Blast furnaces market 2023-2027: A descriptive analysis of five forces model, market dynamics, and segmentation- Technavio

NEW YORK, Jan. 24, 2023 /PRNewswire/ -- According to Technavio, the global blast furnaces market size is estimated to decline by USD 1,924.47 million from 2022 to 2027. The market is estimated to decelerate at a CAGR of  4.9% during the forecast period. APAC will account for 62% of the growth of the global market during the forecast period.

For more Insights on market size Request a sample report

Global blast furnaces market - Five Forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers– 

• Bargaining power of buyers 
• The threat of new entrants
• Threat of rivalry
• Bargaining power of suppliers
• Threat of substitutes
• Interpretation of porter's five models helps to strategize the business, for entire details – buy the report!

Global blast furnaces market – Customer Landscape 

The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global blast furnaces market - Segmentation Assessment

Segment Overview
Technavio has segmented the market based on application (Capacity additions and Revamping projects), and type (Hot blast ovens and Cold blast blowers). 

• The application segment will grow at a significant rate during the forecast period. Despite the overcapacity in the global steel industry, new steelmaking capacities continue to be developed in various regions. One of the primary reasons behind this is the employment that the steel industry creates across the value chain. For instance, the US has imposed a 25% tariff on the steel imported from Canada, Mexico, China, and the EU to revive its indigenous steel industry and create employment. An increase in steel prices since 2016 and the rising profitability of the steel industry are also encouraging steel producers to invest in new integrated steel plants, which will increase segment growth during the forecast period.

Geography Overview
By geography, the global blast furnaces market is segmented into APAC, Europe, North America, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global blast furnaces market.

• APAC is estimated to account for 62% of the growth of the global market during the forecast period. The region is witnessing the construction of new blast furnaces during the forecast period. For instance, in May 2022 Jindal Stainless Ltd. announced to build a new blast furnace at its Kalinganagar unit in India. To build the new furnace company has chosen  SIEMAG Weiss GmbH and  Co. KG,. The blast furnace is expected to have a production capacity of 2 million tons of hot metal per year. Many government organizations in the region are also focusing on initiating new policies to expand steel production in their countries. These factors can also accelerate regional market growth in the region during the forecast period.

Download a Sample Report

Global blast furnaces market – Market Dynamics
Key factor driving market growth

• One of the key factors driving the ready-to-blast furnaces market growth is the large installed base of blast furnaces. 
• Major steel producers of the world have invested in large integrated steel plants as the high capital cost of the BF-BOF route requires large-scale production to achieve economies of scale.
• Integrated steel plants also require significant investments in inbound logistics to secure the supply of raw materials.
• Large investments, coupled with a typical lifecycle of 20-25 years for an integrated steel plant, make exit barriers very high for integrated steel plant operators.
• However, these barriers extend to the entire value of the global steel industry. Hence, there is a very large installed base of integrated steel plants in the world, which drives the replacement market for blast furnaces.
• The majority of the new blast furnace orders are from operators of existing integrated steel plants as existing blast furnaces reach the end of their lifecycle. China, Japan, and Germany are among the major countries in the blast furnaces replacement market.

Leading trends influencing the market 

• Equipment as a service is the major trend influencing the blast furnaces market growth. 
• The blast furnace is one of the most important pieces of equipment in an integrated steel plant. The performance of the blast furnace largely determines the operational efficiency of the integrated steel plant.
• As a result, steel producers in the global steel industry have increasingly entered into performance-based contracts with equipment suppliers, including blast furnace suppliers.
• Vendors are offered payments linked to the financial performance of the integrated steel plant. Performance-based contracts have thus increased the importance of value-added services that increase the efficiency and profitability of factory operations.
• Therefore, vendors must expand their service and software offerings that help reduce costs, minimize waste, and improve quality to capture a larger share of the global blast furnace market.

Major challenges hindering the market growth

• The increasing popularity of steel mini-mills is one of the key challenges hindering the blast furnaces market growth. 
• The global steel demand has been fluctuating, which puts integrated steel plant operators at the risk of reduced profitability or even losses when the prices fall or demand for their output is low.
• Thus, the inflexibility of integrated steel plants in terms of matching production with demand at optimum cost is making steel mini-mills the preferred substitute for integrated steel plants.
• Developing and emerging countries are expected to account for the majority of the increase in steel demand during 2017-2022, and businesses in these countries usually lack the financial resources to invest in integrated steel plants.
• Therefore, steel mini-mills account for most of the new capacity additions in developing countries. Such factors will hinder market growth during the forecast period.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this blast furnaces market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the blast furnaces market between 2023 and 2027
• Precise estimation of the size of the blast furnaces market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the blast furnaces market industry across APAC, Europe, North America, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of blast furnaces market vendors

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

The predicted growth for the electric arc furnaces market from 2022 to 2027 is USD 659.73 million. This artificial lift systems market forecast report extensively covers segmentations by type (DC arc furnace and AC arc furnace), capacity (100-200 tons, 200-300 tons, more than 300 tons, and up to 100 tons), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The abrasive blasting equipment market size is expected to increase by USD 131.56 million from 2022 to 2027, and the market's growth momentum will accelerate at a CAGR of 5.02%. This report extensively covers segmentation by end-user (manufacturing, construction and maintenance, and others), type (semi-automatic, automatic, and manual), and geography (APAC, North America, Europe, Middle East, and Africa, and South America).

Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global Blast Furnaces Market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global Blast Furnaces Market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Capacity additions - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Capacity additions - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Capacity additions - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Capacity additions - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Capacity additions - Year-over-year growth 2022-2027 (%)

• 6.4 Revamping projects - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Revamping projects - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Revamping projects - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Revamping projects - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Revamping projects - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Application 
• Exhibit 42: Market opportunity by Application ($ million)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 43: Chart on Type - Market share 2022-2027 (%)
• Exhibit 44: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 45: Chart on Comparison by Type
• Exhibit 46: Data Table on Comparison by Type

• 7.3 Hot blast ovens - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Hot blast ovens - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Data Table on Hot blast ovens - Market size and forecast 2022-2027 ($ million)
• Exhibit 49: Chart on Hot blast ovens - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Hot blast ovens - Year-over-year growth 2022-2027 (%)

• 7.4 Cold blast blowers - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Cold blast blowers - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Data Table on Cold blast blowers - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Chart on Cold blast blowers - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Cold blast blowers - Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 55: Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 57: Chart on Market share by geography 2022-2027 (%)
• Exhibit 58: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 59: Chart on Geographic comparison
• Exhibit 60: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 61: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 63: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 64: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 65: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 66: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 67: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 68: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 69: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 70: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 71: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 72: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 73: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 74: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 75: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 76: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.7 South America - Market size and forecast 2022-2027 
• Exhibit 77: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 78: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 79: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 80: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 81: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 82: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 83: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 84: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 India - Market size and forecast 2022-2027 
• Exhibit 85: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.10 US - Market size and forecast 2022-2027 
• Exhibit 89: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.11 Russia - Market size and forecast 2022-2027 
• Exhibit 93: Chart on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.12 Japan - Market size and forecast 2022-2027 
• Exhibit 97: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 101: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 102: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 103: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 104: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 105: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 106: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 107: Matrix on vendor position and classification

• 12.3 China Metallurgical Engineering and Project Corp. 
• Exhibit 108: China Metallurgical Engineering and Project Corp. - Overview
• Exhibit 109: China Metallurgical Engineering and Project Corp. - Product / Service
• Exhibit 110: China Metallurgical Engineering and Project Corp. - Key offerings

• 12.4 Compagnie de Saint Gobain SA 
• Exhibit 111: Compagnie de Saint Gobain SA - Overview
• Exhibit 112: Compagnie de Saint Gobain SA - Business segments
• Exhibit 113: Compagnie de Saint Gobain SA - Key offerings
• Exhibit 114: Compagnie de Saint Gobain SA - Segment focus

• 12.5 Danieli and C. Officine Meccaniche Spa 
• Exhibit 115: Danieli and C. Officine Meccaniche Spa - Overview
• Exhibit 116: Danieli and C. Officine Meccaniche Spa - Business segments
• Exhibit 117: Danieli and C. Officine Meccaniche Spa - Key news
• Exhibit 118: Danieli and C. Officine Meccaniche Spa - Key offerings
• Exhibit 119: Danieli and C. Officine Meccaniche Spa - Segment focus

• 12.6 Gillanders Arbuthnot and Co. Ltd. 
• Exhibit 120: Gillanders Arbuthnot and Co. Ltd. - Overview
• Exhibit 121: Gillanders Arbuthnot and Co. Ltd. - Business segments
• Exhibit 122: Gillanders Arbuthnot and Co. Ltd. - Key offerings
• Exhibit 123: Gillanders Arbuthnot and Co. Ltd. - Segment focus

• 12.7 IHI Corp.
• Exhibit 124: IHI Corp. - Overview
• Exhibit 125: IHI Corp. - Business segments
• Exhibit 126: IHI Corp. - Key news
• Exhibit 127: IHI Corp. - Key offerings
• Exhibit 128: IHI Corp. - Segment focus

• 12.8 JP Steel Plantech Co. 
• Exhibit 129: JP Steel Plantech Co. - Overview
• Exhibit 130: JP Steel Plantech Co. - Product / Service
• Exhibit 131: JP Steel Plantech Co. - Key offerings

• 12.9 Larsen and Toubro Ltd. 
• Exhibit 132: Larsen and Toubro Ltd. - Overview
• Exhibit 133: Larsen and Toubro Ltd. - Business segments
• Exhibit 134: Larsen and Toubro Ltd. - Key news
• Exhibit 135: Larsen and Toubro Ltd. - Key offerings
• Exhibit 136: Larsen and Toubro Ltd. - Segment focus

• 12.10 McNally Bharat Engineering Co. Ltd. 
• Exhibit 137: McNally Bharat Engineering Co. Ltd. - Overview
• Exhibit 138: McNally Bharat Engineering Co. Ltd. - Product / Service
• Exhibit 139: McNally Bharat Engineering Co. Ltd. - Key offerings

• 12.11 MECON Ltd.
• Exhibit 140: MECON Ltd. - Overview
• Exhibit 141: MECON Ltd. - Business segments
• Exhibit 142: MECON Ltd. - Key offerings
• Exhibit 143: MECON Ltd. - Segment focus

• 12.12 Nippon Steel Corp.
• Exhibit 144: Nippon Steel Corp. - Overview
• Exhibit 145: Nippon Steel Corp. - Business segments
• Exhibit 146: Nippon Steel Corp. - Key offerings
• Exhibit 147: Nippon Steel Corp. - Segment focus

• 12.13 Noble Industrial Furnace Co. Inc. 
• Exhibit 148: Noble Industrial Furnace Co. Inc. - Overview
• Exhibit 149: Noble Industrial Furnace Co. Inc. - Product / Service
• Exhibit 150: Noble Industrial Furnace Co. Inc. - Key offerings

• 12.14 POSCO holdings Inc.
• Exhibit 151: POSCO holdings Inc. - Overview
• Exhibit 152: POSCO holdings Inc. - Business segments
• Exhibit 153: POSCO holdings Inc. - Key offerings
• Exhibit 154: POSCO holdings Inc. - Segment focus

• 12.15 Primetals Technologies Ltd. 
• Exhibit 155: Primetals Technologies Ltd. - Overview
• Exhibit 156: Primetals Technologies Ltd. - Product / Service
• Exhibit 157: Primetals Technologies Ltd. - Key offerings

• 12.16 Shandong Province Metallurgical Engineering Co. Ltd. 
• Exhibit 158: Shandong Province Metallurgical Engineering Co. Ltd. - Overview
• Exhibit 159: Shandong Province Metallurgical Engineering Co. Ltd. - Product / Service
• Exhibit 160: Shandong Province Metallurgical Engineering Co. Ltd. - Key offerings

• 12.17 SMS group GmbH
• Exhibit 161: SMS group GmbH - Overview
• Exhibit 162: SMS group GmbH - Product / Service
• Exhibit 163: SMS group GmbH - Key offerings

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 164: Inclusions checklist
• Exhibit 165: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 166: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 167: Research methodology
• Exhibit 168: Validation techniques employed for market sizing
• Exhibit 169: Information sources

• 13.5 List of abbreviations 
• Exhibit 170: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio