Global Refractories Market: Snapshot
Essentially ceramic materials meant to withstand high temperatures – almost over 1000 degree Fahrenheit – refractories mainly find application in modern manufacturing. They are way more capable than metals when it comes to tolerating high temperatures and mechanical stress and strain. Such USPs are mainly fuelling their usage in numerous industrial and other applications thereby driving the global refractories market. Depending upon chemical composition, the products available in the global refractories market are silica, fireclay, alumina, carbides, dolomite, magnesia, and zirconia refractories.
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At the forefront of driving the global refractories market is the surge in infrastructural projects all over the world. India, China, and Brazil, large developing economies, are seeing massive allocation towards such projects and this having a major positive impact on demand in the global refractories market. Building long lasting infrastructure requires hundreds of tons of steel, which in turn need refractories for manufacture. Other factors boosting growth in the global refractories market are proliferating non-metallic minerals industry and the increasing number of iron and steel industries that use high grade refractories.
The global refractories market is however running into headwinds owing to the high cost of purchasing and installing those. Failure in the refractories leads to massive loss in production time, equipment, and even the product at times. To avoid such losses, it is extremely important to choose the right kind of refractory for each application. The best way to do so is by factoring in the one that offers the best balance between initial installed cost and service performance. For example, zirconia is used for extremely high temperatures.
China’s monopoly over the raw materials, is another factor hobbling the global refractories market since it leads to skewed supply demand dynamics in the global refractories market since it means the entire iron and steel industry worldwide is dependent on it.
Global Refractories Market: Overview
Modern manufacturing methods frequently function under extremely high temperatures, at times in excess of 1,000°F, and that calls for ceramic materials that can withstand stronger heat than metals. Refractories are materials that can maintain their form at high temperature and are ideal for kilns, furnaces, reactors, and incinerators. In addition to being heat resistance, refractory materials are also able to deal with physical wear and tear as well as reflect corrosion caused by different chemical agents, making them ideal for the manufacturing of petrochemical products and gasoline refining. As per the findings of this business intelligence report, the demand in the global refractories market will multiply at a notable CAGR during the forecast period of 2017 to 2025.
This refractories market research report is an intelligence study compiled by experienced chemicals and materials analyst, with a solitary goal to act as a decision-aiding tool for its targeted audiences such as manufacturer associations of refractories, raw material manufacturers, traders and distributors of refractories, and research organizations. The report contains in-depth analysis of all factors that will determine the demand for refractories until 2025, segments it into smaller aspects and explores the potential of various important regions and countries. The report completes a thorough assessment of the refractories market by including a featured chapter on the competition matrix, profiling some of the notable players for their business overview, product portfolio, regional presence, and recent strategic decisions.
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Global Refractories Market: Trends and Opportunities
Radically increasing development of infrastructure in various emerging economies, significant rise in the non-metallic materials industry, and growing demand for quality refractories from the steel and iron industries are some of the key drivers foreseen to augment the demand for refractories in the near future. Refractories are applied in structures as well as components that are exposed to high temperatures, thermal shock, and chemicals. Going forward, recycling of refractory materials is expected to open new opportunities for the vendors. On the other hand, growing environmental concerns, single-hand monopoly of China over the raw materials, and dependency on the iron and steel industry for a consistent supply of demand are a few restraints curtailing the progress of this market.
Global Refractories Market: Market Potential
The prosperity of end-use industries of refractories expected to reflect positively over its market in the near future. The cement and iron and steel industries are feeding off rapid infrastructural development across emerging economies, whereas glass, non-ferrous metal, and other end users are touching new peaks too.
Based on form, the refractories market can be segmented into unshaped and shaped, whereas alkalinity bifurcation can be done into basic refractories such as dolomite and magnesite and acidic and neutral refractories including alumina, fireclay, silica, carbon, chromite, and zirconia.
Global Refractories Market: Regional Analysis
The vastly populated and emerging economy of China is anticipated to sustain Asia Pacific as the region of most potential in the refractories market over the course of next eight years until 2025. In China as well as other APAC countries such as India, Malaysia, Indonesia, Vietnam, and Thailand, the end-use industries are gaining traction and driving the demand. The developed regions of North America and Europe are expected to offer slender percentage of the demand going forward.
Global Refractories Market: Competitive Landscape
Magnesita Refratários S.A. from Brazil, Calderys from France, Beijing LIRR from China, Refratechnik from Germany, RHI A.G. from Austria, and Vesuvius PLC from the U.K. are a few prominent companies currently ahead of the curve in the global refractories market.
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