Blast Furnaces Market Size shall reach a value of $1.13 Billion in 2027, growing with a CAGR of 11.2% during the forecast period of 2020 to 2027.
Market Definition / Research Scope
A blast furnace Is a kind of metallurgical furnace used to convert and chemically reduce iron oxides into liquid iron called "hot metal". The blast furnace is a big, steel stack lined with refractory brick, where limestone, iron ore, and fuel are tossed into the top, and preheated air is thumped into the bottom.
Blast furnaces are primarily used to control the functional use of an integrated steel plant. Blast furnace sellers provide services and equipment to steel manufacturers. This action allows steelmakers to enhance operational productivity, efficiency, and profitability.
Frequently, blast furnace gas Is used in the steel industry as an accessional to natural gas. Blast furnaces are used to generate pig iron from iron ore for the following processing into steel. They are also engaged in processing copper, lead, and other metals. Unexpected combustion is preserved by the current of air under pressure.
Blast Furnaces Market Growth and Trends
Drivers :
• Blast furnaces are generally used to control the operational effectiveness of an integrated steel plant.
• Due to this the steel makers enter into performance based strategic contract with blast furnaces manufacturers.
• Blast furnaces vendors supply equipment and services to steel producers under the contract.
• The performance based contract help the steel makers to improve operational efficiency, productivity and profitability.
• Vendors of blast furnaces has the capacity to increase their market share by supplying equipment as a service to steel makers, which is a driving force for the growth of the blast furnaces market.
• The increase in demand for steel world-wide is an important factor boosting the growth of the global blast furnaces market.
• Globally India, China and Russia are experiencing growing demand for steel resulting in increasing demand for blast furnaces.
• Additionally, India is also witnessing highest growth in terms of consumption and production of steel.
• Moreover, the construction sector is responsible for major share of the steel demand in India in the coming few years.
• Based on application the blast furnaces market can be bifurcated into capacity addition and revamping projects.
• Capacity addition segment is meant for major share and it maintains its dominance in global blast furnaces market in the near future.
• The global blast furnaces market was primarily fragmented in 2018.
• Key manufacturers operating in the global blast furnaces market are Danieli Group, Larsen & Toubro Ltd., The MCC Group, LLC, Nippon Steel &Sumikin Engineering Co. Ltd., Primetals Technologies Ltd., Noble Industrial Furnace and JPW Industrial Ovens & Furnaces.
Restraints :
• The increase in popularity of steel mini-mills is responsible in hampering the growth of blast furnaces market in the coming years.
• The production cost of pig iron, which is a raw material in Basic Oxygen Furnace (BOF), is very expensive.
• Additionally Blast Furnaces require repeated shutdown for relining and the way towards beginning up the furnace process is also exorbitant and time consuming.
• The low fixed cost and investment requirement of steel mini-mills is the reason for choosing them as an ideal choice for steel production.
• Hence blast furnace as a meant for steel production is facing a challenge.
Blast Furnaces Market Regional Analysis
Blast Furnaces Market Share and Competition
Key companies operating in this industry are: Danieli Group, Larsen & Toubro Limited, The MCC Group, L.L.C., Nippon Steel & Sumikin Engineering Co., Ltd., Primetals Technologies Limited, Noble Industrial Furnace, and JPW Industrial Ovens and Furnaces. Similar industries in this domain that is growing at a high CAGR include Industrial Blasting Machines Market and Industrial Ovens and Furnaces Market.
Blast Furnaces Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2020 – 2027)
• Data breakdown for every market segment (2020 – 2027)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Application Analysis (Revenue, USD Million, 2020 - 2027)
• Capacity additions
• Revamping projects
Region Analysis (Revenue, USD Million, 2020 - 2027)
• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Middle East
• Japan
• Africa
• Rest of World
Blast Furnaces Market Companies
• Danieli Group
• Larsen & Toubro Limited
• The MCC Group, L.L.C.
• Nippon Steel & Sumikin Engineering Co., Ltd.
• Primetals Technologies Limited
• Noble Industrial Furnace
• JPW Industrial Ovens and Furnaces
Available Versions: -
United States Blast Furnaces Market Research Report
Europe Blast Furnaces Market Research Report
Asia Pacific Blast Furnaces Market Research Report
India Blast Furnaces Market Research Report
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