Electric Arc Furnaces Market to Grow

According to Transparency Market Research Inc., the “Global Electric Arc Furnaces Market”, which stood at 800.0 million US-Dollar in 2022, is projected to reach 1.3 billion US-Dollar by 2031. The global industry is anticipated to expand at a CAGR (compound annual growth rate) of 5.7 percent between 2023 and 2031.

As stated by the USA-headquartered research company, the market value of electric arc furnaces is increasing due to the growing demand for steel, driven by factors such as infrastructure development, urbanization, and industrialization. Electric arc furnaces play a crucial role in steel production by melting scrap metal and transforming it into steel.

“The advantages of electric arc furnaces are another significant factor contributing to the market growth,” Transparency Market Research underlined. Compared to oxygen-based converters, the benefits of these furnaces would include flexibility in raw material selection, lower energy consumption, reduced greenhouse gas emissions, and the ability to produce specialty steels. “These factors make electric arc furnaces an attractive choice for steel manufacturers, contributing to market growth.” The market prospects had been driven by environmental regulations and sustainability. Electric arc furnaces are considered more environmentally friendly compared to conventional steelmaking methods. They emit fewer pollutants and greenhouse gases, leading to reducing environmental footprint.

The focus on sustainability and compliance with environmental regulations is expected to drive the adoption of electric arc furnaces, thereby boosting market growth.


(Published in GLOBAL RECYCLING Magazine 2/2023, Page 33, Photo: Peter H / pixabay.com)