Induction Furnace Market
Induction Furnace Market Forecasts to 2032 – Global Analysis By Type (Coreless Induction Furnace, Channel Induction Furnace and Other Types), Capacity (Up to 1 Ton, 1–5 Tons, 6–20 Tons and Above 20 Tons), Application, End User, and By Geography
According to Stratistics MRC, the Global Induction Furnace Market is accounted for $1.5 billion in 2025 and is expected to reach $2.3 billion by 2032 growing at a CAGR of 6.1% during the forecast period. An induction furnace is an advanced electric melting system that uses electromagnetic induction to heat and melt metals efficiently without direct contact. Commonly utilized in foundries and metal industries, it offers precise temperature control, reduced emissions, and high energy efficiency. It’s coreless or channel designs accommodate various capacities, making it suitable for processing steel, copper, aluminum, and other alloys with consistent quality and minimal material loss during the melting process.
According to the World Steel Association, global steel production in 2023 was nearly 1.9 billion tons, with China producing 54% of the world's steel.
Market Dynamics:
Driver:
Growth of the steel and foundry industry
Increasing demand for steel and non-ferrous metals has catalyzed the widespread adoption of induction furnaces. Their ability to provide efficient, high-quality, and environmentally sustainable metal production meets the evolving requirements of modern industries. Furthermore, as global industrialization intensifies, foundries and steel producers are continually upgrading to energy-efficient and flexible melting technologies, positioning induction furnaces as a preferred solution for high-volume, precise metal processing.
Restraint:
Limited use in certain alloy types
Induction furnaces lack refining capacity, meaning the input charge must be of high purity and have a known composition prior to melting. Any impurities or deviations in material composition will remain in the final output, impacting quality. It is challenging for applications requiring stringent alloy specifications. Additionally, oxidation losses during melting can necessitate the re-addition of valuable alloying elements, thereby increasing costs and operational complexity.
Opportunity:
Integration of IOT and automation in furnaces
With the advent of Industry 4.0, manufacturers are increasingly leveraging IoT-enabled sensors, big data, and real-time monitoring systems to optimize furnace operations. These technologies facilitate predictive maintenance, enhance energy efficiency, and improve production traceability. Moreover, automation and digital controls enable remote operation, advanced quality monitoring, and adaptive process management. As industries pursue smarter manufacturing methodologies, the adoption of these digital technologies in induction furnaces unlocks further efficiency, safety, and cost advantages.
Threat:
Fluctuating raw material and energy prices
Volatility in the cost or availability of essential materials such as metals and alloys can disrupt profit margins and hinder operational planning for manufacturers. Additionally, since induction furnaces are large energy consumers, variability in energy costs directly affects overall production expenses. This susceptibility to market fluctuations forces producers to implement robust supply chain strategies and may limit growth prospects in regions where resource or energy volatility is pronounced.
Covid-19 Impact:
The onset of the Covid-19 pandemic adversely impacted the induction furnace market, with disruptions in supply chains, workforce limitations, and delays in industrial projects worldwide. Lockdowns and mobility restrictions led to a slowdown in steel and metal production activities, resulting in reduced demand for new furnaces and spare parts. However, as economies gradually reopened, the market began recovering, supported by stimulus-driven infrastructure projects and the resumption of manufacturing operations.
The coreless induction furnace segment is expected to be the largest during the forecast period
The coreless induction furnace segment is expected to account for the largest market share during the forecast period due to its versatility, high energy efficiency, and wide applicability in melting both ferrous and non-ferrous metals. These furnaces support rapid heating cycles, precise temperature control, and environmentally friendly operations, making them highly favored in steel, foundry, and recycling sectors. Additionally, advancements in automation and digital connectivity further enhance their appeal by improving productivity and operational oversight. The adaptability of coreless furnaces to various batch sizes and alloys positions them as the backbone of modern, flexible foundry operations, sustaining their market leadership.
The hardening segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the hardening segment is predicted to witness the highest growth rate owing to the growing demand for enhanced wear resistance in industrial and automotive components. Induction hardening offers precise, energy-efficient heat treatment with minimal distortion, catering to industries that require durable and reliable metal parts. This method’s advantages, such as rapid processing, improved mechanical properties, and compatibility with automation, drive its accelerated adoption. The trend toward lightweight, high-performance materials in automotive and aerospace manufacturing further propels the growth of this segment.
Region with largest share:
During the forecast period, the Asia Pacific region is expected to hold the largest market share, attributed to its robust industrial base. The rapid expansion of steel, automotive, and metalworking industries, particularly in China, India, and Southeast Asia, fuels significant demand for modern melting and manufacturing equipment. Moreover, supportive government policies and ongoing urbanization strengthen the region’s metal consumption, thereby reinforcing the deployment of induction furnaces in various industrial sectors.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR, propelled by rapid industrialization, large-scale infrastructure projects, and the booming automotive sector. Emerging economies within the region are continuously upgrading their manufacturing ecosystems, adopting energy-efficient and automated solutions like induction furnaces. The progressive penetration of Industry 4.0 technologies further accelerates the shift towards advanced metal processing, ensuring that Asia Pacific remains at the forefront of market expansion.
Key players in the market
Some of the key players in Induction Furnace Market include Saint Gobain, Tenova S.p.A., Inductotherm Corporation, Ajax TOCCO Magnethermic Corporation, HarbisonWalker International, Electrotherm (India) Limited, Danieli Group, SMS Elotherm GmbH, Meltech Ltd, STEEL EXCHANGE INDIA LTD., Inductoheat Europe GmbH, GH Electrotermia S.A., Nordson Industrial Coating Systems, PVA TePla Group, ABP Induction Systems, Otto Junker GmbH, and ECM Technologies.
Key Developments:
In May 2023, Chiyoda Steel, a long steel product producer in Japan, placed an order to purchase Danieli Automation’s Q-Heat induction heater, which will be installed at the Ayase plant in Tokyo. With the new equipment, Chiyoda Steel will become the first company in Japan to reheat billets with induction heating. The new Q-Heat induction heater will completely replace the existing gas reheating furnace, raising plant efficiency and flexibility, and limiting CO2 emissions from the billet gas-reheating process, a major step for Chiyoda Steel moving toward green steel production and decarbonization.
In March 2023, Inductotherm Heating and Welding Ltd upgraded several induction furnaces for TATA Steel’s location in Corby, England. The result is a drastic reduction in TATA’s reliance on gas-fired furnaces, cutting emissions and improving energy efficiency. This is a shining example of cooperation among two companies with shared values. Tata Steel’s declared environmental stance includes a goal of becoming net zero by 2045.
In February 2023, Saint Gobain new Induction Melting Technology Centre at our Saint-Gobain Performance Ceramics & Refractories plant in Bangalore, India.This center will enable us to reinforce our services to customers, to customize our solutions and to accelerate our developments and R&D projects.
Types Covered:
• Coreless Induction Furnace
• Channel Induction Furnace
• Other Types
Capacities:
• Up to 1 Ton
• 1–5 Tons
• 6–20 Tons
• Above 20 Tons
Applications Covered:
• Melting
• Heating
• Annealing
• Hardening
• Sintering
• Other Applications
End Users Covered:
• Steel Industry
• Copper Industry
• Aluminum Industry
• Zinc Industry
• Automotive
• Aerospace
• Power Generation
• Electronics
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Induction Furnace Market, By Type
5.1 Introduction
5.2 Coreless Induction Furnace
5.3 Channel Induction Furnace
5.4 Other Types
6 Global Induction Furnace Market, By Capacity
6.1 Introduction
6.2 Up to 1 Ton
6.3 1–5 Tons
6.4 6–20 Tons
6.5 Above 20 Tons
7 Global Induction Furnace Market, By Application
7.1 Introduction
7.2 Melting
7.3 Heating
7.4 Annealing
7.5 Hardening
7.6 Sintering
7.7 Other Applications
8 Global Induction Furnace Market, By End User
8.1 Introduction
8.2 Steel Industry
8.3 Copper Industry
8.4 Aluminum Industry
8.5 Zinc Industry
8.6 Automotive
8.7 Aerospace
8.8 Power Generation
8.9 Electronics
8.10 Other End Users
9 Global Induction Furnace Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Saint Gobain
11.2 Tenova S.p.A.
11.3 Inductotherm Corporation
11.4 Ajax TOCCO Magnethermic Corporation
11.5 HarbisonWalker International
11.6 Electrotherm (India) Limited
11.7 Danieli Group
11.8 SMS Elotherm GmbH
11.9 Meltech Ltd
11.10 STEEL EXCHANGE INDIA LTD.
11.11 Inductoheat Europe GmbH
11.12 GH Electrotermia S.A.
11.13 Nordson Industrial Coating Systems
11.14 PVA TePla Group
11.15 ABP Induction Systems
11.16 Otto Junker GmbH
11.17 ECM Technologies
List of Tables
1 Global Induction Furnace Market Outlook, By Region (2024-2032) ($MN)
2 Global Induction Furnace Market Outlook, By Type (2024-2032) ($MN)
3 Global Induction Furnace Market Outlook, By Coreless Induction Furnace (2024-2032) ($MN)
4 Global Induction Furnace Market Outlook, By Channel Induction Furnace (2024-2032) ($MN)
5 Global Induction Furnace Market Outlook, By Other Types (2024-2032) ($MN)
6 Global Induction Furnace Market Outlook, By Capacity (2024-2032) ($MN)
7 Global Induction Furnace Market Outlook, By Up to 1 Ton (2024-2032) ($MN)
8 Global Induction Furnace Market Outlook, By 1–5 Tons (2024-2032) ($MN)
9 Global Induction Furnace Market Outlook, By 6–20 Tons (2024-2032) ($MN)
10 Global Induction Furnace Market Outlook, By Above 20 Tons (2024-2032) ($MN)
11 Global Induction Furnace Market Outlook, By Application (2024-2032) ($MN)
12 Global Induction Furnace Market Outlook, By Melting (2024-2032) ($MN)
13 Global Induction Furnace Market Outlook, By Heating (2024-2032) ($MN)
14 Global Induction Furnace Market Outlook, By Annealing (2024-2032) ($MN)
15 Global Induction Furnace Market Outlook, By Hardening (2024-2032) ($MN)
16 Global Induction Furnace Market Outlook, By Sintering (2024-2032) ($MN)
17 Global Induction Furnace Market Outlook, By Other Applications (2024-2032) ($MN)
18 Global Induction Furnace Market Outlook, By End User (2024-2032) ($MN)
19 Global Induction Furnace Market Outlook, By Steel Industry (2024-2032) ($MN)
20 Global Induction Furnace Market Outlook, By Copper Industry (2024-2032) ($MN)
21 Global Induction Furnace Market Outlook, By Aluminum Industry (2024-2032) ($MN)
22 Global Induction Furnace Market Outlook, By Zinc Industry (2024-2032) ($MN)
23 Global Induction Furnace Market Outlook, By Automotive (2024-2032) ($MN)
24 Global Induction Furnace Market Outlook, By Aerospace (2024-2032) ($MN)
25 Global Induction Furnace Market Outlook, By Power Generation (2024-2032) ($MN)
26 Global Induction Furnace Market Outlook, By Electronics (2024-2032) ($MN)
27 Global Induction Furnace Market Outlook, By Other End Users (2024-2032) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
Frequently Asked Questions
In case of any queries regarding this report, you can contact the customer service by filing the “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
Yes, the samples are available for all the published reports. You can request them by filling the “Request Sample” option available in this page.
Yes, you can request a sample with your specific requirements. All the customized samples will be provided as per the requirement with the real data masked.
All our reports are available in Digital PDF format. In case if you require them in any other formats, such as PPT, Excel etc you can submit a request through “Inquiry Before Buy” form available on the right hand side. You may also contact us through email: info@strategymrc.com or phone: +1-301-202-5929
We offer a free 15% customization with every purchase. This requirement can be fulfilled for both pre and post sale. You may send your customization requirements through email at info@strategymrc.com or call us on +1-301-202-5929.
We have 3 different licensing options available in electronic format.
- Single User Licence: Allows one person, typically the buyer, to have access to the ordered product. The ordered product cannot be distributed to anyone else.
- 2-5 User Licence: Allows the ordered product to be shared among a maximum of 5 people within your organisation.
- Corporate License: Allows the product to be shared among all employees of your organisation regardless of their geographical location.
All our reports are typically be emailed to you as an attachment.
To order any available report you need to register on our website. The payment can be made either through CCAvenue or PayPal payments gateways which accept all international cards.
We extend our support to 6 months post sale. A post sale customization is also provided to cover your unmet needs in the report.
Request Customization
We offer complimentary customization of up to 15% with every purchase. To share your customization requirements, feel free to email us at info@strategymrc.com or call us on +1-301-202-5929. .
Please Note: Customization within the 15% threshold is entirely free of charge. If your request exceeds this limit, we will conduct a feasibility assessment. Following that, a detailed quote and timeline will be provided.
WHY CHOOSE US ?
Assured Quality
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Free Customization
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.
