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

Regional Analysis

To learn more about this report, Request sample copy

Dominating Region: North America

North America is expected to account for a leading share of 44.1% market share in 2024. This growth is attributed to the strong government support for recycling initiatives and investment in green technologies. This region has some of the most advanced scrap recycling facilities and a large manufacturing base dependent on EAF technologies. Industry leaders from this region are shaping global standards in circular manufacturing practices.

Fastest-Growing Region: Asia Pacific

The Asia Pacific region is poised to exhibit the fastest growth of 37.2% market share in 2024. The momentum is driven by rapid industrialization, rising demand from construction and automotive sectors, and supportive trade policies promoting cleantech adoption. Countries in Southeast Asia in particular are investing heavily in scrap-based infrastructure to transition to more sustainable steel production methods.

Scrap-based Electric Arc Furnace Market Outlook for Key Countries

Focus on R&D Fuels Growth in the U.S.

The U.S. scrap-based electric arc furnace market benefits from extensive R&D in materials science and the presence of leading furnace makers. Regional alliances have boosted sourcing of quality scrap and efficient recycling. As the consumption of steel has increased post-pandemic, the supply of scrap metal has struggled to keep pace with the growing needs of electric arc furnace producers. With more steel needed to support the construction and manufacturing industries, electric arc furnaces that rely on scrap as their primary feedstock have had to contend with higher scrap prices and limited availability.

Increased Capacity and Stringent Environmental Norms

China's market continues to lead globally through robust capacity expansion and focus on advanced scrap-based steelmaking. Stringent environmental norms are driving technological upgrades across the supply chain. As China focuses on reducing carbon emissions and improving environmental sustainability, strict limits have been placed on primary steel production that relies on coal. This has led many steel producers to shift production capacity towards scrap-based electric arc furnaces that produce steel from recycled scrap metal using electric energy rather than coal.

Scrap-usage Policies to Emphasize Infrastructural Development

The Indian market's growth is propelled by infrastructure development and increasing use of scrap in secondary steel plants. Collaborations with global experts are facilitating skills and capacity building. Electric arc furnaces rely heavily on ferrous scrap as their primary raw material input. However, India's rapidly growing steel production has led to increased competition for scrap supplies. As more integrated steel plants have come online, they have absorbed much of the domestic scrap production. This has pushed scrap prices up for electric arc furnace operators.

Improving Market Standards to Empower Self-reliant Measures in Japan

Japan's market possesses a highly skilled workforce and adopts cutting-edge furnace designs to maximize productivity. Robust quality standards ensure reliable supply to its manufacturing industries. As scrap availability continues adjusting to Japan's evolving industrial landscape, electric arc furnace producers will need to carefully consider feedstock sourcing strategies and potential plant upgrades. Monitoring broader economic and demographic trends will also help identify developing steel end-use sectors poised for future growth.