Electric arc furnace, which uses the high temperature generated by electrode arc to melt ores and metals, is an important piece of equipment for modern steel smelting. Its working principle is to form an arc through gas discharge, which concentrates energy and allows the temperature in the arc zone to reach over 3000 ℃, effectively melting various metals and ores.

Overview of Market Development

From the current market situation, the global electric arc furnace market is undergoing a steady growth process. This is mainly due to the rapid development of industrialization and urbanization, as well as the growing demand for waste metal recycling and reuse. With the continuous growth of global demand for metals and alloys, the importance of electric arc furnaces as an efficient and flexible metallurgical equipment is becoming increasingly prominent. According to our research data, the global electric arc furnace market revenue is estimated to be $1154 million in 2024, an increase of 6.65% compared to 2023.

In the future, with the introduction of new electric arc furnace designs, more efficient energy utilization, and more precise temperature control technologies, the production efficiency of electric arc furnaces will be significantly improved while reducing production costs. This will bring new growth points to the electric arc furnace market. In addition, the improvement of environmental awareness and the promotion of sustainable development goals will also have a positive impact on the electric arc furnace market. The recycling and reuse of waste metals can not only reduce dependence on new ores, and reduce resource consumption, but also help reduce environmental pollution. It is expected that the global electric arc furnace market revenue will increase to $1570 million by 2029.

Source: www.globalmarketmonitor.com

Segmented Market Analysis

From the perspective of product types, electric arc furnaces can be divided into two categories: DC electric arc furnaces (DC-EAFs) and AC electric arc furnaces (AC-EAFs), depending on the type of power source used. Among them, DC-EAFs dominate the market. Data shows that the global DC-EAF sub-market revenue is expected to reach $777 million in 2024, with an estimated market share of 67.35%.

From the perspective of downstream applications, the application of electric arc furnaces involves fields such as metal smelting and ore smelting. It not only has great process flexibility and can effectively remove impurities such as sulfur and phosphorus, but also has easy furnace temperature control and a small equipment footprint, making it particularly suitable for the melting of high-quality alloy steel. The data shows that the application share of electric arc furnaces in the fields of metal smelting and ore smelting in 2024 is estimated to be 19.88% and 9.20%, respectively.

Market Analysis of Major Regions

From a regional perspective, the global electric arc furnace market is mainly concentrated in North America, Europe, and the Asia Pacific region. Among them, the Asia Pacific region is the largest revenue market. Data shows that the estimated revenue of the electric arc furnace market in the Asia Pacific region in 2024 is $523 million, with an expected revenue share of 45.32%; The European and North American markets are expected to rank second and third with 23.57% and 22.53% respectively.

Global Electric Arc Furnace Market Revenue and Share by Region Forecast in 2024

Regions	Market Revenue (Million USD)	Share
North America	260	22.53%
Europe	272	23.57%
Asia Pacific	523	45.32%
South America	52	4.51%
Middle East & Africa	47	4.07%