Blast Furnaces Market Introduction
- Blast furnaces are largely used to control the operational effectiveness of an integrated steel plant.
- This have led to steel makers entering into performance based strategic contracts with blast furnaces manufacturers. Under these contracts, blast furnace vendors provide equipment and services to steel producers. These performance based contracts enable steel makers to improve operational efficiency, productivity, and profitability.
- Vendors of blast furnaces are able to enhance their market share by providing equipment as a service to steel makers, thereby drive the growth of the blast furnaces market.
Blast Furnaces Market Dynamics
- Growing demand for steel worldwide is expected to be a key factor triggering the growth of the global blast furnaces market.
- Globally, India, China, and Russia are witnessing growing demand for steel, resulting in increasing demand for blast furnaces. Moreover, India is projected to experience highest growth in terms of consumption as well as production of steel.
- In addition, the construction sector is anticipated to account for major share of the steel demand in India in the next few years.
- However, increasing popularity of steel mini mills is expected to hamper the growth of the blast furnaces market in the near future.
- The production cost of pig iron which is a raw material in basic oxygen furnace (BOF) is rather high. Moreover, blast furnaces require repeated shutdown for relining and the way toward beginning up the furnace process is also exorbitant and time consuming. The low fixed costs and investment requirement of steel mini mills is making it an ideal choice for steel production. Therefore, growing popularity of steel mini mills is retraining the blast furnaces market growth.
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Blast Furnaces Market: Segmentation Analysis
- Based on application, the blast furnaces market can be segmented into capacity additions and revamping projects.
- Capacity additions segment accounted for major share and is likely to maintain its dominance in the global blast furnaces market in the upcoming years.
Asia Pacific to Lead the Global Blast Furnaces Market
- In terms of region, the global blast furnaces market can be divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Asia Pacific is likely to dominate the market for blast furnaces from 2019 to 2027, followed by EMEA and North America.
- Improving economic conditions and rapid rise in steel producing plants in developing economies such as India and China has boosted the growth of the blast furnaces market in the region.
- Moreover, rapidly expanding construction activities in these emerging countries is expected to be a key factor driving the growth of blast furnaces the market in the region.
Key Manufacturers Operating in the Market
The global blast furnaces market was moderately fragmented in 2018. Key manufacturers operating in the global blast furnaces market are:
- Danieli Group
- Larsen & Toubro Limited
- The MCC Group, L.L.C.
- Nippon Steel & Sumikin Engineering Co., Ltd.
- Primetals Technologies Limited
- Noble Industrial Furnace
- JPW Industrial Ovens and Furnaces
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Global Blast Furnaces Market: Research Scope
Blast Furnaces Market, by Application
- Capacity additions
- Revamping projects
Global Blast Furnaces Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- Steel Mini Mills
- Steel Production
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