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Submerged Arc Furnaces Market Share
The submerged arc furnaces industry is fragmented, with several regional companies operating on a global scale. In 2023, the SMS Group, Siemens AG, Metso Outotec, Danieli, and Shanghai Electric Group Co., Ltd. were the leading players in the market. To expand their customer base, broaden their product offerings, and establish a stronger foothold in the market, these corporations strategically deploy mergers, acquisitions, partnerships, and facility expansions. They also leverage their vast distribution networks and resources to investigate new markets.
Submerged Arc Furnaces Market Companies
Major players operating in the submerged arc furnaces industry are:
- Danieli Group
- Doshi Technologies Pvt. Ltd.
- Electrotherm
- Hatch Ltd.
- Metso Outotec Corporation
- Outotec Oyj
- Paul Wurth S.A.
- Primetals Technologies Limited
- Shanghai Electric Group Co., Ltd.
- Siemens AG
- SMS Group GmbH
- Tenova
- Thermtronix Corporation
- Thyssenkrupp Industrial Solutions AG
- Xi’an Abundance Electric Technology Co., Ltd.
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.