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Jul 30, 2023

Global Electric Arc Furnace (EAF) Stainless Steel Market Report 2023

News provided by 30 Aug, 2023, 10:45 ET Share this article DUBLIN, Aug. 30, 2023 /PRNewswire/ -- The "Global Electric Arc Furnace (EAF) Stainless Steel Market (2023 Edition): Analysis By Value and

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30 Aug, 2023, 10:45 ET

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DUBLIN, Aug. 30, 2023 /PRNewswire/ -- The "Global Electric Arc Furnace (EAF) Stainless Steel Market (2023 Edition): Analysis By Value and Volume, Type (AC, DC), Capacity Tons (<_00_ _00-200_="_00-200_" _00-300_="_00-300_">400), By Region, By Country: Demand, Trends and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering

The Global Electric Arc Furnace (EAF) Stainless Steel market showcased growth at a CAGR of 4.01% 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.

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.

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 Duplex and Super Duplex Stainless Steel Market is expected to grow in the forecast period and register a market value of USD 9101.07 Million in 2029 at a CAGR of 17.25% during the forecast period. Duplex and Super Duplex Stainless Steel is a versatile stainless-steel grade whose product are used by various industry to enhance their product quality and durability.

The surge in global demand for duplex grade steel is driven by its superior corrosion resistance, high strength, toughness, cost-effectiveness, and increasing adoption in key industrial sectors. As the world continues to prioritize durability, sustainability, and operational efficiency, duplex stainless steels are poised to play a crucial role in meeting the diverse needs of a wide range of applications.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 specialty steel grades required in industries such as automotive, construction, and machinery.In addition, Asia Pacific Duplex and Super Duplex grade Stainless Steel Market growth is driven by the rise in demand for stainless steel products in several end-use industries including chemical/petrochemical products, consumer goods, heavy and vehicle transportation, medical items, energy sector. The huge production of Super Duplex and Duplex stainless steel, research and development activities based on this product, growth of construction activities, and technological advancement are key driving factors for the Asia Pacific market growth.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 SteelAnother 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

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).

Analyst Recommendations

Competitive Analysis

Company Profiles

Scope of the Report

Global Electric Arc Furnace (EAF) Stainless Steel Market: Historic and Forecast (2019-2029)

Market Segmentation By Type

Global Electric Arc Furnace (EAF) Stainless Steel Market Segmentation: By Capacity

For more information about this report visit https://www.researchandmarkets.com/r/pgitv3

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