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Global Refractories Market was valued US$ XX.61 Bn in 2019 and is estimated to reach US$ XX.67 Bn by 2027 at a CAGR of 4.29 % during the forecast period.
Global refractories market has undergone rapid changes. Increased competition from Asian refractories producers, falling specific consumption in steel and cement making, tightened environmental regulations and complications in sourcing raw materials have been affecting the market growth and same is analyzed in the report. Players are consolidating their position in the market through JV, Mergers and Strategic Alliances to minimize the cost costs, increase the efficiency & expertise and consolidate supply chains across the world.
Growth of large scale renewable energy projects and rapid industrialization is driving the refractories market. Growth of large scale renewable energy projects is expected require significant quantities of durable, corrosion-resistant coated steel pushing the market northwards in the forecast period. Restrictions on the use of refractories due to the growing environmental concerns and monopoly of china over raw material supply poses a barrier to market growth. Recycling of refractory materials and consolidation of the market over-dependence on the iron & steel industry. Emerging opportunity includes smart factories and automation, robotics, 3D printing and contour crafting and driver-less and electric vehicles (EVs) and these opportunities are analyzed and presented in report by region.
Unshaped refractories segment is emerging as a fastest-growing segment. Unshaped refractories are replacing conventional refractories in many applications that require high-temperature resistance over conventional refractories. Unshaped refractories also known as monolithic linings restrict batch delays and allow substantial repairs with a minimum loss of time.
Iron & steel industry is the major end-use industry segment with XX % share of the global refractories market. In Iron & steel industry, refractories are employed for lining of various furnaces, reactor and vessels, which are governed by the operating condition at each stage in the process of manufacturing steel are the driver for market growth. Remaining 35 % of refractory materials are used in the glass, foundry, ceramic, petro-chemical, incineration & power generation and other industries. Energy and chemicals end-user industry is emerging as a potential end use industry. Energy and chemicals industry include power generation, chemical manufacturing plants, and petrochemical refineries. Cement and glass are the fastest-growing end-use industries of refractories.
Asia Pacific is estimated to be the largest refractories market. Growing population, improving economic conditions, industrialization & urbanization along with the consumer purchasing power has resulted into increasing demand for refractories in processing industry. China is a major consumer of refractories in the world and is expected to maintain its position during the forecast period. In North America, growing production of steel and cement in U.S especially for construction purpose across the globe has increased the need of refractories.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding refractories market dynamics, structure by identifying and analyzing the market segments and project the market size. Further, the report also focuses on a competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER's analysis, SWOT analysis to address questions of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in refractories market.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Scope of the Global Refractories Market
Global Refractories Market, by Alkalinity:
• Basic Refractories
o Dolomite Refractories
o Magnesite Refractories
• Acidic & Neutral Refractories
o Silica Refractories
o Chromite Refractories
o Fireclay Refractories
o Carbon Refractories
o Zirconia Refractories
o Alumina Refractories
And more ten companies are profiled in the market that are influencing the trends in long term.
Global Refractories market, by Form:
• Unshaped Refractories
• Shaped Refractories
Global Refractories Market, by End-User:
• Iron & Steel
• Cement & Lime
• Energy and chemicals
o Power Generation
o Chemical Manufacturing Plants
o Petrochemical Refineries
Global Refractories Market, by Material:
• High Alumina
Global Refractories Market, by Region:
• North America
• South America
• Asia Pacific
• Middle East & Africa
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