LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global electric arc furnaces market and the market is poised to grow by USD 470 million during 2019-2023 at a CAGR of nearly 11% during the forecast period. Request Free Sample Pages
Read the 105-page research report with TOC on "Electric Arc Furnaces Market Analysis Report by Technology (DC arc furnace and AC arc furnace), by Geography (the Americas, APAC, and EMEA), and Segment Forecasts, 2019 - 2023".
The market is driven by the lower investment requirements of the EAF route than BF-BOF route. Also, the improving power supply infrastructure is anticipated to further boost the growth of the electric arc furnaces market.
Electric arc furnaces (EAF) route and blast furnace to basic oxygen furnace (BF-BOF) route are the two routes the steel industry follows to produce steel. EAF route (minimills) requires less capital expenditure for a given output of steel because it uses scrap steel to provide steel. This minimizes the investments needed to transport, store, and process the iron ore and coking coal. As a result, countries such as Africa, Iran, and Turkey use the EAF route to produce the majority of steel. Thus, the lower investment requirements of EAF route than BF-BOF route is expected to drive market growth during the forecast period.
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Major Five Electric Arc Furnaces Market Companies:
DANIELI is headquartered in Italy and operates the business under various business segments such as Plant making and Steel making. The company offers AC EAF and DC EAF.
IHI is headquartered in Japan and offers products through the following business units: Resources, energy, and environment, Aerospace engines, space, and defense, industrial systems and general-purpose machinery, and Social infrastructure and offshore facilities. The company offers DC electric arc furnaces that are capable of the simultaneous preheating and feeding of raw materials.
Primetals Technologies is headquartered in Japan and operates under various business segments, namely EAF Ultimate and EAF Quantum.
Sinosteel is headquartered in China and offers electric arc furnaces to be used in steel minimills.
The SMS Group is headquartered in Germany and offers EAFs with the provision of burner and oxygen injection technologies.
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Electric Arc Furnaces Technology Outlook (Revenue, USD Million, 2019 - 2023)
- DC arc furnace
- AC arc furnace
Electric Arc Furnaces Regional Outlook (Revenue, USD Million, 2019 - 2023)
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