Nov 16, 2021   SOURCE: BusinessWire

Global Refractories Market (2021 to 2026) - Growth, Trends, COVID-19 Impact and Forecasts - ResearchAndMarkets.com

The "Refractories Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The global refractories market was valued at 50,000 kiloton in 2020 and is expected to grow at a CAGR of over 5% during the forecast period 2021-2026.

Companies Mentioned

  • Chosun Refractories
  • Harbisonwalker International
  • IFGL Refractories Ltd
  • Imerys
  • Krosaki Harima Corporation
  • Magnezit Group
  • Minerals Technologies Inc.
  • Morgan Advanced Materials
  • Refratechnik
  • Resco Products Inc.
  • RHI Magnesita GmbH
  • Shinagawa Refractories Co. Ltd
  • Vesuvius
  • Saint-Gobain
  • INTOCAST AG
  • Puyang Refractories Group Co. Ltd

Key Market Trends

Increasing Demand from the Iron and Steel Industry

  • The iron and steel industry is the major end user of refractories, which accounts for around 60% of the market. These materials can withstand high temperatures, ranging from 260C (500F) to 1850C (3400F), without any major change in their physical properties.
  • The major applications of refractories in the iron and steel industry include usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and other applications.
  • According to the World Steel Association, the global steel demand reached about 1.76 million metric ton in 2019, and it was projected to reach 1.81 million ton by 2021, registering a growth of about 1.7%. This indicates the demand prospect prevailing in the global market, which serves as instrumental in driving steel production activities.
  • According to World Steel Association, global crude steel production in 2020 reached 1,864 million metric ton, down by 0.9% compared to 2019 due to COVID-19.
  • In terms of consumption, Asia-Pacific is currently the largest consumer of refractories in the iron and steel industry, followed by Europe and North America. In North America, the United States is expected to witness the highest growth rate in the consumption of refractories in this industry during the forecast period.

China to Dominate the Asia-Pacific Region

  • In the Asia-Pacific region, China is the largest economy in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States. The economic growth rate of China in 2020 was initially expected to be moderate as compared to the previous year. China dominates the refractories market in terms of consumption and production due to the local availability of raw materials, such as magnesite.
  • Additionally, they are available at cheaper costs as compared to other producers. The iron and steel industry consumes the largest portion of refractories, globally and in China as well.
  • The iron and steel industry consumes the largest portion of refractories, globally, and in China as well. Industrial restructuring and the decreased consumption rate of refractories for per ton of steel have impacted the demand for refractories in China between 2013-16. However, growing construction activity is creating demand for the production of iron and steel in the country and have been driving the growth of the refractories market in the recent times.
  • China is largest steel producer worldwide with a crude steel production volume of nearly 996 million metric tons in 2019. In the first half of 2021, Chinese steel mills have churned out nearly 12% more crude steel compared to the same period in 2020. According to world steel org, China produced 86.8 Mt in July 2021, down 8.4% on July 2020. However, it produced 93.9 Mt in June 2021 which which was a increase of 1.5% as compared to June 2020. The Chinese government has ordered the steel mills to ensure the annual steel output in 2021 remains on par with 2020 levels This huge demand for steel in the country projects market opportunities for refractories.
  • The Chinese automotive manufacturing industry is the largest in the world, with a production share of just over 28% in 2019. According to the China Association of Automobile Manufacturers (CAAM), the automotive production decline by about 2% in 2020. The country produced 25,225,242 units in 2020, which declined from 25,750, 650 units in 2019. However, in Q1, 2021, the production reached 6,352,028 which increased 81.7% over Q1 2020. The manufacturing activities are picking up pace, driving the demand for metals and thus driving the market of study.

 

Key Topics Covered:

 

1 INTRODUCTION

 

2 RESEARCH METHODOLOGY

 

3 EXECUTIVE SUMMARY

 

4 MARKET DYNAMICS

4.1 Drivers

4.1.1 Growing Iron and Steel Production, Especially in Asia-Pacific and Middle East

4.1.2 Increase in the Production of Non-ferrous Materials

4.1.3 High Demand from the Glass Industry

4.2 Restraints

4.2.1 Environmental Concerns and Health and Safety Issues

4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

4.3 Industry Value Chain Analysis

4.4 Porter's Five Forces Analysis

 

5 MARKET SEGMENTATION

5.1 Product Type

5.2 End-user Industry

5.3 Geography

 

6 COMPETITIVE LANDSCAPE

 

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

7.1 Growth Potential of the Indian Steel Industry

 

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