The global refractories market to grow from USD 23.3 billion in 2018 and is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5% during the forecast period. Increasing number of infrastructural development projects in emerging economies such as China, India, and Brazil and high growth rate witnessed by the non-metallic minerals industry are the key factors driving the global refractories market. The objective of the report is to define, describe, and forecast the refractories market size based on form (shaped, unshaped), alkalinity (acidic & neutral, basic), end-use industry (iron & steel, power generation, non-ferrous metal, cement, glass, others), and region.
Growing urbanization and industrialization, especially in emerging economies such as India and China, has led to significant investment in the construction of residential and commercial buildings. According to the Global Construction Perspective and Oxford Economics, the global construction market will grow by 85% to USD 15.55 trillion worldwide by 2030, with three countries China, India and the US accounting for 57% of the global growth.
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China is one of the fastest-growing economies; rising travel demand requires constant development of railways and roadways in the country. This has also boosted the growth of the automotive industry in China. The increased pace of infrastructure development in these emerging countries has led to an increase in the construction of residential and commercial buildings, which is expected to drive the demand for refractories in the iron & steel and cement industries. Increasing construction activities in emerging economies are also expected to drive the glass industry, which, in turn, will drive the refractories demand.
Iron & steel industry was the largest end-use industry segment of the refractories market in 2016. Refractories and its related products are required for the lining of various furnaces, ladles, and vessels, which are governed by the operating condition at each stage in the process of manufacturing steel. The rapid growth in iron & steel industry drives the market for refractories, globally.
The Asia-Pacific region led the global refractories market, in terms of both value and volume, in 2016. China is the largest market for refractories in the Asia-Pacific region, and accounted for a major share of the market in terms of value, in 2016. The growing demand for iron & steel and glass-based products from automotive and construction industries, ease of availability of raw material and consumers, and increasing number of new production facilities to meet the demand for refractories are the key growth drivers for the refractories market in this region.
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) are the key players operating in the refractories market.
RHI Magnesita N.V. is a leader and key contributor to the growth of the refractories market. The company has a wide global presence and holds a major share in the global refractories market. It follows strategies such as mergers & acquisitions and R&D to expand its refractories segment, globally. The company’s consolidation strategy will help it widen its product offering and cater to the demand for refractories in the developing economies such as China and India. In 2017, RHI AG (Austria) and Magnesita Refractories S.A. (Brazil) merged their businesses to create RHI Magnesita N.V. in 2017. This merger was aimed at widening the product portfolio and customer base. In the same year, RHI Magnesita acquired Agellis Group AB (Sweden), which is specialized in continuous casting, and non-ferrous solutions. This acquisition was a part of RHI Magnesita’s strategy to increase its product portfolio.
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