LONDON--(BUSINESS WIRE)--The new electric arc furnaces market research from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the electric arc furnaces market.
"One of the primary growth drivers for this market is the lower investment requirements of EAF route than BF-BOF route,” says a senior analyst for industrials at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the electric arc furnaces market size to grow by USD 526.50 million during the period 2020-2024.
Electric Arc Furnaces Market Segment Highlights for 2020
- The electric arc furnaces market is expected to post a year-over-year growth rate of 5.70%.
- Based on the technology, the DC arc furnace saw maximum growth in 2019. Factors such as lower investment requirements for the EAF route than the BF-BOF route are driving the market.
- The growth of the segment will be significant during the forecast period.
- 67% of the growth will originate from the APAC region.
- The new emission regulations in China will significantly influence the electric arc furnaces market's growth in the APAC region.
- China and India are the key markets for electric arc furnaces in APAC.
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- The electric arc furnaces market size is expected to accelerate at a CAGR of over 11% during the forecast period.
- The electric arc furnaces market is segmented by technology (DC arc furnace and AC arc furnace) and geography (APAC, Europe, North America, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Danieli & C. Officine Meccaniche Spa, Electrotherm (India) Ltd., IHI Corp., JP Steel Plantech Co., Nippon Steel Corp., Primetals Technologies Ltd., Siemens AG, Sinosteel Corp., SMS group GmbH, and Tenova Spa
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