Latest News- Blast Furnaces Market: Revamping projects is expected to lead the Application segment during 2024-2028

The Blast Furnaces Market is being driven by Large installed base of blast furnaces

The Blast Furnaces Market is expected to grow at a CAGR of 5.95% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2517.8 million. In the integrated steel industry, the blast furnace plays a pivotal role in determining plant operational efficiency. Consequently, steel producers have adopted performance-based contracts with equipment vendors, including blast furnace suppliers. These contracts oblige vendors to deliver hardware and services, with the majority of equipment and service costs assumed by the vendors. Vendors receive payments contingent upon the financial performance of the integrated steel plant. As a result, value-added services that boost operational efficiency and profitability have become increasingly significant under performance-based contracts. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Revamping projects
  • Capacity additions
• Type
  • Hot blast ovens
  • Cold blast blowers
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Russia
  • North America
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Large installed base of blast furnaces
• Growing steel demand from India and Russia
• Regulations requiring steel plants to reduce the environmental footprint

However, the market also witnesses some limitations, which are as follows:

• Increasing popularity of steel mini mills
• Subdued steel consumption growth in China
• Risk of an escalating trade war and rising interest rates in US and Europe

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Market Scope in Blast Furnaces Market Research Report

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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

The industrial machinery, supplies, and component market encompasses businesses involved in the production of industrial machinery and components, including presses, machine tools, compressors, pollution control equipment, elevators, escalators, insulators, pumps, roller bearings, and other metal fabrications. According to Technavio, the market size is determined by the consolidated revenue generated by manufacturers supplying equipment for industrial applications. Factors driving growth in this sector include the increasing industrial output in process and discrete industries, fueled by expanding economies in developing countries, resulting in capacity expansions for energy, chemicals and petrochemicals, pulp and paper, and processed food and beverage production.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
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