Refractories are materials lined with linings established inside furnaces to insulate the steel structures from high temperatures. In addition, other properties of refractories like high mechanical strength, ability to bear high temperatures, prevention from physical wear and corrosion of steel by chemicals, and porosity make them a popular choice for use in the manufacturing industry.
Market Drivers & Restraints
The growth of the global refractories market can be majorly attributed to the following factors:
- Rising demand from iron & steel industry
- Increased demand for high-grade refractories
- Strategic expansions by the market players
Moreover, increased research & development activities in monolithic refractories segment is driving the monolithic refractories market, whereas the growing construction sector coupled with increasing production as well as usage of glass across all industries is said to further drive the market towards growth.
However, high prices of raw materials and import costs from nations like China are the major factors that may act as deterrents for the growth of this market.
Market Forecasts
Estimated to grow at a CAGR of 3.9% during the forecast period, the value of the global refractories market is expected to reach USD 33.7 Billion by 2020. Among regions, Asia-Pacific is expected to be the biggest market, exhibiting the highest growth rate as well, thanks to the tremendously developing infrastructure and growing usage of iron & steel across all end-user industries.
Among type, the unshaped or monolithic refractories are anticipated to be the fastest-growing segment during the forecast period, whereas among the end-users, currently, the iron & steel industry is the largest market. However, the glass industry is expected to witness the fastest growth between 2015 and 2020.
The major players involved in the global market for refractories are Corning Incorporated (U.S.), CoorsTek Incorporated (U.S.), Magnesita Refratarios S.A (Brazil), Morgan Advanced Materials Plc (U.K.), RHI AG (Austria), Saint-Gobain S.A. (France), Shinagawa Refractories Co. Ltd (Japan), and Vesuvius Plc. (U.K.).
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Research Scope
The global market for refractories has been studied and forecasted by breaking it down into the following segments and sub-segments:
- Form: Shaped Refractories, Unshaped/Monolithic Refractories
- Chemical Composition: Acidic & Neutral Refractories, Basic Refractories
- End-Use Industries: Iron & Steel, Cement, Glass, Non-ferrous metals, Others
- Geography: Asia-Pacific, Europe, North America, RoW
