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Submerged Arc Furnaces Market Analysis
Based on the product type, the the AC submerged arc furnaces segment accounted for revenue of around USD 800 million in 2023 and is expected to reach USD 1.2 billion by 2032. AC-submerged arc furnaces can be 20-30% cheaper than DC SAFs due to their simpler design and lack of complex rectifier circuits. AC SAFs can handle a variety of feed materials, including different types of ores, alloys, and recycled materials. This adaptability allows manufacturers to adjust their feedstock compositions based on availability and market demand.
In 2023, the ferroalloy segment emerged as the dominant, commanding a market share of around 38% and expected to reach 39% by 2032. Increasing demand for ferroalloys across several industries such as steel production, aerospace, automotive, and construction. The steel manufacturing benefits greatly from the use of ferroalloys, which improve the steel's resistance to heat, corrosion, and other factors. The need for submerged arc furnaces to produce ferroalloys is driven by the expansion of these industries and the resulting demand for market demand.
Asia Pacific region acquired 55% share of the submerged arc furnaces market in 2023 and will reach USD 800 million by 2032. Increasing infrastructure development, such as the creation of bridges, roads, and transportation networks, is a result of the Asia Pacific region's rapid urbanization and industrialization. For the production of ferroalloys used in structural steel and reinforced concrete, among other infrastructure materials, submerged arc furnaces are essential. Trillions of dollars are being invested in infrastructure projects by Asian Pacific governments.
Who makes submerged arc furnaces?
Major submerged arc furnaces industry players include Danieli Group, Doshi Technologies Pvt. Ltd., Hatch Ltd., Metso Outotec Corporation, Outotec Oyj, Paul Wurth S.A., Primetals Technologies Limited, Shanghai Electric Group Co., Ltd., Siemens AG, SMS Group GmbH, Thermtronix Corporation, and Thyssenkrupp Industrial Solutions AG among others.
What are the factors expanding the Asia Pacific submerged arc furnaces market?
Asia Pacific submerged arc furnaces industry registered 55% share in 2023 and will reach USD 800 million by 2032, attributed to rapid industrialization and urbanization across the region and favorable government policies and investments in infrastructure.
How large is the submerged arc furnaces market?
The market size of submerged arc furnaces was reached USD 1 billion in 2023 and will demonstrate a 4.3% CAGR between 2024 and 2032, driven by the increasing demand in industries, technological advancements and the rising focus on sustainable manufacturing processes and energy efficiency.
Why is the demand for AC submerged arc furnaces rising?
AC submerged arc furnaces market achieved USD 800 million in 2023 and will grow at USD 1.2 billion by 2032, owing to advancements in AC furnace technology, their cost-effectiveness and scalability coupled with the growing demand for steel and ferroalloys.