Home > HVAC & Construction > Submerged Arc Furnaces Market
Submerged Arc Furnaces Market size was valued at USD 6.8 billion in 2022 and is projected to expand at over 4% CAGR from 2023 to 2032. Rapid adoption of electrically-powered submerged arc furnaces (SAFs) by end-users such as Ferroalloy, calcium carbide, and silicon metal manufacturers will drive the market growth. Rapid industrialization and urbanization have led to a massive demand for metals and alloys. The demand for steel has increased significantly in the recent past, accelerating the need for ferroalloys.
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Submerged arc furnaces offer several advantages such as customization based on product requirements and input materials, and diversified features. They are used for smelting pre-reduced ores, ore concentrate, calcine, and waste materials such as slags, deposits, refractory breakout waste, skulls, and flue dust. SAFs are known for their versatility, reliability, and efficiency, and are used across various applications, including metal and steel sectors.
Report Coverage | Details |
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Base Year: | 2022 |
Market Size in 2022: | USD 6.8 Billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 4.1% |
2032 Value Projection: | USD 10.1 Billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 230 |
Tables, Charts & Figures: | 183 |
Segments covered: | Type, application, and Region |
Growth Drivers: |
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The COVID-19 pandemic ceased the growth of the submerged arc furnace market. The demand for SAFs declined significantly during the first year of the pandemic due to disruptions across end-user sectors. A notable drop in steel output as a result of supply chain issues and raw material & labor shortages reduced the demand for ferroalloys, influencing the adoption of SAFs. A temporary shutdown of industrial units also limited the need for SAFs.
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The growing efforts toward large-scale ferroalloy production will fuel the adoption of SAFs. Ferroalloys are gaining momentum across the automotive, steel, construction, and transportation sectors. With hefty investments being made by several developed and developing economies toward infrastructure development, and increasing global automobile production, the demand for ferroalloys is set to rise.
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Submerged arc furnaces market share from ferroalloy segment accounted for USD 2.3 billion in 2022. Ferroalloys are key components used by steel manufacturers. The increasing demand for steel and other alloys will boost ferroalloy production, driving the adoption of SAFs. These units offer exceptional process control, energy efficiency, and greater capacity to deal with a variety of feed materials. An array of ferroalloy products including carbon ferrochrome, ferrosilicon, nickel-iron, carbon ferromanganese, silicon chromium alloy, and silicon manganese alloy use SAFs for ferrochrome production.
AC submerged arc furnace market size will grow at a 4.5% CAGR between 2023 and 2032. SAFs generate high temperatures and cause chemical reactions in a molten bath consisting of metal or slag. They use electrodes and charge material for this process. These electric furnaces have widespread uses across steel and metal industries and are driven by alternative current (AC) due to their beneficial attributes such as versatility, efficiency, and dependability.
Asia Pacific submerged arc furnaces market crossed USD 2.7 billion in 2022, led by countries such as India and China, given their massive steel, metals, and metallurgy sectors. As per India’s Ministry of Steel, the domestic finished steel production was more than 78.00 million tons (MT) during April-November 2022, up from 73.02 MT during the same period in 2021. APAC is home to the world’s largest steel-producing economies with China at the top and India currently as the second-largest producer in the world, which may create substantial demand for equipment such as submerged arc furnaces in the region.
Some of the key companies involved in the submerged arc furnaces market include YUEDA, SMS Group, Tenova Core, Hammers Industries, TENOVA, Danieli, Siemens, DongXong, and Xi'an Abundance Electric Technology.
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Market, By Type
Market, By Application
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