The refractories market is projected to register a CAGR of 2.5% between 2018 and 2023
NEW YORK, Jan. 24, 2019 /PRNewswire/ -- The refractories market is projected to register a CAGR of 2.5% between 2018 and 2023.
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The global refractories market is estimated to be USD 23.3 billion in 2018 and is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5%. The increase in demand from the iron & steel, glass, non-ferrous metals, and power generation industries fuels the refractories market. The increasing demand from APAC due to the growth of the construction and automotive industries is driving the refractories market growth. However, the downfall of the iron & steel industry in some areas can affect the refractories market.
Iron & Steel is estimated to be the largest whereas glass is projected to be the fastest-growing end-use industry for refractories.
The demand for refractories is driven by its use for applications in various end-use industries such as iron & steel, glass, and cement.Refractories are used in the linings of high-temperature furnaces, reactors, and other processing units.
They act as a thermal barrier between a hot medium and the wall of the containing vessel and also provide a chemical protective barrier against corrosion.
The key drivers for the refractories market are the increasing infrastructural development in emerging countries, high growth of the non-metallic mineral industry, and the growing demand for high-grade refractories from the iron & steel industry. These factors have fueled the demand for refractories in countries such as China, India, and Japan.
Unshaped refractories is estimated to be the largest and projected to be the fastest-growing type by form.
Unshaped refractories is estimated to be the largest type of refractories by form.The segment is also expected to witness the highest growth between 2018 and 2023.
The significant properties of these refractories such as their chemical inertness, mechanical integrity, abrasion and thermal shock resistance at high temperatures, and ease of use make them suitable for use in many applications in the iron & steel, cement, glass, and non-ferrous metal industries. Unshaped refractories are replacing the conventional type of refractories at a much faster rate in many applications that require high temperature resistance.
Acidic & neutral refractories are estimated to be the largest type of refractories by alkalinity.
Acidic & neutral refractories are estimated to be the largest and projected to be the fastest-growing type of refractories by alkalinity.Acidic refractories are rich in silica and alumina content and are mainly used in the glass and ceramic industries, which is expected to drive the refractories market.
Neutral refractories are resistant to acid as well as basic slags; it is rich in graphite and chromite. These refractories are extensively used in metallurgical furnaces.
APAC is estimated to be the largest refractories market.
APAC is estimated to be the largest market for refractories.The growth is mainly attributed to the presence of a large number of refractory manufacturers, rising foreign investments, and growing demand for refractories from the iron & steel, glass, non-ferrous metals, and other industries.
China leads the market owing to the abundance of raw materials in the country, increasing use of refractories in the iron & steel, glass, non-ferrous metals, and power generation industries, and numerous developmental strategies adopted by the manufacturers.
Breakdown of primary interviews for the report on the refractories market
-- By Company Type - Tier 1 - 45%, Tier 2 -33%, and Tier 3 - 22%
-- By Designation - C Level Executives - 40%, Director Level - 40%, and Others - 20%
-- By Region - North America - 10%, Europe-30%, APAC- 50%, Middle East & Africa - 10%
The leading refractories manufacturers profiled in this report are RHI Magnesita N.V. (Austria), Vesuvius PLC (UK), Krosaki Harima Corporation (Japan), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain S.A. (France), Corning Incorporated (US), Morgan Advanced Materials PLC (UK), CoorsTek Incorporated (US), HarbisonWalker International (US), Imerys SA (France), and Chosun Refractories Co. Ltd. (South Korea).
Research Coverage:
The report covers the refractories market on the basis of form, alkalinity, end-use industry, and region.This report aims at estimating the size and future growth potential of the refractories market across various segmentation types.
The report also includes an in-depth competitive analysis of the key market players along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the refractories market, high-growth regions, and drivers, restraints, opportunities, and challenges in the market.
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