QYResearch: The global Electric Arc Furnaces market is expected to reach 1295.64 million USD by 2021

An electric arc furnace is a high-temperature furnace that uses high-voltage electric arcs to make steel. Electric arc furnaces are a feature of the minimills that recycle iron and steel scrap into new steel products. Arc furnaces range in size from small units of approximately one ton capacity (used in foundries for producing cast iron products) up to about 400 ton units used for secondary steelmaking.

According to QYResearch, The revenue of Electric Arc Furnaces increases from 663.05 million USD in 2011 to 886.96 million USD in 2016,The global Electric Arc Furnaces market is expected to reach 1295.64 million USD by 2021, posting a CAGR of 6.52%. Electric Arc Furnaces are being integrated in steel making applications and are growing due to the Electric Arc Furnaces technology development and the demand of electric furnace steel.

This industry is centralized. Top 11 companies in the market occupies about 57.87% of the Revenue market shares in 2015. The major manufacturers of Electric Arc Furnaces are Danieli, Electrotherm, SMS, Siemens, TENOVA, STEEL PLANTECH, Doshi, IHI, DongXong, YUEDA, Nupro Corporation.

In the past few years, as the main raw material price was not stable, with the addition of a sharp increase in production capacity, expected that the Electric Arc Furnaces raw material price will be relatively stable in the short term. However, the improvement of energy, transportation costs, and employee wages, will play a significant role in promoting the cost of Electric Arc Furnaces.

In China, Electric Arc Furnaces market is occupied by foreign banks to some degree, such as Danieli, Electrotherm, SMS, Siemens, China is the world’s largest consumption market of electric arc furnaces; as the same time, the production of electric arc furnaces in China grown gradually.

The most important factor to Limit the development of the EAF steelmaking in China is the shortage of scrap materials. The current way to solve the problem mostly is adopting hot molten iron instead of the shortage of scrap steel to reduce energy consumption, but in this method the total energy consumption is high , carbon emissions is high. It can’t should not become the mainstream.

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