TYMEC Stands on No.1 in China, No.8 in the World
Overall Global Market Scale of Electric Arc Furnace (EAF)
EAF is a type of electric furnace that uses the high temperatures generated by the arc of an electrode to melt ores and metals. The working principle of EAF is to convert electrical energy into heat energy required for heating the furnace and melting metals through the arc discharge generated between the electrodes and the charge.
According to the latest report Global Electric Arc Furnace Market Report 2024-2030 by QYResearch research team, the global EAF market is expected to reach USD 1.23 billion by 2030, with a CAGR of 8.2% in the coming years.
Figure 1. Electric Arc Furnace, Global Market Size
The above charts/data are extracted from QYResearch's latest report ‘Global Electric Arc Furnace Market Research Report 2024-2030’.
Figure 2. Global Electric Arc Furnace Market, Top 8 Manufacturers Ranking
The above charts/data are extracted from the QYResearch report ‘Global Electric Arc Furnace Market Research Report 2024-2030’.
According to QYResearch Headquarter Research Centre, EAF manufacturers worldwide mainly include Danieli, SMS, TENOVA, Steel Plantech, Electrotherm, IHI, Primetals Technologies and Xi'an Taoyuan Metallurgical Equipment Engineering Co., Ltd. (TYMEC), etc. TYMEC ranks first in China and eighth globally.
Figure 3. Electric Arc Furnaces, Global Market Size, Segmentation by Product Type, AC-EAF is Dominant
As per the above chart/data, which was extracted from QYResearch's latest report ‘Global Electric Arc Furnace Market Research Report 2024-2030’.
In terms of product type, AC-EAF is currently the dominant product segment, accounting for approximately 83.4% share.
Key Market Drivers: In order to comply with stricter environmental regulations, steel manufacturers are increasingly favouring the use of EAFs due to their lower emission levels as compared to conventional blast furnaces. This is driving the expansion of the EAF market.
There is a growing demand for sustainable development and reduction of carbon emissions from steel manufacturing. The demand for EAF is fuelled by their use of scrap as the primary raw material, which is less energy intensive and in line with sustainability goals. With accelerating industrialisation and urbanisation globally, the demand for metals and alloys is growing. EAFs play a key role in industrialisation and urbanisation as they are an efficient and flexible metallurgical facility capable of meeting this rapidly growing demand.
As a professional manufacturer of industrial EAF, as No. 1 in China, No. 8 in the world, Xi'an TYMEC will continue to give full play to its own strengths to explore market potential and provide equipment with more professional quality to customers at home and abroad.
