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Executive Summary
Azoth Analytics has released a research report titled “Global Electric Arc Furnace (EAF) Stainless Steel Market (2023 Edition)†which provides a complete analysis of the Global Electric Arc Furnace (EAF) Stainless Steel industry in terms of market segmentation By Type (AC Furnace and DC Furnace), By Capacity (Up to 100 Tones, 100-200 Tones, 200-300 Tones, 300-400 Tones and More Than 400 Tones) for the historical period of 2019-2022, the estimates of 2023 and the forecast period of 2024-2029.
The research report covers a detailed analysis of the regions (Americas, Europe, APAC, Middle East Africa) and 11 countries (United States, Canada, Brazil, Mexico, Germany, Russia, Italy, China, Japan, South Korea and India). Additionally, the research report presents data including market size, yearly growth & potential analysis, the competitive study of market players, investment opportunities and demand forecast.
The research report also assesses growth indicators, restraints, supply and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market evolution.
The Global Electric Arc Furnace (EAF) Stainless Steel market showcased growth at a CAGR of 4% during 2019-2022. The market was valued at USD 65.54 Billion in 2022 which is expected to reach USD 159.42 Billion in 2029. EAFs are considered energy-efficient compared to traditional steelmaking methods such as the blast furnace-basic oxygen furnace (BF-BOF) process. EAFs use electricity as the primary energy source, which can be generated from various renewable and clean sources. As concerns about climate change and carbon emissions increase worldwide, there has been a growing push to transition from carbon-intensive processes to more sustainable options like EAFs.
The Global Electric Arc Furnace (EAF) Stainless Steel Market is expected to grow in the forecast period and register a market value of USD 159.42 Billion in 2029 at a CAGR of 11.53% during the forecast period. The demand for steel products globally continues to grow due to increasing population, urbanization, and infrastructure development. EAFs play a crucial role in meeting this demand by providing a flexible and efficient steel production process. Additionally, EAFs are well-suited for producing speciality steel grades required in industries such as automotive, construction, and machinery.
Moreover, EAFs emit fewer greenhouse gases and pollutants compared to BF-BOF processes. The reduction in carbon dioxide emissions, nitrogen oxides, and sulfur oxides associated with EAFs aligns with global efforts to mitigate air pollution and reduce the environmental impact of industrial activities. Additionally, EAFs contribute to waste recycling by using scrap metal, reducing the need for mining virgin ore and minimizing landfill disposal.
Increasing raw materials supply for EAFs is to expand recycling efforts, and thus scrap supply, in countries with low recycling rates, such as China and India. The Chinese government recently announced that it would support the establishment of recycling plants for used vehicles and appliances and decommissioned ships which is further going to increase the demand for the Electric Arc Furnace Stainless Steel.
Another key driver is the cost-effectiveness of the EAF process compared to the traditional Basic Oxygen Furnace (BOF) route for stainless steel production. The EAF method allows for greater flexibility in raw material selection, as it can use a higher proportion of scrap metal, which is often cheaper than virgin iron ore used in the BOF process. Additionally, the EAF process requires less capital investment and offers shorter lead times, making it more attractive to stainless steel producers.
Furthermore, the growing focus on sustainability and environmental regulations has contributed to the adoption of the EAF stainless steel production method. The EAF process consumes less energy and emits fewer greenhouse gases compared to the BOF process, aligning with the industry's commitment to reducing carbon emissions and promoting sustainable production practices.
Scope of the Report:
• The report analyses the Electric Arc Furnace (EAF) Stainless Steel Market by Value (USD Billion) and Volume (Million Tonnes)
• The report presents the analysis of the Electric Arc Furnace (EAF) Stainless Steel Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Electric Arc Furnace (EAF) Stainless Steel Market by Type (AC Furnace and DC Furnace)
• The report analyses the Electric Arc Furnace (EAF) Stainless Steel Market by Capacity (Up to 100 Tones, 100-200 Tones, 200-300 Tones, 300-400 Tones and More Than 400 Tones).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include POSCO Holding Inc., Outokumpu Oyj, Acerinox S.A., Aperam S.A., Jindal Stainless, Nippon Steel Corporation, Arcelor Mittal, ThyssenKrupp Group, Dido Steel Co. Ltd. and Marcegaglia Group.
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