DUBLIN–(BUSINESS WIRE)–The “Induction Furnace Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
The global induction furnace market is expected to grow from $1.01 billion in 2021 to $1.06 billion in 2022 at a compound annual growth rate (CAGR) of 5.5%. The induction furnace market is expected to reach $1.31 billion in 2026 at a CAGR of 5.5%.
Asia-Pacific was the largest region in the induction furnace market in 2021. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The growth of the aerospace industry is expected to propel the growth of the induction furnace market going forward. Aerospace firms commonly use the induction furnace due to their predetermined specifications in manufacturing requirements.
In aerospace, the induction furnace provides various applications in the manufacturing of aircraft, such as heat treating, hardening of metals, curing of epoxies and coatings, special materials research and testing, heating and bonding of composite materials, casting of different metals, including titanium and super alloys, vacuum and levitation melting of special alloys, and others.
According to the Bureau of Transportation Statistics (BTS), a US-based government agency, the number of scheduled service airline passengers increased by 83% in 2022, from 303.6 million in 2020 to 70.4 million in 2021.
Strategic partnerships are the key trend gaining popularity in the induction furnace market. Companies operating in induction furnaces are undergoing partnerships to strengthen their position in the market. For instance, in March 2022, Luna Innovations, a US-based manufacturer of fiber-optics for various industries, partnered with Otto Junker GmbH, a Germany-based operator of an induction furnace.
Through this partnership, Luna Innovations has strengthened its induction furnace technology by inventing OCP (optical coil protection system) using the fibre optic temperature measurement technology of Otto Junker GmbH. The technology is helping in their melting-and heat-treatment facilities by providing highly resolved real-time measurement of the temperature distribution on the exterior lining surface, allowing accurate and reliable temperature monitoring of induction furnaces.
Furthermore, in April 2021, GH Induction Atmosphere, an American-based company operating in induction furnaces, partnered with Foka Engineering, a Germany-based company operating in heat treatment networks and induction furnaces. Through this partnership, Foka Engineering would provide a vacuum-based induction furnace solution for the European aerospace market and also aims to support machine installations and maintain new and existing customers.
In October 2020, Ajax Tocco Magnethermic Corporation, an American-based company operating in induction furnaces and heating solutions, acquired ABP Induction Systems GmbH for an undisclosed amount. Ajax Tocco Magnethermic Corporation hopes to strengthen its product portfolio in induction furnaces, capital goods manufacturer with aftermarket parts and services, maintain and expand its existing and new customer base, and establish a strong global reach through the partnership.ABP Induction Systems GmbH (formerly ABB Foundry Systems), is a Germany-based leading manufacturer of high throughput induction melting, pouring, and heating equipment.
The induction furnace market consists of sales of induction furnaces by entities (organizations, sole traders, and partnerships) that are used to melt various metals at high temperatures in manufacturing industries. An induction furnace consists of an electric coil carrying an electric current that surrounds the camber of metal, which induces a charge. The circulation of this charge produces a high temperature that melts the metals and is used in making alloys of different metal compositions.
Major players in the induction furnace market are
- Danieli & C. S.p.A
- SMS Elotherm GmbH
- Meltech Ltd.
- Tenova S.p.A
- Doshi Technologies Pvt. Ltd.
- IHI Machinery and Furnace Co. Ltd.
- ECM Technologies
- jiangsu yueda group co. LTD.
- Wuxi Dongxong Heavy Arc Furnace Co. Ltd.
- OTTO JUNKER GmbH
- Agni Electrical Pvt. Ltd.
- NUPRO CORPORATION
- JP Steel Plantech Co.
- Pees Induction Equipment’s Pvt. Ltd.
- ABP Induction Systems GmbH
- INDUCTOTHERM GROUP
- Megatherm Electronics Pvt. Ltd.
- Indotherm Furnace Pvt. Ltd.
Key Topics Covered:
1. Executive Summary
2. Induction Furnace Market Characteristics
3. Induction Furnace Market Trends And Strategies
4. Impact Of COVID-19 On Induction Furnace
5. Induction Furnace Market Size And Growth
5.1. Global Induction Furnace Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Induction Furnace Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Induction Furnace Market Segmentation
6.1. Global Induction Furnace Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Coreless Induction Furnace
- Channel Induction Furnace
6.2. Global Induction Furnace Market, Segmentation By End-Use Industry, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Steel Industry
- Copper Industry
- Aluminum Industry
- Zinc Industry
6.3. Global Induction Furnace Market, Segmentation By Furnace Capacity, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
- Up To 1 Ton
- More than 100 Ton
7. Induction Furnace Market Regional And Country Analysis
7.1. Global Induction Furnace Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Induction Furnace Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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