Induction Furnace Market Size, Share, Growth | Report, 2030

Mrfrmarket20 Jun, 2024Business

The induction furnace market offers a clean, energy-efficient, and controllable melting process and is commonly used in the production of steel, copper, and aluminum. Induction furnaces use convection currents to achieve the melting point of these metals; hence, they utilize less energy than other furnaces, which usually fire at a higher temperature than that required to melt the metal. Channel induction furnaces are said to exhibit significant growth rates during the forecast period, as they are more electrically efficient than coreless induction furnaces. On the contrary, the steel segment is expected to witness gradual market growth over the forecast period, owing to the increasing adoption of processed and refined steel across all major applications in the end-use industrial segment.