SCRAP BASED ELECTRIC ARC FURNACE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global Scrap-based Electric Arc Furnace Market is estimated to be valued at USD 809.1 Mn in 2024 and is expected to reach USD 1,791.2 Mn by 2031, growing at a compound annual growth rate (CAGR) of 12% from 2024 to 2031.
Scrap-based Electric Arc Furnace (EAF) is a furnace that melts metal scrap and directly reduces it into steel. It is one of the primary means of steel production and often allows for far greater energy efficiency and material reuse compared to alternative processes. EAF makes use of electric arcs struck between electrodes and the charge (scrap metal) to melt it. Common scrap metals used include shredded automobile bodies, redundant appliances, turnings, and obsolete industrial machinery. Advantages of EAF include lower capital costs, operational flexibility in terms of charge materials used, ability to recycle scrap, and fewer carbon emissions compared to traditional basic oxygen furnace (BOF) steelmaking routes.
Market Dynamics
The global scrap-based electric arc furnace market is driven by rising steel production using scrap metals. There is a growing environmental and economic incentive to employ scrap recycling over virgin metal extraction pathways. However, factors such as volatility in scrap metal prices present a challenge. An opportunity lies in developing economies ramping up infrastructure which boosts steel demand and scrap reuse. Rapid urbanization and growth of the automotive and construction industries are also beneficial.
Key features of the study:
- This report provides in-depth analysis of the global scrap-based electric arc furnace market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global scrap-based electric arc furnace market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include Danieli & C. Officine Meccaniche S.p.A., Siemens AG, Tenova S.p.A., SMS Group GmbH, Primetals Technologies Limited, Steel Dynamics, Inc., ArcelorMittal S.A., Gerdau S.A., Nucor Corporation, and POSCO.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global scrap-based electric arc furnace market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global scrap-based electric arc furnace market.
Market Segmentation
Market Segmentation
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