Electric Arc Furnaces Market Size, Share, Competitive Landscape and Trend Analysis Report, by Technology, by Application and, by Capacity : Global Opportunity Analysis and Industry Forecast, 2023-2032

An electric arc furnace (EAF) is an efficient melting apparatus which is used in steelmaking. It is a high-temperature furnace that heats charged material (scrap metal) by means of an electric arc. Melting is done by supply of energy to the furnace interior. Electrical energy is supplied via the graphite electrodes. It uses high-voltage electric arcs to make steel or to manufacture metals. These are used in mini-mills that recycle direct reduced iron, steel, and other mixture of scrap into new steel products. An electric arc furnace capacity ranges from small units of approximately one-ton capacity to more than 400 tons.

COVID-19 Impact Analysis

• COVID-19 pandemic has shut down the production of electric arc furnaces attributed to the lockdown in countries worldwide this has hampered the growth of electric arc furnaces from the last few months and is likely to grow in 2021.
• COVID -19 has already affected the sales of electric arc furnaces in the second and third quarter of 2020 and is anticipated to grow in year 2021.
• The major demand for electric arc furnaces was previously noticed from countries including the US Germany Italy UK and China which are negatively affected by the spread of the coronavirus thereby declining the demand for electric arc furnaces.
• Further potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves electric arc furnaces manufacturers can afford a full lockdown only for a few months after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce the expenses. Whereas few players also adopted employee lay-offs to sustain during the COVID -19 health crisis.
• Electric arc furnaces manufacturers are expected to focus on protecting their workforce operations and supply chains to respond to ward immediate crisis and find new ways of working after COVID -19 for instance provision of sanitizers maintaining social distancing as well as ensuring the vaccination of every employee in the company can assist in promoting the health and safety of the workforce.

Top Impacting Factors

Electric arc furnace route eliminates investment required in storage, transportation, and processing facilities of cooking iron ore and coal. Therefore, low capital investment is required in electric arc furnace as compared to blast furnace. Also, scrap steel is easily available. These factors drive the growth of the electric arc furnace market. Rise in installation of ultra-supercritical thermal power plants, modernization of existing power plants, and expansion of power supply infrastructure is expected to fuel the demand for the electric arc furnace market.

China is a major producer, consumer, and exporter of steel. The Government of China has shut down several illegal and outdated steel plants to curb pollution. This ultimately limits the growth of the electric arc furnaces market.

Market trends

• In March 2020, Tenova S.p.A., provided its technology to Metalloinvest to complete the modernization of its EAF. This development allows the company to produce steel using converter method without using electrodes.
• In March 2020, Cleveland-Cliffs Inc. acquired AK Steel Holding Corporation. This increases the presence of the company in the North America region.

Key Benefits of the Report

• This study presents the analytical depiction of the electric arc furnaces along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the electric arc furnaces market share.
• The current market is quantitatively analyzed to highlight the electric arc furnaces market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed electric arc furnaces market analysis based on competitive intensity and how the competition will take shape in coming years

  Electric Arc Furnaces Market Report Highlights

Aspects	Details
By Technology	DC arc furnace AC arc furnace
By Application	Metal Smelting Ore Smelting Others
By Capacity	Up to 100 tons 100 – 200 tons 200 – 300 tons More than 300 tons
By Region	North America  (U.S., Canada, Mexico) Europe  (France, Germany, Italy, UK, Rest of Europe) Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific) LAMEA  (Latin America, Middle East, Africa)
Key Market Players	Nippon Steel Corp.,, JP Steel Plantech Co.,, Danieli & C. Officine Meccaniche Spa,, Primetals Technologies Ltd.,, SMS group GmbH,, Electrotherm Ltd.,, Tenova Spa, Sinosteel Corp.,, Siemens AG,, IHI Corp.,