Submerged arc furnace is a type of electric furnace mainly used for production of phosphorous and ferroalloys. The major function of a furnace is to reduce the metal level in slag. The global submerged arc furnace market is anticipated to show significant growth in the coming years owing to numerous applications in chemical and metallurgical industry such as extraction of ferroalloy, phosphorus, and other non-ferrous elements, recycling of metals etc. Submerged arc furnaces are the most commonly used furnace type for slag cleaning operations and for increasing metal recoveries.
The global submerged arc furnace market is anticipated to expand at a rapid pace during the forecast period, owing to increased demand for submerged arc furnace mainly in developing countries across Asia Pacific and in Middle East & Africa.
Key Drivers of the Global Submerged Arc Furnace Market
Increasing metal extraction industries and other refineries across the globe, and advancement in furnace technology are anticipated to be key factors driving the global submerged arc furnace market during the forecast period.
Moreover, rising industrialization and urbanization is surging the demand for submerged arc furnaces. This is expected to fuel the market during the forecast period.
Companies operating in the global submerged arc furnace market are investing to expand their product portfolios and improve their distribution networks. They have adopted several business strategies such as development of new products, mergers and acquisitions, joint ventures, and expansion to cater to the increasing demand for submerged arc furnaces in different regions. For instance, SMS group GmbH, a major machine and plants supplier for nonferrous and steel industry provides modification in machines or plants with upgraded technology, which is expected to help the company increase its customer base.
Submerged arc furnace anticipated to offer attractive opportunities
Operational cost of a submerged arc furnace is less compared to other types of furnaces which is an encouraging factor for furnace manufacturers. Increasing demand for metal products and other alloys across developing countries is expected to create lucrative opportunities for submerged arc furnace manufacturers in the coming years. Several countries in Asia Pacific and Middle East & Africa are expected to show increasing demand for submerged arc furnaces in future.
Asia Pacific to Hold Major Share of the Global Submerged Arc Furnace Market
Asia Pacific is the fastest growing market for submerged arc furnaces, followed by North America and Europe. China and India are key markets in the region. In terms of demand, the two countries account for major share of the market for submerged arc furnaces in this region. Increasing demand for submerged arc furnaces in metal industries across Asia Pacific is due to continued urbanization and industrialization. This is expected to be a driving factor for the regional market.
North America and Europe hold major share in the submerged arc furnace market. Large number of industries and increasing demand for metal components support the dominance of the North America and Europe market.
Several countries in Middle East and Africa region are witnessing a significant surge in metal industries and demand for metal products. This is expected to be a major factor that drives the demand for submerged arc furnaces, thereby boosting the submerged arc furnace market in the region.
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Sakshi Mishra Joined: July 22nd, 2019 Articles Posted: 530
