Electric arc furnaces market size to grow by USD 659.73 million between 2022 and 2027; APAC to account for 67% of the market growth - Technavio

NEW YORK, March 21, 2023 /PRNewswire/ -- The electric arc furnaces market size is estimated to grow by USD 659.73 million between 2022 and 2027, accelerating at a CAGR of 10.4% during the forecast period. APAC will account for 67% of the market growth during the forecast period. Increasing investments in transportation, communication, and infrastructure projects in India is one of the key factors driving the growth of the regional market. Another major factor driving the growth of the regional market is the increase in the production of steel and the growth in the construction industry in China. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) ? Request a report sample

Electric Arc Furnaces Market 2023-2027: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our electric arc furnaces market report covers the following areas:

• Electric Arc Furnaces Market Size
• Electric Arc Furnaces Market Trends
• Electric Arc Furnaces Market Analysis

Electric Arc Furnaces Market 2023-2027: Market Dynamics

• Key Driver ? The market is driven by lower investment requirements of the electric arc furnaces route than the BF-BOF route. The blast furnace (BF)-basic oxygen furnace (BOF) route accounted for approximately 70%-75% of the global steel output in 2021. This method requires high capital expenditure for steel plant operators. It also requires significant investments to construct railroads to carry raw materials to the integrated steel plants and to ship finished steel to the end-user industries. However, in the electric arc furnaces route, less capital is required for the same given output of steel when compared to the BF-BOF route. The electric arc furnaces route eliminates the need for investments to construct transportation, storage, and processing facilities. Such cost benefits are driving the growth of the market in focus.
• Major Trend ? The increasing production of direct reduced iron (DRI) is identified as the major trend in the market. DRI is one of the routes of steel making, which relies on natural gas or non-coking coal to produce DRI. DRI offers higher purity than scrap steel. Hence, it is mixed with scrap steel to improve the quality of produced crude steel. Also, the low prices of natural gas and non-coking coal result in reduced production costs. Such benefits are increasing investments in new DRI plants globally. As a result of these factors, market growth is expected to increase during the forecast period.
• Market Challenge ? The growth of the market is affected by uncertainty in demand for steel and the price of steel scraps. The prices of shredded scrap and prime grade have currently reduced below USD 400 per ton in several parts of the US. In July 2022, the prices of steel scrap was reduced in most of the markets and began to rise again. Such instances of uncertainties in the prices of steel scrap is negatively affecting the growth of the market players.

Electric Arc Furnaces Market 2023-2027: Segmentation

The electric arc furnaces market is segmented as below:

• Type 
• DC arc furnace
• AC arc furnace

• Capacity 
• 100-200 tons
• 200-300 tons
• More than 300 tons
• Up to 100 tons

• Geography 
• North America
• The U.S.
• Canada
• Europe 
• The U.K.
• Germany
• France
• Rest of Europe
• APAC 
• China
• India
• South America
• Chile
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• South Africa
• Rest of the Middle East & Africa

Based on the type, the market will witness significant growth in the DC arc furnace segment. The growth of the segment is driven by the low capital investment required to adopt DC arc furnaces. The fast-growing demand for steel in India and Africa is another major factor driving the growth of the segment.

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Electric Arc Furnaces Market 2023-2027 : Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the electric arc furnaces market. Backed with competitive intelligence and benchmarking, our research report on the electric arc furnaces market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

China BaoWu Steel Group Corp. Ltd., Danieli and C. Officine Meccaniche Spa, Doshi Technologies Pvt. Ltd., Electrotherm Ltd., GHI HORNOS INDUSTRIALES SL, IHI Corp., JP Steel Plantech Co., Mitsubishi Heavy Industries Ltd., Nippon Steel Corp., Nupro Corp., Resco Products Inc., SARRALLE, SMS group GmbH, Tam Celik Sanayi AS, Techint, TYMEC, Vesuvius Plc, Whiting Corp., Wuxi Dongxong Heavy Arc Furnace Co. Ltd., and Xiye Tech Group Co. Ltd. are some of the major market participants.

Although the lower investment requirements of the electric arc furnaces route than the BF-BOF route, uncertainty in demand for steel and the price of steel scraps will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

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Electric Arc Furnaces Market 2023-2027: Key Highlights

• CAGR of the market during the forecast period 2023-2027
• Detailed information on factors that will assist electric arc furnaces market growth during the next five years
• Estimation of the electric arc furnaces market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the electric arc furnaces market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of electric arc furnaces market vendors

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Table Of Contents :

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary ? Chart on Market Overview
• Exhibit 02: Executive Summary ? Data Table on Market Overview
• Exhibit 03: Executive Summary ? Chart on Global Market Characteristics
• Exhibit 04: Executive Summary ? Chart on Market by Geography
• Exhibit 05: Executive Summary ? Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary ? Chart on Market Segmentation by Capacity
• Exhibit 07: Executive Summary ? Chart on Incremental Growth
• Exhibit 08: Executive Summary ? Data Table on Incremental Growth
• Exhibit 09: Executive Summary ? Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global electric arc furnaces market 2017 - 2021
• Exhibit 18: Historic Market Size ? Data Table on Global electric arc furnaces market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021
• Exhibit 19: Historic Market Size ? Type Segment 2017 - 2021 ($ million)

• 4.3 Capacity Segment Analysis 2017 - 2021
• Exhibit 20: Historic Market Size ? Capacity Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021
• Exhibit 21: Historic Market Size ? Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021
• Exhibit 22: Historic Market Size ? Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers
• Exhibit 24: Chart on Bargaining power of buyers ? Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers
• Exhibit 25: Bargaining power of suppliers ? Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants
• Exhibit 26: Threat of new entrants ? Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes
• Exhibit 27: Threat of substitutes ? Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry ? Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 AC arc furnace - Market size and forecast 2022-2027
• Exhibit 34: Chart on AC arc furnace - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on AC arc furnace - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on AC arc furnace - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on AC arc furnace - Year-over-year growth 2022-2027 (%)

• 6.4 DC arc furnace - Market size and forecast 2022-2027
• Exhibit 38: Chart on DC arc furnace - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on DC arc furnace - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on DC arc furnace - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on DC arc furnace - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type
• Exhibit 42: Market opportunity by Type ($ million)
• Exhibit 43: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Capacity

• 7.1 Market segments
• Exhibit 44: Chart on Capacity - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Capacity - Market share 2022-2027 (%)

• 7.2 Comparison by Capacity
• Exhibit 46: Chart on Comparison by Capacity
• Exhibit 47: Data Table on Comparison by Capacity

• 7.3 100-200 tons - Market size and forecast 2022-2027
• Exhibit 48: Chart on 100-200 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Data Table on 100-200 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 50: Chart on 100-200 tons - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on 100-200 tons - Year-over-year growth 2022-2027 (%)

• 7.4 200-300 tons - Market size and forecast 2022-2027
• Exhibit 52: Chart on 200-300 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on 200-300 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on 200-300 tons - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on 200-300 tons - Year-over-year growth 2022-2027 (%)

• 7.5 More than 300 tons - Market size and forecast 2022-2027
• Exhibit 56: Chart on More than 300 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on More than 300 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on More than 300 tons - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on More than 300 tons - Year-over-year growth 2022-2027 (%)

• 7.6 Up to 100 tons - Market size and forecast 2022-2027
• Exhibit 60: Chart on Up to 100 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Up to 100 tons - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Up to 100 tons - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Up to 100 tons - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Capacity
• Exhibit 64: Market opportunity by Capacity ($ million)
• Exhibit 65: Data Table on Market opportunity by Capacity ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027
• Exhibit 79: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027
• Exhibit 83: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027
• Exhibit 87: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 India - Market size and forecast 2022-2027
• Exhibit 95: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.10 Germany - Market size and forecast 2022-2027
• Exhibit 99: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.11 US - Market size and forecast 2022-2027
• Exhibit 103: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.12 Brazil - Market size and forecast 2022-2027
• Exhibit 107: Chart on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Brazil - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Brazil - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Brazil - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors
• Exhibit 118: Matrix on vendor position and classification

• 12.3 Danieli and C. Officine Meccaniche Spa
• Exhibit 119: Danieli and C. Officine Meccaniche Spa - Overview
• Exhibit 120: Danieli and C. Officine Meccaniche Spa - Business segments
• Exhibit 121: Danieli and C. Officine Meccaniche Spa - Key news
• Exhibit 122: Danieli and C. Officine Meccaniche Spa - Key offerings
• Exhibit 123: Danieli and C. Officine Meccaniche Spa - Segment focus

• 12.4 Electrotherm Ltd.
• Exhibit 124: Electrotherm Ltd. - Overview
• Exhibit 125: Electrotherm Ltd. - Business segments
• Exhibit 126: Electrotherm Ltd. - Key offerings
• Exhibit 127: Electrotherm Ltd. - Segment focus

• 12.5 IHI Corp.
• Exhibit 128: IHI Corp. - Overview
• Exhibit 129: IHI Corp. - Business segments
• Exhibit 130: IHI Corp. - Key news
• Exhibit 131: IHI Corp. - Key offerings
• Exhibit 132: IHI Corp. - Segment focus

• 12.6 JP Steel Plantech Co.
• Exhibit 133: JP Steel Plantech Co. - Overview
• Exhibit 134: JP Steel Plantech Co. - Product / Service
• Exhibit 135: JP Steel Plantech Co. - Key offerings

• 12.7 Mitsubishi Heavy Industries Ltd.
• Exhibit 136: Mitsubishi Heavy Industries Ltd. - Overview
• Exhibit 137: Mitsubishi Heavy Industries Ltd. - Business segments
• Exhibit 138: Mitsubishi Heavy Industries Ltd. - Key news
• Exhibit 139: Mitsubishi Heavy Industries Ltd. - Key offerings
• Exhibit 140: Mitsubishi Heavy Industries Ltd. - Segment focus

• 12.8 Nippon Steel Corp.
• Exhibit 141: Nippon Steel Corp. - Overview
• Exhibit 142: Nippon Steel Corp. - Business segments
• Exhibit 143: Nippon Steel Corp. - Key offerings
• Exhibit 144: Nippon Steel Corp. - Segment focus

• 12.9 Nupro Corp.
• Exhibit 145: Nupro Corp. - Overview
• Exhibit 146: Nupro Corp. - Product / Service
• Exhibit 147: Nupro Corp. - Key offerings

• 12.10 Resco Products Inc.
• Exhibit 148: Resco Products Inc. - Overview
• Exhibit 149: Resco Products Inc. - Product / Service
• Exhibit 150: Resco Products Inc. - Key offerings

• 12.11 SARRALLE
• Exhibit 151: SARRALLE - Overview
• Exhibit 152: SARRALLE - Product / Service
• Exhibit 153: SARRALLE - Key offerings

• 12.12 SMS group GmbH
• Exhibit 154: SMS group GmbH - Overview
• Exhibit 155: SMS group GmbH - Product / Service
• Exhibit 156: SMS group GmbH - Key offerings

• 12.13 Tam Celik Sanayi AS
• Exhibit 157: Tam Celik Sanayi AS - Overview
• Exhibit 158: Tam Celik Sanayi AS - Product / Service
• Exhibit 159: Tam Celik Sanayi AS - Key offerings

• 12.14 Techint
• Exhibit 160: Techint - Overview
• Exhibit 161: Techint - Product / Service
• Exhibit 162: Techint - Key offerings

• 12.15 Vesuvius Plc
• Exhibit 163: Vesuvius Plc - Overview
• Exhibit 164: Vesuvius Plc - Business segments
• Exhibit 165: Vesuvius Plc - Key offerings
• Exhibit 166: Vesuvius Plc - Segment focus

• 12.16 Whiting Corp.
• Exhibit 167: Whiting Corp. - Overview
• Exhibit 168: Whiting Corp. - Product / Service
• Exhibit 169: Whiting Corp. - Key offerings

• 12.17 Wuxi Dongxong Heavy Arc Furnace Co. Ltd.
• Exhibit 170: Wuxi Dongxong Heavy Arc Furnace Co. Ltd. - Overview
• Exhibit 171: Wuxi Dongxong Heavy Arc Furnace Co. Ltd. - Product / Service
• Exhibit 172: Wuxi Dongxong Heavy Arc Furnace Co. Ltd. - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist
• Exhibit 173: Inclusions checklist
• Exhibit 174: Exclusions checklist

• 13.3 Currency conversion rates for US$
• Exhibit 175: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 176: Research methodology
• Exhibit 177: Validation techniques employed for market sizing
• Exhibit 178: Information sources

• 13.5 List of abbreviations
• Exhibit 179: List of abbreviations

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