Blast Furnaces Market Growth Analysis | Trends, Drivers and Vendor Forecasts for 2021-2025

Technavio has been monitoring the blast furnaces market and it is expected to grow by $ 521.11 million, decelerating at a CAGR of almost 1.59% during the forecast period. The growth trajectory of the market is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking

Blast Furnaces Market: Receive Free Sample Report

Blast Furnaces Market: Key Trends to impact market growth

Growth by the revamping projects segment will be significant during the forecast period. The financial health of the steel industry in most of the major steel-producing nations has improved substantially. This has also improved the investment sentiment in the global steel industry as most of the major steel producers have scheduled blast furnace revamping projects to meet the growing steel demand. APAC has been exhibiting a significant growth rate for blast furnaces market vendors. Factors such as increasing investments in steel plants are accelerating the blast furnaces market growth in the region.  This research report provides a detailed impact analysis of all the trends that are likely to influence the growth of the market in focus.

Blast Furnaces Market: Top Drivers to Boost Demand

The large installed base of blast furnaces is one of the primary factors driving the growth of the blast furnaces market. In addition, there have been many new blast furnace orders placed by existing integrated steel plant operators as existing blast furnaces are reaching the end of their lifecycle. China, Japan, and Germany are some of the top countries in the blast furnaces replacement market. Apart from this, the improving economic conditions in Russia are expected to drive the growth of steel-consuming industries such as residential construction, automobile, equipment, and machinery. The capacity additions in Russia and India are expected to contribute significantly to the blast furnaces market during the forecast period. The report provides a detailed study of all the factors that are likely to boost the market. This analysis will enable clients to leverage growth opportunities to their advantage and set their business on the right track.

Vendor Analysis: China Metallurgical Group Corp., Danieli & C. Officine Meccaniche Spa and Gillanders Arbuthnot and Co. Ltd. are key growth contributors

The market is fragmented. The research report provides insights into the top market player and their product portfolio along with a pipeline analysis of upcoming developments and growth opportunities. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. China Metallurgical Group Corp., Danieli & C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., IHI Corp., Larsen and Toubro Ltd., MECON Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., Primetals Technologies Ltd., and SMS group GmbH are some of the major market participants.

For more insights on this market: Download a Free Sample Report

Blast Furnaces Market: Key Highlights of the Report for 2021-2025

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive blast furnaces market growth during the next five years
• Precise estimation of the blast furnaces market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the blast furnaces market industry across APAC, Europe, North America, MEA, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of blast furnaces market vendors

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is decelerate at a CAGR of almost 1.59%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by $ 521.11 mn through 2021-2025.
    
3. What is a key factor driving this market?
   Large installed base of blast furnaces will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   APAC, Europe, North America, MEA, and South America are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   73% growth will originate from APAC
    
6. Who are the leading market vendors?
   The leading vendors in this market are China Metallurgical Group Corp., Danieli & C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., IHI Corp., Larsen and Toubro Ltd., MECON Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., Primetals Technologies Ltd., and SMS group GmbH
    
7. What are the market segments covered in this report?
   The market is segmented by Application (Revamping projects and Capacity additions) and Geography (APAC, Europe, North America, MEA, and South America)