Blast Furnaces Market Size to grow by USD 2517.8 million between 2024-2028
According to a research report “ Blast Furnaces Market” by Application (Revamping projects, Capacity additions) Type (Hot blast ovens, Cold blast blowers) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2517.8 million, at a CAGR of 5.95% during the forecast period. In the global steel industry, integrated steel plants predominantly employ the Blast Furnace-Basic Oxygen Furnace (BF-BOF) route to produce approximately 75% of the world's crude steel. China, as the largest producer of crude steel, accounting for nearly 50% of the global production, relies heavily on this method, with over 90% of its crude steel coming from BF-BOF processes. This production method is utilized in integrated steel plants, which source raw materials like iron ore and coking coal to manufacture finished steel. Conversely, steel mini-mills predominantly follow the Electric Arc Furnace (EAF) route, which has not gained significant traction in major export hubs, including China, Germany, and Japan, due to the limited availability of scrap steel and affordable electricity required for the EAF process, despite the growing demand for steel from sectors such as construction, automobile, and equipment manufacturing..
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By Application, the Revamping projects segment is projected to dominate the market size in 2024
In the steel industry, despite ongoing overcapacity issues, there is a persistent drive to expand capacities in various regions. This trend is largely fueled by the significant employment opportunities the sector offers throughout its value chain. For instance, protectionist measures such as the 25% tariff imposed by the US on imported steel from Canada, Mexico, China, and the EU, aim to revitalize domestic production and generate jobs. Furthermore, the resurgence of profitability in the steel industry since 2016 has encouraged producers to invest in new integrated steel plants. Concurrently, China, the world's largest steel producer, is expected to reduce its production capacity to 1,000 million tons per annum (mtpa) by 2025-2026, from 1,200 mtpa in 2015-2016, addressing the global overcapacity issue to some extent.
By Type, Hot blast ovens segment is expected to hold the largest market size for the year 2024
The blast furnace market is experiencing significant growth due to the increasing global demand for steel. A key factor driving this trend is the implementation of hot-blast ovens, which preheat the air blown into blast furnaces, enhancing iron processing efficiency. Notably, Tata Steel recently signed an MoU with the Punjab Government to establish a 0.75 MnTPA long products steel plant featuring a scrap-based furnace. Infrastructure investments' escalation worldwide is anticipated to fuel the demand for steel, consequently propelling the expansion of the global blast furnace market throughout the forecast period.
APAC is forecasted to hold the largest market size by region in 2024
The Blast Furnaces market represents a significant sector in the global steel industry. These furnaces are essential for the production of molten iron from iron ore and coal. Market growth is driven by increasing steel demand, particularly in emerging economies. Advanced technologies, such as electric arc furnaces and mini-blast furnaces, are challenging traditional blast furnaces, necessitating continuous innovation and improvement. Key players in the market include ArcelorMittal, Baosteel, and JFE Steel.
The Blast Furnaces Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
Blast furnaces are metallurgical furnaces used for the production of pig iron from iron ore and coal. Technological trends in the blast furnaces market include the optimization of energy consumption and emission control strategies. Flue gases and waste gases from blast furnaces contain significant amounts of pollutants, including greenhouse gases and harmful emissions. Slag phases in blast furnaces play a crucial role in the production process, as they help to remove impurities from the molten metal. Copper, lead, and other industrial metals can also be produced in blast furnaces. Ferrous metals, such as steel and alloys, are the primary products of blast furnaces. The molten pig iron is then transferred to AC arc furnaces for further processing. Automobile and electronics industries are major consumers of steel and alloys produced in blast furnaces. Energy consumption and greenhouse gas emissions are major concerns in the blast furnaces market. Advanced emission control strategies, such as flue gas desulfurization and carbon capture and storage, are being adopted to reduce emissions. The use of renewable energy sources, such as hydroelectric and wind power, is also gaining popularity in the industry. In conclusion, the blast furnaces market is undergoing significant technological advancements to optimize energy consumption, reduce emissions, and improve the production of industrial metals, including steel and alloys. The automobile and electronics industries continue to be major consumers of these metals, driving the demand for blast furnace production.
Market Research Overview
Title: Blast Furnaces Market: Technological Trends, Industrial Metals, and Sustainability The Blast Furnaces Market is a dynamic and evolving industry, driven by technological trends and the demand for industrial metals such as pig iron, copper, lead, and steel and alloys. Blast furnaces, as metallurgical furnaces, play a crucial role in the production of ferrous metals. Technological advancements in blast furnaces include the integration of AC arc furnaces, emission control strategies, and energy consumption optimization. Flue gas and waste gases are being utilized to generate electricity, reducing reliance on external energy sources. Inorganic growth through scalability and innovation is a key focus, with companies striving to be active and cutting-edge in the industry. Slag phases are being studied to improve the efficiency and quality of molten metal production. Social scenarios, such as the automobile and electronics industries, continue to drive demand for steel and alloys. Emission control strategies are essential to mitigate greenhouse gas emissions, and the industry is actively exploring ways to reduce these emissions while maintaining production levels. In summary, the Blast Furnaces Market is a critical player in the industrial metals sector, with a focus on technological trends, energy efficiency, and sustainability. Companies that can innovate and adapt to changing market conditions will be best positioned for success.
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