Submerged Arc Furnace: Introduction
- 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.
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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.
Key Players Operating in the Global Market
The global submerged arc furnace market is highly concentrated with top manufacturers accounting for approximately 15%-20% of the market share. A few of the key players operating in the global submerged arc furnace market are:
- SMS Group
- Hammers Industries
- Tenova Core
- Xi'an Abundance Electric Technology
- Prakash Industries
- Ghalsasi Smelting
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Global Submerged Arc Furnace Market: Research Scope
Global Submerged Arc Furnace Market, by Type
- AC Submerged Arc Furnace
- DC Submerged Arc Furnace
Global Submerged Arc Furnace Market, by Application
- Ferrous Metallurgy (Ferrous Alloys)
- Ferro Chrome
- Ferro Nickel
- Ferro Manganese
- Ferro Niobium
- Nonferrous Metallurgy
Global Submerged Arc Furnace Market, by Region
- North America
- Rest of North America
- 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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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