SCRAP-BASED ELECTRIC ARC FURNACE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Scrap-based Electric Arc Furnace Market, By Production Type (Steel Production, Non-ferrous Metal Recycling, Alloy Production, Pig Iron Production), By Scrap Type (Obsolete Scrap, Home Scrap, New Scrap, Industrial Scrap), By End-user Industry (Construction, Automotive, Energy & Power, Machinery & Equipment, Consumer Goods), By Geography (North America, Latin America, Asia Pacific, Europe, Middle East, and Africa)

In October 2024, Tata Steel announced the closure of its blast furnaces at Port Talbot, Wales, as part of a £1.25 billion investment to install electric arc furnaces. This move aims to reduce carbon emissions but is expected to result in 2,500 job losses. The new EAFs are projected to be operational by late 2027.
In November 2024, Meranti Green Steel committed USD two billion to construct an electric arc furnace in Thailand. This facility is designed to produce low-carbon steel for export to Europe, aligning with the EU's upcoming Carbon Border Adjustment Mechanism set to take effect in 2026.
In November 2024, ArcelorMittal decided to delay its green steelmaking investments in Europe, citing policy uncertainties and the slow progress of the EU's carbon border tax plans. Despite this, the company is proceeding with the construction of an electric arc furnace in Gijón, Spain.