Refractories Market 2019 Trends, Industry Analysis, Outlook and Global Forecasts 2022

11/apr/2019 07:31:20 Market Research Future Contatta l'autore

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Refractories are ceramic materials, made out of natural and synthetic materials and are designed to withstand the intense heat, chemical attack, and corrosion.  Without undergoing physical and chemical changes while encountering with high temperatures encountered in modern manufacturing, Refractories materials remain unaffected from the thermal stress and other physical phenomena induced by heat along with the physical wear and corrosion caused by chemical agents.

Therefore, they are extensively used where the manufacturing of petrochemical products and the refining of gasoline takes place. In addition to this, Refractories are used in a number of applications ranging from fireplace brick linings to the re-entry heat shields for the space shuttle. Hence, Refractories market is ever increasing the market, witnessing augmented demand all over the world.

Acknowledging the kind of traction gained by this market, Market Research Future (MRFR) recently published a study report. According to MRFR, continuing with the same trends, the Global Refractories Market is projected to demonstrate a significant growth at a CAGR of 4.02% during the review period (2016-2022).

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With the improved quality through controlled manufacturing, Refractories are delivering outstanding performance at the reduced maintenance costs across the industries.  Resultantly, these materials are witnessing huge uptake that in escalating its market growth globally. Precast refractory shapes are the current trend in the market which will continue in the future as well, becoming a growing specialty in the refractory industry.

Other factors supporting the market growth include growing population and improving economic conditions that have substantiated the industrialization & urbanization along with the consumer purchasing power. Also, increasing demand for Refractories in the steel manufacturing and favorable government regulations are expected to propel the market growth over the estimated period.

Global Refractories Market   – Segments

MRFR has segmented the market into four key dynamics.

By Forms: Comprises – Shaped and Unshaped.

By Types:  Silica Brick, Fireclay, High Alumina, and Magnesite, among others.

By Applications:  Steel, Glass, Cement, and Non-Ferrous, among others.

By Regions:  North America, Europe, APAC and Rest-of-the-World.

Competitive Analysis:

The market is confronted with certain challenges such as a number of companies do not have their manufacturing plant in the developing regions where the market is growing rapidly. To tackle this situation most of the major players are expanding their business units focusing on these regions. Besides, unreasonable prices of raw material are posing challenges to respond these market players are focusing on developing in-house supply of raw materials so as to reduce such burdening scenarios.

Key Players:

The Global Refractories Market is led by some of the fervent players including, Saint-Gobain S.A, Magnesita Refratarios S.A., RHI AG, Krosaki Harima Corporation, Shinagawa Refractories Co. Ltd, Corning Incorporated, Harbisonwalker International (HWI) Inc., Vesuvius PLC, Coorstek Incorporated, and Morgan Advanced Materials Plc. Profiling them in its analysis, MRFR finds out the strategies keep them at the forefront of the market competition.

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Industry/ Innovation/ Related News:

June 27, 2018 – RHI Magnesita (Austria), a leading global manufacturer of refractories announced the budget of €20 million (Approx. 23 million USD) to expand its Chinese dolomite site. The expansion is expected to help the company to address global pressures in the supply of raw materials to the refractory industry and provide additional volumes to its customers worldwide.  This particular site at Chizhou includes a dolomite mine and raw material production along with the production facilities of dolomite-based finished products.

March 09, 2018 – India Refractory Makers Association (IRMA), the apex body of Indian refractory makers, in a press conference, highlighted the need for partnership between the makers and the various stakeholders to foster the industry’s growth, especially when the end-user industries of Refractory, such as cement and steel are on the expansion path. These players also highlighted the urgent need to step up R&D and efforts to bridge the gap in skill development. This, as they mentioned, can be achieved through increased collaboration between user industry and government through initiatives like setting up CoE (Centres of Excellence) like the one recently set up at IIT-BHU.

Global Refractories Market   – Regional Analysis

The Asia Pacific accounted for the dominating market for Refractories with the largest share of the market and is further expected to grow at a significant CAGR throughout the forecast period. The growing population along with the urbanization drives the market growth, fuelling the construction sector in the region.

Besides the factors such as the presence of numerous producers coupled with the availability of cost-comprehensive labor-force and the growing exports substantiate the regional market growth. Owing to the surging demand for Refractories backed by the ever increasing investments in the industrial sector and improved standard of living in some of the APAC countries such as India, China, and Japan are accounting for the major growth contributors to the APAC market.

Globally, Europe accounted for the second-largest market, owning a substantial market share. Factors such as the growing applications in the making for Steel, Glass, and Cement, predominantly drive the regional market growth. Owing to the major growth contributor countries such as Germany, UK, and Russia, Europe region is expected to register a phenomenal CAGR over the forecast period.

Owing to the growing production of steel and cement, the US has the largest consumer of refractories.  Post to the recovering from the recession; companies are focusing more on profits by reducing material composites of high prices, which in turn, has boosted the refractories market growth in the US.

The high rate of technology adoption and strict regulatory framework observed in the developed regions such as Latin America and North America is estimated to foster the market growth in these regions during the assessment period.

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The Middle East & Africa and Latin America, regions are estimated to witness a modest growth during the forecast period. Owing to the increasing number of infrastructure projects in the region, UAE accounted for the largest market share, in the MEA region and is likely to retain its dominance in the MEA market over the forecast period.                 

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