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.

Technavio has announced its latest market research report titled Global Blast Furnaces Market 2023-2027

Technavio has announced its latest market research report titled Global Blast Furnaces Market 2023-2027

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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.

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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

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Blast Furnaces Market Scope

Report Coverage


Page number


Base year


Historic period


Forecast period


Growth momentum & CAGR

Decelerate at a CAGR of 4.9%

Market growth 2023-2027

USD 1,924.47 million

Market structure


YoY growth 2022-2023 (%)


Regional analysis

APAC, Europe, North America, Middle East and Africa, and South America

Performing market contribution

APAC at 62%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Ansteel Group Corp. Ltd., China Metallurgical Engineering and Project Corp., Compagnie de Saint Gobain SA, Danieli and C. Officine Meccaniche Spa, Gillanders Arbuthnot and Co. Ltd., Heavy Engineering Corp. Ltd., IHI Corp., JP Steel Plantech Co., Krosaki Harima Corp., Larsen and Toubro Ltd., McNally Bharat Engineering Co. Ltd., MECON Ltd., Nippon Steel Corp., Noble Industrial Furnace Co. Inc., POSCO holdings Inc., Primetals Technologies Ltd., Qinhuangdao Qinye Heavy Industry Co. Ltd., Shandong Province Metallurgical Engineering Co. Ltd., Sinosteel Corp., and SMS group GmbH

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, the Market condition analysis for forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Application

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200

Global Blast Furnaces Market 2023-2027

Global Blast Furnaces Market 2023-2027



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