Global Electric Arc Furnaces Market 2019-2023|Industry Analysis and Forecast| Technavio

Technavio has published a new market research report on the global electric arc furnaces market for the period 2019-2023. (Graphic: Business Wire)

LONDON--()--Technavio’s global electric arc furnaces market research report forecasts the market to grow at a CAGR of around 11% during the forecast period.

The increasing production of DRI will be one of the major trends in the global electric arc furnaces market during 2019-2023. The BF-BOF route of steel manufacture makes use of coking coal as a source of carbon and energy in the blast furnace. A direct reduction of iron is another route of steelmaking that relies on natural gas or non-coking coal to produce DRI, which is used with scrap steel to produce crude steel. The production of natural gas and non-coking coal has considerably increased due to the improvements in the extraction and mining technologies. It has helped keep their prices at low levels. The low prices of natural gas and non-coking coal usually result in the increased production of DRI as the production cost declines.

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According to Technavio’s analysts, one of the key drivers for the global electric arc furnaces market will be the lower investment requirements of EAF route than BF-BOF route:

Global electric arc furnaces market: Lower investment requirements of EAF route than BF-BOF route

In 2018, approximately 70-75% of the global steel output originated from the BF-BOF route. The BF-BOF route or the integrated steel plant needs a huge capital expenditure in securing the supplies of coking coal, iron ore, and limestone. Additionally, the investments in railroads are also required to carry raw materials to the integrated steel plants and to carry the finished steel to end-user industries. The EAF route requires less capital expenditure when compared to the BF-BOF route for a required output of steel.

According to a senior research analyst at Technavio, “In the case of the EAF route, minimills use scrap steel as the primary raw material to produce steel. This eliminates the investment required for transportation, storage, and processing facilities for coking coal and iron ore. Therefore, the less material handling and processing needed for a given output of steel, the lower the required investment.”

Global electric arc furnaces market: Segmentation analysis

The global electric arc furnaces market analysis report provides market segmentation by technology (DC arc furnace and AC arc furnace) and by region (the Americas, APAC, and EMEA). This report provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Based on technology, the DC arc furnace segment held the largest electric arc furnaces market share in 2018, contributing to over 59% of the market. This technology segment will dominate the global market throughout the forecast period.

The APAC region held the largest share of the market in 2018, accounting for more than 63% share. It was followed by EMEA and the Americas, respectively. The APAC region is expected to dominate the market throughout the period 2019-2023.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

Technavio’s global electric arc furnaces market research report forecasts the market to grow at a CAGR of around 11% during 2019-2023.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com