The global Induction Furnace market is projected to be USD 598.4 Mn in 2021 to reach USD 615.2 Mn by 2032 at a CAGR of 1.8%.

Market.us announces the publication of its most recently generated research report titled, “Global Induction Furnace Market by Product Type (Coreless, Channel), By Application (Melting, Heating & Others), and by Region – Global Forecast to 2028.”, which offers a holistic view of the global Induction Furnace market through systematic segmentation that covers every aspect of the target market.

The induction furnace uses induction to heat metals to their melting points. The principle of the induction furnace is based on induction heating. The capacity of induction furnaces ranges from less than 1kg to 100MT, and these are majorly used for the re-melting of iron & steel (steel scrap), copper, aluminum, precious metals, and alloys. Currently, several foundries use induction furnaces, and some iron foundries are also in the process of replacing cupolas with induction furnaces since the former emits a significant amount of dust and pollutants. The induction furnace has an electric coil to produce the charge, and this coil is replaced from time to time and is cooled by a water system. The vessel in which the metal is heated is a stronger material that can resist the required heat. The significant advantage of induction furnaces is that the process is clean, energy-efficient and the process is highly controllable compared to other methods for metal melting. However, one of the significant drawbacks of the induction furnace is the lack of refining capacity, charge materials must be clean of oxidation products, and some critical alloying elements may be lost due to oxidation and need to be re-added to the melt.

The construction industry is another major end-user of the metallurgy industry. Robust growth and recovery of the construction industry in developing and developed economies respectively are expected to provide a stable rise to the global induction market. Furthermore, government initiatives in emerging economies toward infrastructure development are likely to boost the growth of the target market.

Global Induction Furnace Market Revenue (US$ Mn), 2019–2029 

However, one of the significant disadvantages of the induction furnace is that the charge materials need to be clean from oxidation products, and certain critical alloying elements may be lost during the process, which needs to be added back during re-melting. This is one of the major restraints subduing the market growth to a certain extent. Nonetheless, continuous R&D activities towards the development of cost-effective and energy-efficient induction furnaces, particularly in European countries where there are ongoing efforts by the government to increase energy-efficient and clean production of metals are expected to provide lucrative opportunities to the players in the global induction furnace market.

The global Induction Furnace market is segmented on the basis of product type, application, and region. On the basis of product type, the market is segmented into Coreless, Channel. The coreless segment accounts for the majority share and is expected to register the highest growth over the forecast period, followed by the channel segment. On the basis of application, the market is segmented into Melting, Heating & Others The melting segment accounts for a majority share in the global Induction Furnace market.

Global Induction Furnace Market by Product Type, 2018

On the basis of region, the market is segmented into North America, Europe, APAC, South America, and Middle East Africa. The APAC accounts for the majority share in the global Induction Furnace market, owing to increasing spending on pharmaceuticals R&D. MEA is expected to register the highest growth rate over the forecast period. Regions such as Europe and South America are expected to register stable growth over the forecast period.

The research report on the global Induction Furnace market includes profiles of some of the major companies such as ABP Induction Systems, Electrotherm (India) Limited, Inductotherm Group, Megatherm Group, and Agni Electrical, Indotherm Furnaces Pvt. Ltd., Magnalenz, Pees Induction Equipments Pvt. Ltd., etc.

Key Market Segments

Type

• Coreless Induction Furnace
• Channel Induction Furnace

Application

• Melting
• Heating & Others

Key Market Players included in the report:

• ABP Induction Systems
• Electrotherm (India) Limited
• Inductotherm Group
• Megatherm Group
• Agni Electrical
• Indotherm Furnaces Pvt. Ltd.
• Magnalenz
• Pees Induction Equipments Pvt. Ltd

For the Induction Furnace Market research study, the following years have been considered to estimate the market size: