Impact of COVID-19 on the Global Induction Furnaces Market
Induction Furnaces are electric furnaces, in which heat is applied through the induction heating of metal. They provide an energy-efficient, controllable, and clean melting process and are widely adopted in the production of aluminum, steel, and copper. Induction furnaces use convection current to attain the melting point of these metals, thereby using less energy as compared to other heaters, which typically fire up at temperature levels significantly higher than those needed to melt the metals. COVID-19 has spread across the globe. The pandemic has drastically impacted the aluminum industry. The increasing number of coronavirus cases has forced businesses to slow down or even stop production owing to the disrupted supply chains and diminished demand. This scenario has caused a decline in the usage of induction furnaces, which is hampering the growth of the market.
The factors responsible for the growth of the market include the growing railroad industry, and high requirements for smelting, mining, and metal alloy machinery. However, the lockdowns due to the COVID-19 pandemic have delayed most construction projects and placed restrictions on travel. The rail industry has been drastically impacted, which in turn, is also hindering the growth of the induction furnaces market. Europe holds the largest share in the global market, owing to the increasing use of induction furnaces for domestic purposes. Additionally, the rising renewable energy market is also driving the demand for copper, which, in turn, is expected to boost the growth of the induction furnaces market post the lockdown period.