Submerged Arc Furnace Market Share

Asia Pacific Market Forecast

Asia Pacific in submerged arc furnace market is set to capture over 47.6% revenue share by 2037. The booming industrial activities and rise in infrastructure development projects are boosting the use of ferrous alloys for steel production, which is augmenting the demand for advanced submerged arc furnace technologies for high production. India and China are witnessing robust industrial activities which are generating high-profit opportunities for submerged arc furnace market. The aging infrastructures in Japan and South Korea are creating a high demand for steel, which drives high investments in submerged arc furnace for metal smelting and refining processes.

In China, the strong presence of submerged arc furnace manufacturers such as Xi’an Abundance Electric Technology Co., Ltd., CHNZBTECH, Dalian Huarui Heavy Industry Group Co., Ltd, and Shanghai Electric Group Co., Ltd. are significantly augmenting the submerged arc furnace market growth. These key players have a strong potential to influence the demand and supply of submerged arc furnace. Also, China’s position as a top producer of steel is contributing to the revenue growth of submerged arc furnace manufacturers.

India is witnessing substantial metal and mining activities owing to the high presence of natural resources such as gold, iron ore, zinc, and more. For instance, according to the India Brand Equity Foundation, in 2022 around 1319 mining activities were recorded in the country. This underscores that the rise in mining activities is set to positively influence the demand for advanced submerged arc furnace for smelting and refining procedures.

North America Market Statistics

The North America submerged arc furnace market is expected to increase at a healthy pace, owing to the presence of a robust automotive sector, the existence of industry giants, and rising mining activities. As per Research Nester analysis, North America accounts for around 98,767.7 kt of steel production. This highlights that the rise in steel production is fuelling the demand for advanced submerged arc furnace for efficient operations.

In the U.S., the rising demand for steel in automotive, construction, and industrial companies is primarily fuelling the demand for submerged arc furnace technologies. These technologies are vital for the production of high-quality steel and alloys. The rise in the infrastructure development projects and industrial activities in the country is set to boost the steel demand, in turn contributing to SAF technology sales growth.

Canada being rich in natural resources such as gold, copper, zinc, iron ore, uranium, and titanium is increasing the demand for advanced submerged arc furnace for their smelting and refining processes. As the demand for these metals rises, especially for exports, the adoption of modern submerged arc furnace is set to gain boom. Furthermore, the rising steel application in the automotive and aerospace sectors is expected to fuel the demand for SAF technologies in the country.