Global Electric Arc Furnaces Market: Industry Analysis and Forecast, 2021–2030
The global Electric Arc Furnaces market report offers the complete market share, size, and the growth rate of different segments at both the country and regional levels. It provides an in-depth study of the market subtleties such as the current trends, drivers, opportunities, and even the restraining factors. The report also highlights the qualitative aspects in the study. Additionally, the unit takes in the key findings, in terms of market overview and investment prospects. The market report also involves the competitive landscape containing the profiles of top ten major players in the industry. The frontrunners have been thoroughly assessed based on their revenue size, service/product portfolio, regional presence, key plans & policies, and overall contribution to the growth of the market.
Electrical energy is supplied via the graphite electrodes. It uses high-voltage electric arcs to make steel or to manufacture metals. These are used in mini-mills that recycle direct reduced iron, steel, and other mixture of scrap into new steel products. An electric arc furnace capacity ranges from small units of approximately one-ton capacity to more than 400 tons.
An electric arc furnace (EAF) is an efficient melting apparatus which is used in steelmaking. It is a high-temperature furnace that heats charged material (scrap metal) by means of an electric arc. Melting is done by supply of energy to the furnace interior.
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Covid-19 Scenario:
- Owing to temporary closure of manufacturing facilities and disruptions in the supply chain, the global Electric Arc Furnaces market has been negatively impacted, especially in the initial period of the pandemic.
- Unavailability of raw materials and shortage of skilled labor force was a major challenge, which is why, carrying out manufacturing in full capacity was impossible.
- The demand from applications sectors reduced significantly due to stoppage of new construction, deployment, and maintenance activities during the lockdown. However, the demand is expected to regain during the post-lockdown.
Market trends
- In March 2020, Tenova S.p.A., provided its technology to Metalloinvest to complete the modernization of its EAF. This development allows the company to produce steel using converter method without using electrodes.
- In March 2020, Cleveland-Cliffs Inc. acquired AK Steel Holding Corporation. This increases the presence of the company in the North America region.
Key Segments Covered
Market by Technology
- DC arc furnace
- AC arc furnace
Market by Application
- Metal Smelting
- Ore Smelting
- Others
Market by Capacity
- Up to 100 tons
- 100 – 200 tons
- 200 – 300 tons
- More than 300 tons
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Key Benefits of the Report
- This study presents the analytical depiction of the electric arc furnaces along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric arc furnaces market share.
- The current market is quantitatively analyzed from 2020 to 2030 to highlight the electric arc furnaces market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed electric arc furnaces market analysis based on competitive intensity and how the competition will take shape in coming years