Global Induction Furnace Market Research Report – Forecast till 2032

Global Induction Furnace Market Research Report Information by Type (Coreless Induction Furnace, Channel Induction Furnace, Others), By Furnace Capacity (Up to 1 Ton, More than 100 Ton) and By Industry Vertical (Steel, Aluminum, Copper, Others) and By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

ID: MRFR/IA - E/6779-HCR | 111 Pages | Author: Snehal Singh | February 2024         

Induction Furnace Market Speak to Analyst Request a Free Sample

Induction Furnace Market Overview


Global Induction Furnace Market Size was valued at USD 1.1 Billion in 2022. The Induction Furnace market industry is projected to grow from USD 1.16 Billion in 2023 to USD 1.79 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.60% during the forecast period (2023 - 2032). Growing use in small and medium-sized businesses, increasing demand in the metal and steel industries, energy efficiency and cost savings, and environmental considerations, are the key market drivers enhancing the market growth.


Induction Furnace Market Overview


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Induction Furnace Market Trends


Increasing demand in the metal and steel industries is driving the market growth


The market for induction furnaces has seen tremendous growth and is anticipated to continue growing in the upcoming years. For melting and purifying metals, induction furnaces are widely employed in a variety of industries, including manufacturing, steel, automotive, construction, and metal. The market is growing as a result of various important aspects. The induction furnace market has been significantly influenced by the rising demand in the metal and steel sectors. There is a growing need for effective melting and refining operations to meet the demand for steel and other metals as industries like manufacturing, construction, and the automobile industry continue to expand. For these businesses, induction furnaces offer a dependable and efficient solution, which helps the industry expand. The induction boiler market is primarily driven by factors such as energy efficiency and cost savings. Induction furnaces are renowned for using less energy than other types of furnaces. They generate heat directly in the metal using electromagnetic induction, which minimises heat loss and uses less energy. Induction furnaces are a desirable alternative for many industries due to their energy efficiency, which not only enables firms to lessen their environmental impact but also results in significant financial savings. The growing emphasis on environmental factors is another significant driver. Industries are looking for greener solutions as a result of tougher rules and a rising emphasis on sustainability. Comparing induction furnaces to conventional furnaces that use fossil fuels, induction furnaces emit fewer emissions and leave a smaller carbon footprint. As a result, environmentally concerned businesses favour induction furnaces, further fueling market expansion.


Moreover, the demand for non-ferrous metals like aluminium and copper has increased due to the growing popularity of electric vehicles (EVs). Batteries, wiring, and other EV parts require these metals. These metals must be melted and refined, which is why induction furnaces are essential to the development of the electric vehicle sector. The demand for steel and other metals has increased as a result of the worldwide boom in infrastructure construction projects. For the metal melting and refining operations needed in infrastructure projects, induction furnaces offer practical and affordable options. As a result, the market for induction furnaces is profiting from the rise in demand in the building industry. Thus, driving the Induction Furnace market revenue.


Induction Furnace Market Segment Insights


Induction Furnace Type Insights


The global Induction Furnace market segmentation, based on type includes Coreless Induction Furnace, Channel Induction Furnace, Others. The coreless induction furnace segment dominated the market, accounting for 61.23% of market revenue. Due to its adaptability, effectiveness, and wide range of uses in sectors requiring precise metal melting and refining operations, this subsegment dominates the market.


Figure 1: Global Induction Furnace Market, by Type, 2022 & 2032 (USD Billion)


Induction Furnace Market, by Type, 2022 & 2032


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Induction Furnace Capacity Insights


The global Induction Furnace market segmentation, based on Furnace Capacity, includes Up to 1 Ton, More than 100 Ton. The more than 100 ton segment dominated the market, accounting for 62.42% of market revenue. The market is dominated by demand from heavy industries that need high-volume metal melting and refining processes to meet demand from the construction, automotive, and infrastructure sectors.


Induction Furnace Industry Vertical Insights


The global Induction Furnace market segmentation, based on Industry Vertical, includes Steel, Aluminum, Copper, Others. The steel segment dominated the market, accounting for 57.84% of market revenue. The market is dominated by the widespread use of induction furnaces in steel mills and foundries for manufacturing a variety of steel products, including building materials, automobile parts, and machinery components.


Induction Furnace Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Induction Furnace Market dominated this market in 2022 (45.80%). The need for induction furnaces has increased as a result of the quick industrialization, infrastructure construction, and expansion of the automobile industry in these nations. The existence of numerous foundries and metal processing enterprises in the area also contributes to the market's growth. Further, the China’s Induction Furnace market held the largest market share, and the Indian Induction Furnace market was the fastest growing market in the Asia-Pacific region.


Figure 2: GLOBAL INDUCTION FURNACE MARKET SHARE BY REGION 2022 (USD Billion)
INDUCTION FURNACE MARKET SHARE BY REGION 2022


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Induction Furnace market accounts for the second-largest market share. The expansion of the induction furnace market in Europe has been facilitated by the region's emphasis on sustainability and lowering carbon emissions. Further, the German Induction Furnace market held the largest market share, and the UK Induction Furnace market was the fastest growing market in the European region


The North America Induction Furnace Market is expected to grow at the fastest CAGR from 2023 to 2032. The demand for induction furnaces for metal melting and alloying operations is also influenced by the automobile and aerospace industries. The use of induction furnaces in the area is driven by the emphasis on energy efficiency and environmental sustainability. Moreover, U.S. Induction Furnace market held the largest market share, and the Canada Armor Materials market was the fastest growing market in the North America region.


Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.


Induction Furnace Key Market Players & Competitive Insights


Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Induction Furnace market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Induction Furnace industry must offer cost-effective items.


Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Induction Furnace industry to benefit clients and increase the market sector. In recent years, the Induction Furnace industry has offered some of the most significant advantages to medicine. Major players in the Induction Furnace market, including Electrotherm (India) , Danieli Group (Italy) ,SMS Elotherm GmbH (Germany), Meltech Ltd (UK), Tenova SpA (Italy) , Doshi Technologies Pvt. Ltd (India), IHI Machinery and Furnace Co. Ltd (Japan), JP Steel Plantech Co. (Japan), ECM Technologies (Netherlands), Agni Electrical Pvt. Ltd (India), Pees Induction Equipment’s Pvt. Ltd (India), Magnalenz (India) and others, are attempting to increase market demand by investing in research and development operations.


Electrotherm (India) Ltd. holds a prominent position in the induction furnace market as one of the leading manufacturers and suppliers of induction melting and heating systems. With a significant market share in the metal industry, the business has made a name for itself as a reliable source of cutting-edge solutions for numerous industrial uses. Induction furnaces made by Electrotherm are renowned for their effectiveness, accuracy, and affordability. These furnaces are frequently used in the ferrous and non-ferrous metal melting and refining processes in the metal casting and foundry industries. In order to meet the varied needs of its customers, the firm provides a wide variety of induction furnaces, including coreless induction furnaces, channel induction furnaces, and induction heating systems. Electrotherm's cutting-edge engineering talents are one of its main advantages. Modern technologies like electromagnetic stirring, automated controls, and energy-saving systems are incorporated into the company's induction boiler designs to ensure optimal performance and lower operating costs for its clients.


IHI Machinery and Furnace Co. Ltd. are situated in Japan and specialises in the production and marketing of cutting-edge induction heating systems. A variety of induction furnaces designed for different industrial purposes are available from IHI Machinery and Furnace. Steel, aluminium, copper, and other metals are just a few of the materials that these furnaces are made to effectively melt and heat. The induction furnaces made by the firm are renowned for their outstanding performance, energy efficiency, and fine temperature control, which guarantees the best melting and heating results.IHI Machinery and Furnace's potent research and development capabilities are one of its main advantages. The company is always investing in new technology in an effort to increase the effectiveness and dependability of its induction furnaces. IHI Machinery and Furnace offers customers cutting-edge solutions that satisfy their changing needs by implementing innovative features including automated controls, real-time monitoring systems, and energy-saving technology.


Key Companies in the Induction Furnace market include



  • SMS Elotherm GmbH (Germany)

  • Meltech Ltd (UK)

  • Tenova SpA (Italy)

  • Doshi Technologies Pvt. Ltd (India)

  • IHI Machinery and Furnace Co. Ltd(Japan)

  • JP Steel Plantech Co. (Japan)

  • ECM Technologies (Netherlands)

  • Agni Electrical Pvt. Ltd (India)

  • Pees Induction Equipment’s Pvt.Ltd (India)

  • Magnalenz (India)


Induction Furnace Industry Developments


April 2021-An American firm called GH Induction Atmosphere that deals with induction furnaces teamed up with a German company called Foka Engineering that deals with heat treatment networks and induction furnaces.


October 2020- ABP Induction Systems GmbH was purchased by Ajax Tocco Magnethermic Corporation, an American business that deals in induction furnaces and heating systems.


Induction Furnace Market Segmentation


Induction Furnace Type Outlook




  • Coreless Induction Furnace




  • Channel Induction Furnace




  • Others




Induction Furnace Capacity Outlook




  • Up to 1 Ton,




  • More than 100 Ton




Induction Furnace Industry Vertical Outlook




  • Steel




  • Aluminum




  • Copper




  • Others




Induction Furnace Regional Outlook



  • North America

    • U.S.

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America



Report Scope:

Report Attribute/Metric Details
Market Size 2022 USD 1.1 Billion
Market Size 2023 USD 1.16 Billion
Market Size 2032 USD 1.79 Billion
Compound Annual Growth Rate (CAGR) 5.60% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, Furnace Capacity, Industry Vertical and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Electrotherm (India) , Danieli Group (Italy) ,SMS Elotherm GmbH (Germany), Meltech Ltd (UK), Tenova SpA (Italy) , Doshi Technologies Pvt. Ltd (India), IHI Machinery and Furnace Co. Ltd (Japan), JP Steel Plantech Co. (Japan), ECM Technologies (Netherlands), Agni Electrical Pvt. Ltd (India), Pees Induction Equipment’s Pvt. Ltd (India), Magnalenz (India)
Key Market Opportunities Sustainable energy demand is rising, and the metal casting industry is expanding
Key Market Dynamics Manufacturing Sector and Industrial Development




Frequently Asked Questions (FAQ) :

The global Induction Furnace market size was valued at USD 1.1 Billion in 2022.

The global market is projected to grow at a CAGR of 5.60% during the forecast period, 2023-2032.

Asia-Pacific had the largest share in the global market

The key players in the market are Electrotherm (India) , Danieli Group (Italy) ,SMS Elotherm GmbH (Germany), Meltech Ltd (UK), Tenova SpA (Italy) , Doshi Technologies Pvt. Ltd (India), IHI Machinery and Furnace Co. Ltd (Japan), JP Steel Plantech Co. (Japan), ECM Technologies (Netherlands), Agni Electrical Pvt. Ltd (India), Pees Induction Equipment’s Pvt. Ltd (India), Magnalenz (India).

The Coreless Induction Furnace category dominated the market in 2022.

Key Questions Answered

  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players’ financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Request Free Sample

Why Choose Market Research Future?

  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.
Speak to Analyst
Leading companies partner with us for data-driven Insights.
Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo Client logo

Kindly complete the form below to receive a free sample of this Report

Please fill in Business Email for Quick Response
Invalid