furnace (DR-EAF)
- Increase the use of simulation software in Electric Arc Furnace (EAF)
Competitive Analysis
- Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of Electric Arc Furnace (EAF) Stainless Steel Market
Company Profiles
- Posco Holding Inc.
- Outokumpu Oyj
- Acerinox S.A.
- Aperam S.A.
- Jindal Stainless
- Nippon Steel Corporation
- Arcelor Mittal
- ThyssenKrupp Group
- Daido Steel Co. Ltd.
- Marcegaglia Group
Scope of the Report
Global Electric Arc Furnace (EAF) Stainless Steel Market: Historic and Forecast (2019-2029)
- Impact Analysis of Macro Economic Factors on Global Electric Arc Furnace (EAF) Stainless Steel Market
- Country Wise Share of EAF from total steel production in 2021
- CO2 Intensity Emission in EAF Technology
- Global Supply and Demand for the Scrape Consumption
- Top 10 Crude Steel Producing Countries in 2022 and 2021
- Global Electric Arc Furnace (EAF) Stainless Steel Market: Dashboard
- Global Electric Arc Furnace (EAF) Stainless Steel Market: Market Size and CAGR, 2019-2029 (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market: Volume Production
- Global Electric Arc Furnace (EAF) Stainless Steel Market: Market Value Assessment
- Assessment: Degree of Impact of COVID-19 on Global Electric Arc Furnace (EAF) Stainless Steel Market
Market Segmentation By Type
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By AC Furnace, By Value, 2019H-2029F (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By DC Furnace, By Value, 2019H-2029F (USD BILLION & CAGR)
Global Electric Arc Furnace (EAF) Stainless Steel Market Segmentation: By Capacity
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By Up to 100 Tones, By Value, 2019H-2029F (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By 100-200 Tones, By Value, 2019H-2029F (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By 200-300 Tones, By Value, 2019H-2029F (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By 300-400 Tones, By Value, 2019H-2029F (USD BILLION & CAGR)
- Global Electric Arc Furnace (EAF) Stainless Steel Market Size, By More Than 400 Tones, By Value, 2019H-2029F (USD BILLION & CAGR)
For more information about this report visit https://www.researchandmarkets.com/r/8hx0bf
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