New York, Aug. 26, 2021 (GLOBE NEWSWIRE) -- Refractories Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Refractories Market Research Report: By Alkalinity (Acidic & Neutral and Basic), By Form (Shaped, Unshaped) and By Application (Glass, Cement, Iron & Steel, Non-ferrous Metals) - Forecast till 2028” the market size is projected to be worth USD 32.81 billion by 2028, registering a CAGR of 4.79% during the forecast period (2021 - 2028), The market was valued at USD 24.46 billion in 2020.
Market Competitive Landscape:
The key companies in the refractories market profiled 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)
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Market Scope:
Refractories are used in a variety of applications in the power generating process, including circulating fluidized bed liners, power boilers, gasifiers, and waste-to-energy facilities. Natural and manmade materials, mainly non-metallic, or mixtures of chemicals and minerals such as alumina, fireclays, bauxite, chromite, dolomite, magnesite, silicon carbide, and zirconia are used to make refractories. They are necessary for the production of petrochemicals and the refinement of gasoline. Since the pandemic, demand for refractories has decreased dramatically in the United States, Germany, France, Spain, and Italy. As a result, leading corporations are working to resurrect their businesses by fortifying their supply networks and exploring innovative ways to deal with the unique coronavirus problems.
Market USP Covered:
Market Drivers:
The global housing industry has been rapidly increasing, aided by increased urbanization and industrialization in emerging countries such as China and India. In recent years, substantial investment in the construction of commercial and residential structures and improvements to existing infrastructure has bolstered the construction sector's growth. Vendors are also motivated to focus on garbage recycling by high taxes put on various dumping sites as well as emissions. In summary, refractory recycling will not only assist in reducing manufacturing costs but will also present a huge opportunity for businesses throughout the review phase.
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Market Restraints
Refractory testing standards are followed due to European programs like ReStaR. These unyielding laws and restrictions significantly impact refractory adoption, which could limit market expansion in the next years.
COVID 19 Analysis
Due to weakening demand, supply chain problems, and the necessity to ensure employee safety in the face of the mounting SARS-CoV-2 cases, companies were forced to halt production in reaction to the COVID-19 epidemic and worldwide shutdown. As a result, leading corporations are working to resurrect their businesses by fortifying their supply networks and exploring innovative ways to deal with the unique coronavirus problems. For instance, IFGL Refractories has announced that the first phase of the company's greenfield manufacturing facility, which is being built at Industrial Park, APIIC - Denotified Area Atchutapuam APSEZ, Visakhapatnam District, Andhra Pradesh, at the cost of about Rs. 30 crores for the manufacture of new products such as Monolithics, will be completed later this month, and trial/commercial production will begin shortly after that.
Market Segmentation
By alkalinity, due to their affordability and substantial resistance to slag erosion, which frequently occurs in harsh temperatures, the acidic & neutral category can reach a higher growth rate of 4.2 % over the analysis period.
By form, unshaped refractories are expected to be in high demand. Unshaped refractories are gaining popularity and are increasingly replacing regular brick refractories.
By application, due to the growing amount of construction operations in emerging countries, the building & construction category has been in the lead in the forecast period, capturing about 35 percent of the market.
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Regional Insights
The Asia Pacific market is growing as a result of India's, Thailand's, and Malaysia's fast urbanization and industrialization. The rising demand for cement, as a result of the increase in commercial and residential development, may boost the APAC market in the next years. In light of increased per capita expenditures and rapid urbanization, Japan and China are known for the large-scale manufacturing of non-ferrous metals, iron and steel, and glass.
The expanding prevalence of the non-metallic minerals industry, improving infrastructure in developing nations, and soaring demand for refractories in the iron and steel industry are all aspects that are positively influencing the European refractories market. Improvements in refractory technologies will assist the expansion of the North American refractory market, allowing for the use of more sophisticated and high-performing products. These trends are likely to boost product demand across a wide range of industries, resulting in increased volume in the region. For example, Wahl Refractory Solutions, LLC, has been purchased by Fosbel. Since 1921, Wahl Refractory has been a trusted supplier to the steel, aluminum, cement, and thermo-processing industries. By using its staff to achieve these objectives, Fosbel's mission of offering industry-specific services engineered refractory solutions, and sophisticated installation methods will continue to provide good service to its markets. The merger of Fosbel and Wahl Refractory ensures the company's future growth by providing improved products and services to a larger customer base.
Segmentation of Market covered in the research:
Refractories Market Research Report: By Alkalinity (Acidic & Neutral and Basic), By Form (Shaped, Unshaped) and By Application (Glass, Cement, Iron & Steel, Non-ferrous Metals) - Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
