Induction Furnace Market is expected to rise at a CAGR of 5.3% during 2022– 2032

Market Research Future (MRFR) has published on the “Global Induction Furnaces Market”.

The global Induction Furnace Market is estimated to register a CAGR of 5.3% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Induction Furnace Market— Ajax TOCCO Magnethermic Corporation, Electrotherm Limited, ABP Induction System, Inductotherm Corporation, FOMET, Otto Junker, Tenova SPA, Pioneer Furnaces Pvt.Ltd, Saint-Gobain, Duca Manufacturing, ZZ Industrial (shanghai) Co., Ltd., Topcast Engineering, Wertli AG, HarbisonWalker International, and Marx GmbH & Co. KG.

Market Highlights

The global Induction Furnace Market is estimated to register a CAGR of 5.3% during the forecast period and is estimated to reach USD 3,059.6 Million by 2032.

With a heightened emphasis on bolstering industrial production capacity, governments in multiple nations are devising numerous strategies to foster industrial mechanization with the intention of broadening their manufacturing sectors. This push towards industrial mechanization acts as a significant catalyst for the induction furnace sector. As governments put into action policies and incentives to stimulate automation and technological progress, induction furnaces emerge as pivotal constituents of this revolutionary wave. For instance, the India Brand Equity Foundation (IBEF) reveals that the Indian Department of Heavy Industries unveiled the Samarth Udyog Bharat 4.0 initiative in 2021, aiming to expand the manufacturing sector throughout India by the conclusion of 2025 through the utilization of cutting-edge manufacturing techniques and novel technologies. These furnaces, owing to their compatibility with automated systems and adherence to Industry 4.0 principles, assume a critical role in amplifying manufacturing efficiency and precision. This alignment with the automation trend situates the induction furnace industry advantageously to capitalize on the expanding manufacturing landscape, underscoring its significance as a facilitator of heightened industrial production capacity.

Segment Analysis

The global Induction Furnace Market has been segmented based on type, capacity, and end use industry.

Based on type, the global induction furnace market has been segmented into coreless induction furnace and channel induction furnace. In 2022, the coreless induction furnace type segment drove the global induction furnace market by holding a substantial market share with a market value.

Based on capacity, the global Induction furnace market has been segmented into Up To 1 Ton, 1-100 Ton and More Than 100 Ton. in 2022, 1-100 Ton segment led the market with a substantial market share.

Based on end use industry, the global induction furnace market has been segmented into steel, aluminum, copper, and others. In the year 2022, the steel segment generates a consistent and hefty demand for Induction furnaces.

Regional Analysis

The global Induction Furnace Market, based on region, has been divided into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America consists of US, Canada, and Mexico. The Europe global Induction Furnace Market comprises of Germany, France, the UK, Italy, and the rest of Europe. The global Induction Furnace Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Middle East & Africa global Induction Furnace Market consists of Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa. The global Induction Furnace Market in South America has been segmented into Brazil, Argentina, and Rest of South America.

The largest market share for the Induction Furnace Market was maintained by the Asia-Pacific regional sector. This is due to a significant number of key players operating in the region, making it the primary contributor to the market share. In addition, This rapid industrialization is driving the demand for efficient and environmentally friendly heating and melting solutions, making induction furnaces a preferred choice.

Moreover, the North America market has been persistently growing over the forecast period. There are several significant factors contributing to the market's growth. The growing demand in the steel and metal industries has had a big impact on the induction furnace market. The demand for steel and other metals is rising, and as sectors like manufacturing, construction, and the automotive industry continue to rise, there is an increasing need for efficient melting and refining operations. Induction furnaces provide these companies with a stable and effective option, which promotes industry growth. The market for induction boilers is mostly driven by things like cost savings and energy efficiency. It is well known that induction furnaces consume less energy than other kinds of furnaces. By employing electromagnetic induction to produce heat directly within the metal, they reduce energy consumption and minimize heat loss. Because of their energy efficiency, induction furnaces are a preferred choice for numerous industries. This is because they allow businesses to reduce their environmental impact while simultaneously realizing significant cost savings. The increasing focus on environmental factors is an additional important motivator. Because of stricter regulations and a growing focus on sustainability, industries are searching for greener solutions. When comparing induction furnaces to fossil fuel-burning conventional furnaces, the former produce less emissions and have a lower carbon footprint. Consequently, companies that care about the environment use induction furnaces, which drives market growth.

Moreover, the Induction Furnace Market in Europe has witnessed significant growth and transformation in recent years, the induction furnace market is displaying robust growth and evolution. The region's commitment to sustainability, energy efficiency, and stringent environmental regulations has propelled the adoption of induction furnace technology across various industries, like metal processing, and foundries. Induction furnaces are preferred for their reduced emissions, energy efficiency, and precise heating capabilities. For example, Tata Steel recently announced their intentions to spend £5 million to install cutting-edge electric induction furnaces at its pipe facility in Corby, United Kingdom. The company hopes to cut carbon emissions at the facility by 2,000 tons annually by installing these cutting-edge units. Furthermore, the transition towards electric vehicles and the automotive sector's increasing focus on lightweight materials have boosted the demand for induction furnaces for melting and shaping metals like aluminum and steel. Europe is also witnessing a surge in investments in renewable energy sources, which indirectly benefits the induction furnace market as it aligns with the region's push for cleaner and more efficient industrial processes. Additionally, advancements in induction furnace technology, including digital controls and automation, are further enhancing their appeal to European industries. The European induction furnace market is poised for continued growth, driven by its alignment with sustainability goals, energy efficiency requirements, and the region's commitment to cutting-edge industrial practices.

In South America, the induction furnace market is experiencing noteworthy growth and evolution driven by several factors. The region's rich mineral resources, particularly in countries like Brazil and Argentina, have created a strong demand for induction furnaces in mining and metallurgy applications. These furnaces are utilized for the smelting and refining of metals, supporting the mining industry's operations. Additionally, South America's several industrial sectors are on the rise, contributing to the adoption of induction furnaces for processes like metal casting and heat treatment. These industries are increasingly recognizing the advantages of induction technology, including precise temperature control, energy efficiency, and reduced emissions. Furthermore, the region's emphasis on sustainability and environmental regulations is pushing industries to adopt cleaner and more energy-efficient technologies, aligning with the benefits offered by induction furnaces. Despite these opportunities, challenges such as economic volatility, infrastructure limitations, and varying regulations across countries exist in South America. However, investments in technology and infrastructure are gradually addressing some of these obstacles, making the region an increasingly important market for this technology.

The Middle East and Africa region are experiencing a growing demand for induction furnaces. In the Middle East, which is home to significant oil and gas production, there's a flourishing need for specialized metallurgical and metalworking processes for components used in the energy sector. Induction furnaces are favored for their precision, energy efficiency, and ability to handle high-temperature applications, making them essential in this industry. Additionally, countries in the Middle East are increasingly diversifying their economies and investing in manufacturing, construction, and infrastructure development. This shift is boosting the adoption of induction furnaces in applications like steel production, foundries, and metal fabrication, supporting the region's industrial growth. In Africa, the induction furnace market is driven by mining activities, particularly in countries rich in mineral resources. Induction furnaces are used for smelting and refining metals such as gold, copper, and nickel. Furthermore, Africa's growing automotive and manufacturing sectors are contributing to the demand for induction furnaces for processes like metal casting and heat treatment. The Middle East and Africa are witnessing a growing demand for induction furnaces, driven by their diverse industrial landscape, including energy, mining, manufacturing, and construction sectors.

Key Findings of the Study

• The global Induction Furnace Market is expected to reach USD 3,059.6 Million by 2032, at a CAGR of 5.3% during the forecast period.


• The Asia-Pacific Induction Furnace Market in Asia Pacific is growing rapidly and is expected to reach USD 1,095.1 million by 2032. This rapid industrialization is driving the demand for efficient and environmentally friendly heating and melting solutions, making induction furnaces a preferred choice.


• Based on type, Coreless Induction Furnace segment attributed to holding the largest market in 2022.


• Saint Gobain, Tenova SPA, Inductotherm Corporation, Ajax TOCCO Magnethermic Corporation, and HarbisonWalker International are key market player.