Electric Arc Furnaces Market to Record 8.30% Y-O-Y Growth Rate in 2021 | Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021 - 2025
One of the key factors driving growth in the electric arc furnaces market is the lower investment requirements of the EAF route over the BF-BOF route.
NEW YORK, Jan. 6, 2022 /PRNewswire/ -- The "Electric Arc Furnaces Market - Competitive Analysis and Five Force Analysis" report has been added to Technavio's offering.
The electric arc furnaces market value is set to grow by USD 555.36 million, progressing at a CAGR of 11.10% from 2020 to 2025, as per the latest report by Technavio.
Market Dynamics
One of the key factors driving growth in the electric arc furnaces market is the lower investment requirements of the EAF route over the BF-BOF route. The EAF route (minimill) requires less capital expenditure for a given output of steel when compared to the BF-BOF route. The advanced minimills can use up to 100% scrap steel as the primary raw material to produce steel, which, in turn, eliminates the investment requirement in transportation, storage, and processing facilities for iron ore and coking coal. Unlike integrated steel plants, minimill operators usually set up their facilities in the vicinity of their major customers, which results in logistical efficiency.
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Company Profiles
The electric arc furnaces market report provides complete insights on key vendors including Berry Metal Co., Danieli & C. Officine Meccaniche Spa, Electrotherm Ltd., IHI Corp., JP Steel Plantech Co., Nippon Steel Corp., Primetals Technologies Ltd., SMS group GmbH, Tenova Spa, and Whiting Equipment Canada Inc.
Competitive Analysis
The competitive scenario provided in the electric arc furnaces market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.
The new emission regulations in China is another major factor supporting the electric arc furnaces market share growth. The use of coking coal leads to the emission of carbon dioxide, which is a greenhouse gas. The governments of the Hebei and Jiangsu provinces of China ordered steel producers to reduce air pollution. Government initiatives are encouraging the use of the EAF route of steel making in China as it causes less harmful emissions compared with the BF-BOF route. It is expected that the anti-pollution drive will force other major steel-producing Chinese provinces as well to reduce the emissions caused by their respective steel industries. China has also introduced a carbon trading system which has increased the environmental cost for blast furnace operators more compared with their minimal counterparts.
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Market Segmentation
- By Technology, the market is classified into DC arc furnace and AC arc furnace segments.
- By Geography, the market is classified as APAC, Europe, North America, MEA, and South America.
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Electric Arc Furnaces Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 11.10% |
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Market growth 2021-2025 |
$ 555.36 million |
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Market structure |
Fragmented |
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YoY growth (%) |
8.30 |
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Regional analysis |
APAC, Europe, North America, MEA, and South America |
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Performing market contribution |
APAC at 67% |
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Key consumer countries |
China, India, Germany, US, and Brazil |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Berry Metal Co., Danieli & C. Officine Meccaniche Spa, Electrotherm Ltd., IHI Corp., JP Steel Plantech Co., Nippon Steel Corp., Primetals Technologies Ltd., SMS group GmbH, Tenova Spa, and Whiting Equipment Canada Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
