1. What is the projected Compound Annual Growth Rate (CAGR) of the Electric Arc Furnaces Market?
The projected CAGR is approximately 10.6%.
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Electric Arc Furnaces MarketElectric Arc Furnaces Market by Type (DC Arc Furnace, AC Arc Furnace), by Capacity (Up to 100 Tons, 100-300 Tons, Above 300 Tons), by Application (Ferrous Metals, Non-Ferrous Metals), by By Type (DC Arc Furnace, AC Arc Furnace), by Europe (Germany, U.K., France, Italy, Russia, Rest of Europe), by Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific), by Middle East & Africa (Turkey, GCC, South Africa, Rest of the Middle East & Africa), by South America (Brazil, Argentina, Rest of South America) Forecast 2026-2034
The Electric Arc Furnaces Market size was valued at USD 730.3 USD Million in 2023 and is projected to reach USD 1478.38 USD Million by 2032, exhibiting a CAGR of 10.6 % during the forecast period. Electric arc furnaces (EAFs) play a vital part in steelmaking of today that use electric arcs to melt scrap metal. They are available in different setups such as direct arc furnaces (DAF) and indirect arc furnaces (IAF). In the case of DAFs, the scrap is directly exposed to the arc, while IEF furnace vessels are used for this purpose hence IEFs are more energy-efficient. EAFs talk about their advantages, which include quick start-ups; accurate temperature regulation, and very little emission. They, therefore, are friendly to the environment. They are essential for steel production and also serve as a purification agent by recuperating scrap metal and transforming it into high-quality products. EAFs provide various advantages which include less energy use, greenhouse gas emissions as well as improved blow flexibility in the steelmaking processes. This is due to their efficacy and multifunctional characteristics which makes them key instruments of the steel industry in their drive for sustainability and cost-effectiveness.
By Type:
By Capacity:
By Application:
The global electric arc furnaces market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. While Asia-Pacific currently holds the largest market share, followed by North America and Europe, the market dynamics are evolving.
| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 10.6% from 2020-2034 |
| Segmentation |
|
Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 10.6%.
Key companies in the market include Danieli & C. Officine Meccaniche SpA (Italy), Nippon Steel Corporation (Japan), ArcelorMittal (Luxembourg), SMS Group GmbH (Germany), Tenova S.p.A. (Italy), Electrotherm (India), Primetals Technologies (U.K.), Paul Wurth IHI Co., Ltd. (Japan), JP Steel Plantech Co. (Japan), Wuxi Dongxong Heavy Arc Furnace Co., Ltd. (China).
The market segments include Type, Capacity, Application.
The market size is estimated to be USD 730.3 USD Million as of 2022.
Rising Demand from the Automotive and Construction Sectors to Aid Market Growth.
Technological Advancement in Equipment to Propel Market Growth.
Initial Capital Investment to Set Up the Capacity to Restrain Market Growth.
July 2023: Tenova supplied its electric arc furnace to ORI Martin, a European steel group that specializes in manufacturing steel for the automotive, fastener, mechanical, and building sectors. Tenova replaced the EAF at the mill in Brescia, Italy.
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The market size is provided in terms of value, measured in USD Million and volume, measured in K Units.
Yes, the market keyword associated with the report is "Electric Arc Furnaces Market," which aids in identifying and referencing the specific market segment covered.
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