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Submerged Arc Furnaces Market Size
Submerged Arc Furnaces Market was valued at around USD 1 billion in 2023 and is estimated to register a CAGR of around 4.3% between 2024 and 2032.
The adoption of advanced manufacturing technologies such as additive manufacturing and metal 3D printing, is driving demand for high-performance metal components. Ferroalloys produced in SAFs serve as feedstock materials for these technologies which in turn drives business growth.
Submerged arc furnace setup comes at a high cost, requiring expenditures in labour, machinery, and infrastructure. This expensive initial outlay discourages businesses from growing or building new facilities and serves as a barrier to entry for smaller operators. Operations using submerged arc furnaces are energy-intensive and require a significant amount of electricity. Increased energy prices or interruptions in the supply chain can have a big effect on operating costs and lower firms' profit margins..
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.