Pune, India, May 09, 2019 (GLOBE NEWSWIRE) -- Refractories Market is poised to touch USD 30,820 Mn by 2025 at an impressive 4.08% CAGR during the Forecast Period (2018-2025), reveals the latest report by Market Research Future (MRFR).
Market Analysis
Refractory materials or refractories are designed to withstand high temperatures which are used in making molds or crucibles. The global refractories market, according to the MRFR report, is set to achieve an ascension of 4.08% CAGR during the forecast period of 2016-2025. Refractory materials can be made from both, natural and synthetic materials that are generally non-metallic, or combinations of compounds and minerals like alumina, bauxite, fireclays, dolomite, chromite, silicon carbide, magnesite, and zirconia.
The steep ascension in demand for non-ferrous metals used to manufacture castings for different industries is one of the primary factors contributing to upscaling of the global refractories market. Another vital factor pushing the global refractories market is the extensive use of refractory materials in cement production. Further, augmenting infrastructural developments across the globe is also encouraging the global refractory materials market to capture new heights on the growth chart.
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Key Players and Industry Buzz
Some of the renowned players in the global Refractory Materials Market include Krosaki Harima Corporation (Japan), Saint-Gobain (France), HarbisonWalker International (U.S.), RHI Magnesita GmbH (Austria), Morgan Advanced Materials (U.K.), Vesuvius (England), Shinagawa Refractories Co. Ltd. (Japan), CoorsTek Inc. (U.S.), Calderys (France), and Chosun Refractories Eng. Co. Ltd. (South Korea).
Many market players are undertaking expansion and mergers & acquisitions activities to capture larger market shares, to gain a competitive advantage over their peers. For instance, on 30th April 2019, Orient Refractories Limited completed their whole acquisition of ‘Intermetal Engineers India Private Limited’ (IEIPL) aiming to increase their market share in the refractories industry.
Market Segmentation
The global refractories market has been segmented based on alkalinity, form, application, and region by Market Research Future (MRFR) for an in-depth analysis. Based on alkalinity, the global refractory materials market is segmented into basic and acidic & neutral. The acidic & neutral segment held the largest market share of 58.53% and is anticipated to record a steady CAGR of through the forecast period. Such growth of the segment can be attributed to its lower cost and its ability to resist slag erosion at high temperatures. On the other hand, the basic segment is anticipated to exhibit a CAGR of 3.42% in the foreseeable period.
On the basis of form, the global Refractories Market is segmented into shaped and unshaped. The unshaped refractories segment obtained the largest refractories market share, holding 61% in 2018. It is also likely to reach a valuation of USD 14,180.5 million by the end of the conjectured time frame. The same segment is likely to witness a surge owing to their use as a replacement of traditional brick refractories owing to the advantages of the monolithic linings. These advantages include the elimination of joints, better spalling tendency, greater volume stability, easier transportation & handling, and the requirement of low skilled measures.
On the basis of application, the global refractories market has been studied for the segments of cement, iron & steel, glass, and non-ferrous metals. Among these segments, the cement segment is anticipated to garner the second largest market share by the end of the forecast period. Whereas, the iron & steel segment held the most significant market share of 67.92% in 2018 and is estimated to exhibit a 3.83% CAGR through the forecast timeline. While the cement is projected to showcase a moderate CAGR, the fastest growing segment through the assessment period is expected to be the glass segment owing to the widespread use of refractories for resisting the softening or degradation of molten glass.
Browse the market data and information spread across 191 pages with 237 data tables and 25 figures of the report “Refractories Market Report - Forecast 2018-2025” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/refractories-market-2393
Regional Analysis
The global Refractories Market has been segmented, on the basis of region, into Europe, Asia Pacific, North America, and the Middle East & Africa. Among these regional segments, the APAC region was observed to hold the largest refractories market share of 45% in 2018. Asia Pacific is anticipated to reach a market valuation of USD 14,788.3 million by 2025 and to register the fastest ascension rate, at 5.10% CAGR through the review period.
The Asia Pacific is mustering such stellar growth owing to the mushrooming construction activities coupled with supportive government regulations in the developing countries like India, China, and Japan. A consistent rise in the iron & steel production in China is also likely to contribute heavily to the growth of the refractories market. Furthermore, an upsurge recorded in the production of motor vehicles and booming residential construction industry is fueling the domestic production demand for non-ferrous metal-based refractories.
Europe is projected to follow the Asia Pacific, accounting for the second largest share in the global refractories market. Europe held 24% of the market share in 2018 and is expected to register a CAGR of 2.72% during the assessment timeline.
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