Refractories Market Analysis
Refractories market 2020 could attain a valuation of USD 30,820 million by 2025, reveals MRFR (Market Research Future). It is also anticipated that the market size can burgeon at a rate of 4.08% between 2016 and 2025 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Top Drivers and Challenges
Refractories’ Distinct Properties Capture End-Users’ Attention
Refractories’ increasing use-cases in specialized construction have sparked the interest of the masses worldwide. Studies and researches have confirmed the significance of heat-resistant refractory materials in the constructions sector, while their distinct properties implore scientists to analyze their viability in multiple prominent industries. Therefore, a number of refractories market growth opportunities are expected to crop up in the years to come. In addition, the physical attributes of refractories also render them quite suitable for applications in a multitude of operations across industries.
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Reputed Market Vendors
Reputed vendors in the global industry are Krosaki Harima Corporation (Japan), RHI Magnesita GmbH (Austria), Morgan Advanced Materials (UK), CoorsTek Inc. (US), Calderys (France), Vesuvius (England), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain (France), HarbisonWalker International (US), Chosun Refractories Eng. Co. Ltd. (South Korea), to mention a few.
Graphite and Silicon Carbide to Gain Traction in Chemical Industry
Abundance of several refractory materials gives options to the end-users to choose from and use them according to the application requirement. Silicon carbide and graphite are gaining high traction in the chemical industry, given their resistance to extreme temperatures. Since a majority of refractories are binary compounds, they are found in abundance and considering this factor, it can be assumed that the market’s total revenue would increase spectacularly in the coming years. Various methods are used to manufacture refractories, which is an essential consideration with respect to market growth. Dry press technique is commonly used in most of the industries, as it is an easy to use hand-molded method.
Players to Focus on Strengthening Distribution & Sales Networks
Vendors are making intensive efforts to bolster the application scope of different refractories, and these initiatives are bound to reap lucrative results over the next few years. Key competitors are also focused on boosting their distribution and sales network in the refractories industry. Some other effective refractories market strategies adopted by these players include acquisitions, production capacity expansion and new launches. To illustrate, in June 2020, RHI Magnesita launched its latest ANKRAL LC range of refractory bricks that were first used at LafargeHolcim’s Mannersdorf facility (Austria). The refractories are made from recycled materials derived from rotary cement kilns, and retain all the technical specifications expected from them.
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Refractories market segments considered in the report are alkalinity, form, and application.
Alkalinity-based market segmentation comprises acidic & neutral, basic, and more. The acidic & neutral segment could secure a growth rate of 4.2% over the analysis period, given its affordability and high resistance to slag erosion occurring in high temperatures.
Form-wise, the refractories market segments are shaped as well as unshaped. Unshaped refractories are increasingly replacing conventional brick refractories, given their monolithic linings including better volume stability, elimination of joints, higher spalling tendency, convenient handling and transportation, and more.
Iron & steel, glass, non-ferrous metals, cement, and others are the key applications of refractories. Between these, cement application is touted to capture a valuation of USD 5,194 million by 2025, primarily because of the growth of the global construction industry.
The refractories industry has been geographically split into Latin America, Europe, North America, and Middle East & Africa (MEA) along with Asia Pacific (APAC).
APAC to Remain Profitable Throughout Review Period
The APAC market for refractories can demonstrate exhibit growth to touch USD 14,788 million by 2025. The strong market performance is believed to be the result of fast urbanization and industrialization rates in India, Malaysia and Thailand. The growth in commercial and residential construction activities and the resultant increase in the demand for cement, and subsequently, for refractories benefit the APAC market. Japan and China are two of the leading countries with large-scale production of non-ferrous, glass and iron & steel, backed by the surging per capita expenditure and rapid urbanization. Strong demand for refractories in electrical, cement, aerospace, glass and automotive industries, encouraging government policies and a massive consumer base will also favor the APAC market during the conjectured period.
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