Major players in the induction furnace market are Electrotherm, Danieli & C. S. p. A, SMS Elotherm GmbH, Meltech Ltd, Tenova S. p. A, Doshi Technologies Pvt. Ltd, IHI Machinery and Furnace Co. , Ltd, ECM Technologies, Jiangsu Yueda Group Co.
New York, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Induction Furnace Global Market Report 2022" - https://www.reportlinker.com/p06318587/?utm_source=GNW
, LTD, Wuxi Dongxong Heavy Arc Furnace Co., Ltd, OTTO JUNKER GmbH, Agni Electrical Pvt. Ltd, NUPRO CORPORATION, JP Steel Plantech Co., Magnalenz, Pees Induction Equipment’s Pvt. Ltd, ABP Induction Systems GmbH, INDUCTOTHERM GRO
The global induction furnace market is expected to grow from $1.01 billion in 2021 to $1.06 billion in 2022 at a compound annual growth rate (CAGR) of 5.5%. The induction furnace market is expected to reach $1.31 billion in 2026 at a CAGR of 5.5%.
The induction furnace market consists of sales of induction furnaces by entities (organizations, sole traders, and partnerships) that are used to melt various metals at high temperatures in manufacturing industries.An induction furnace consists of an electric coil carrying an electric current that surrounds the camber of metal, which induces a charge.
The circulation of this charge produces a high temperature that melts the metals and is used in making alloys of different metal compositions.
The main types of induction furnaces include coreless induction furnaces and channel induction furnaces.A coreless induction furnace refers to an electric furnace that consists of a coil carrying an electric current around the camber of metal that induces charge.
These are applicable to non-ferrous, ferrous, and specialty melting. The induction furnace is used in the steel industry, copper industry, aluminium industry, and zinc industry, and the furnace capacity ranges from up to 1 ton; 1–100 tons; and more than 100 tons.
Adia-Pacific was the largest region in the induction furnace market in 2021. The regions covered in the induction furnace market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The induction furnace market research report is one of a series of new reports that provides induction furnace market statistics, including induction furnace industry global market size, regional shares, competitors with an induction furnace market share, detailed induction furnace market segments, market trends and opportunities, and any further data you may need to thrive in the induction furnace industry. This induction furnace market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.
The growth of the aerospace industry is expected to propel the growth of the induction furnace market going forward.Aerospace firms commonly use the induction furnace due to their predetermined specifications in manufacturing requirements.
In aerospace, the induction furnace provides various applications in the manufacturing of aircraft, such as heat treating, hardening of metals, curing of epoxies and coatings, special materials research and testing, heating and bonding of composite materials, casting of different metals, including titanium and super alloys, vacuum and levitation melting of special alloys, and others. According to the Bureau of Transportation Statistics (BTS), a US-based government agency, the number of scheduled service airline passengers increased by 83% in 2022, from 303.6 million in 2020 to 70.4 million in 2021.
Strategic partnerships are the key trend gaining popularity in the induction furnace market.Companies operating in induction furnaces are undergoing partnerships to strengthen their position in the market.
For instance, in March 2022, Luna Innovations, a US-based manufacturer of fiber-optics for various industries, partnered with Otto Junker GmbH, a Germany-based operator of an induction furnace.Through this partnership, Luna Innovations has strengthened its induction furnace technology by inventing OCP (optical coil protection system) using the fibre optic temperature measurement technology of Otto Junker GmbH.
The technology is helping in their melting-and heat-treatment facilities by providing highly resolved real-time measurement of the temperature distribution on the exterior lining surface, allowing accurate and reliable temperature monitoring of induction furnaces.Furthermore, in April 2021, GH Induction Atmosphere, an American-based company operating in induction furnaces, partnered with Foka Engineering, a Germany-based company operating in heat treatment networks and induction furnaces.
Through this partnership, Foka Engineering would provide a vacuum-based induction furnace solution for the European aerospace market and also aims to support machine installations and maintain new and existing customers.
In October 2020, Ajax Tocco Magnethermic Corporation, an American-based company operating in induction furnaces and heating solutions, acquired ABP Induction Systems GmbH for an undisclosed amount. Ajax Tocco Magnethermic Corporation hopes to strengthen its product portfolio in induction furnaces, capital goods manufacturer with aftermarket parts and services, maintain and expand its existing and new customer base, and establish a strong global reach through the partnership.ABP Induction Systems GmbH (formerly ABB Foundry Systems), is a Germany-based leading manufacturer of high throughput induction melting, pouring, and heating equipment.
The countries covered in the induction furnace market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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