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Submerged Arc Furnaces Market Trends

Report ID: GMI5643
Published Date: Apr 2024
Report Format: PDF

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Submerged Arc Furnaces Market Trends

Government initiatives in infrastructure development projects, such as bridges, power plants, and highways, are anticipating growth in the submerged arc furnace market. For instance, according to the American Society of Civil Engineers (ASCE), the United States will be required to spend approximately $4.5 trillion on infrastructure enhancements by 2025. This amount of investment increases the need for steel used in infrastructure projects, which in turn drives the requirement for ferroalloys made in SAFs, thus it will enhance business demand.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

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.

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.

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.

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.