Global Refractories Market: Demand Analysis and Growth Forecast
Owing to the consistent demand from the cement, glass, and ceramic industries, there has been a continuous growth in the refractories market. There is an increasing demand of acidic and natural refractories, and this could be conceived better with the new findings by IndustryARC documented in the refractories market research reports in which the refractories market value is evaluated at $25.4 billion as of 2018. Moreover, the analyst of the report projects the demand in the refractories market to increase at a compound annual growth rate (CAGR) of 2% during the forecast period of 2019 to 2025.
The report is titled “Refractories Market: By Form (Shaped, Monolithic); By Chemical Composition (Acidic & Neutral, Basic); By Industry (Crude Iron & Steel, Cement, Glass); By Material (Chromite, Graphite, Alumina, zirconia, Silica) & Geography - Forecast (2019-2025).”
Kilns, furnaces, incinerators, and reactors are the materials used in refractories. Refractories market is gaining traction from the usage of it in various industries such as energy, chemical, manufacturing, and petrochemical industries. The growth of end-user industries and the increasing demand for high performance furnaces have been driving the global refractories market. Due to the increasing per capita expenditure and growing urbanization, various industries are witnessing growth.
Global Refractories Market: Leading Segment
APAC accords for the largest share in the refractories market owing to the increasing initiatives and the expenditure by the companies in various sectors. It is observed that the countries like China, India, and Japan are contributing to the sector by manufacturing metals such as iron and steel, glass, and non-ferrous metals, which is a major factor driving the growth in the APAC region as they are increasing production and R&D facilities. APAC had a regional share of 60% as of 2018 which is more than the total contribution made by the rest of the world. However, the application segment of the refractories market in the glass and ceramic industry is projected to grow at CAGR of 5% during the forecast period of 2019 to 2025. Refractories are quite often used in glass and ceramics owing to their ability to withstand high temperatures and resistance to corrosive reactions.
Global Refractories Market: Disruptive Trends
- Iron and Steel Industry
The largest consumer of refractories is the iron and steel industry worldwide. From primary to secondary, steel making processes involve an extreme usage of refractories for production. Refractories instill longevity in products. Hence, this industry is simultaneously influencing the growth of the refractories market.
- Petrochemical Industry
The petrochemical industry demands a high quality and better performance of the refractory solutions. Initially, the usage of this involved a lot of skills, which wasn’t possible for a layman to use it. Apparently, companies such as STEULER-KCH GmbH has taken the initiative to reduce the burden and provide services to petrochemical industries as they are well-acquainted with it.
- Chemical Industries
Nowadays, highly refractory concretes of corundum composition with hydraulic hardening binders are more promising, and lately, they are being used in the chemical industries in abundance. Hydraulically binder of high-alumina chemicals are more resistance binders in the reducing atmosphere.
- Metal Industry
The refractor metals are unique because of their properties of resistance to high temperature, wear, and corrosion, which makes them more important in a gamut of application. In recent years, regions like Southeast Asia is dominating the market due to its domestic manufacturers and consumers. Due to this, the consumption of refractors has increased in the metal industry.
- Glass and Ceramics Industry
Glass and ceramics industry is the most promising industry for the refractories market, which has influenced to have a healthy consumption of refractories. Companies such as Saint-Gobain are experiencing high market demand in the APAC region. The refractors have helped in driving growth in this industry.
Global Refractories Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding majority shares in the global refractories market are RHI Magnesita N.V., Vesuvius PLC, Krosaki Harima Corporation, Shinagawa Refractories Co. Ltd., Saint-Gobain S.A., Corning Incorporated, Morgan Advanced Materials PLC, CoorsTek Incorporated, HarbisonWalker International, Imerys SA, and Chosun Refractories Co. Ltd.
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What can you expect from the report?
The refractories market is prepared with the main agenda to cover the following 20 points:
1. Market Size by Product Categories & Application 11. Demand Analysis (Revenue & Volume)
2. Market trends & Relevant Market Data 12. Country level Analysis
3. Manufacturer Landscape 13. Competitor Analysis
4. Distributor Landscape 14. Market Shares Analysis
5. Pricing Analysis 15. Value Chain Analysis
6. Top 10 End user Analysis 16. Supply Chain Analysis
7. Product Benchmarking 17. Strategic Analysis
8. Product Developments 18. Current & Future Market Landscape Analysis
9. Mergers & Acquisition Analysis 19. Opportunity Analysis
10. Patent Analysis 20. Revenue and Volume Analysis
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