Induction Furnace Market Introduction
Induction furnace is a furnace used to liquefy or melt metals, such as aluminum, zinc, copper, aluminum and other metals, by the working principle of electromagnetic induction. Induction furnace is used in the metallurgy industry for production of metal articles and related Castables. Induction furnace can have capacity starting from one kilogram to thousand of kilograms. Induction furnace are primarily of three types; coreless, channel, and rollover. Induction furnace operates on an energy efficient process that includes shell, inductor coil, cooling systems, tilting equipment for pouring the molten metal. Usually, the proficiency of an induction furnace goes up to 60-80%, contingent upon the volume capacity of the furnace. Thus, they are profoundly employed in metallurgy for extraction and molding of metals.
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Induction Furnace Market Dynamics
Induction furnace driven by electricity has emerged as a boon for the metallurgy sector, especially for the small scale extractors. Its easy availability in small to large capacity, as compared to the electric arc furnace, at lower ownership cost is anticipated to drive its demand in the metallurgy sector over the forecast period. Further, in the wake of saving electricity, the energy efficient induction furnace is expected to witness significant growth in the global market over the forecast period. Stringent governments’ norms aiming to save energy cost and consumption is anticipated to attribute towards the adoption rate of Induction furnace, thereby augmenting the demand for induction furnace in the global market.
Additionally, the growing copper and steel industry is expected to be the primary driver of the induction furnace market, as induction furnace is the elementary equipment for the metallurgy sector. Also, induction furnace offers an advantage over its counter products that it charges itself instead of consuming coal or other kind of combustion, which can be very helpful where contamination is an issue for the end product.
On the flip side, the global induction furnace market is highly fragmented thereby making it tougher for the manufacturers to sustain in the market. Further, availability of counterfeit products has narrowed the market access for the Tier-1 players.
Induction Furnace Market Segmentation
On the basis of type the global Induction furnace market has been segmented as follows:
- Coreless Induction Furnace
- Channel Induction Furnace
- Rollover Induction Furnace
On the basis of furnace capacity the global Induction furnace market has been segmented as follows:
- Below 1 Ton
- Between 1 to 100 Ton
- Above 100 Ton
On the basis of end user the global Induction furnace market has been segmented as follows:
- Steel Industry
- Copper Industry
- Aluminium Industry
- Zinc Industry
- Other Metal Manufacturing
Induction Furnace Market Regional Outlook
Compared to all the regions, China has a vast metallurgy sector, for instance in the FY2017 the country’s total steel production was approximately half of the world steel production, which implies that over the projected period China will remain the dominating region in the global induction furnace market. Over the historical period, Europe also has been a strong competitor in the metallurgy sector thus it is expected to procure significant volume of induction furnace over the forecast period. Also, the region is striving to introduce new products through dedicated research and development. Further, the European government’s inclination towards energy efficient production will drive the demand for induction furnace in coming years. In recent years, South East Asia Pacific and North America are the emerging regions in the metallurgy sector, thereby attributing towards the growth of the global induction furnace market.
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Induction Furnace Market Key Participants
The global induction furnace market is stipulated to be fragmented owing to the presence of small scale local manufacturers. Some of the global induction furnace market participants across the value chain have been listed below:
- Ajax Magnethermic
- Meltech Ltd
- STEEL EXCHANGE INDIA LTD.
- Electrotherm (India) Limited
- Inductoheat Europe GmbH
- GH ELECTROTERMIA S.A.
- Nordson Industrial Coating Systems
- PVA TePla Group