New York, Oct. 10, 2019 (GLOBE NEWSWIRE) -- Increasing demand for refractories in the iron & steel industry is one of the significant factors influencing market growth.
The global refractories market is expected to reach USD 29.97 Billion by 2026, according to a new report by Reports and Data. Increasing demand for the product from the iron & steel industry is estimated to stimulate market demand in the forecast period. These are the key materials used by the steel industry in the internal linings of furnaces for the production of iron and steel, in vessels for holding and carrying metal and slag, in furnaces for heating steel prior to further processing, and in the stacks through which hot gases are conducted. Refractories are also essential for the safe operation of the processes.
Increasing demand for refractories in cement production is anticipated to fuel product demand in the upcoming years. Refractories play an instrumental role in both the lining of the high volume static equipment areas, which includes a modern pre-calciner kiln system and the rotary kiln lining. The robustness of the rotary kiln brick lining usually determines the operating duration of a kiln.
Additionally, growing demand for non-ferrous metals that are used for producing castings for the automotive, aerospace, construction, medical, and electrical industries are expected to boost the global product demand.
The laying of stringent regulations regarding the usage and disposal of the product, owing to the emission of volatile organic compounds gas may hamper the market growth in the upcoming years.
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Further key findings from the report suggest
- By form, bricks & shapes contributed to a larger market share in 2018 and are expected to grow at a rate of 2.8% in the forecast period. Bricks and shapes allow optimization of physical properties of the material, and this results in homogeneous lining, uniform in nature, and extremely reliable. A cost-intensive and time-consuming aspect of refractory repair is the initial bake-out, where the application of precast refractory shapes aid to reduce or eliminate the necessity for an extensive bake-out.
- By chemical composition, neutral type dominated the market in 2018 and is expected to grow at a rate of 2.9% in the forecast period. Neutral refractories are chemically stable to both acid and base attacks and find applications in areas where slag and atmosphere are either acidic or basic.
- The Asia Pacific region dominated the market in 2018 and is projected to grow at the fastest rate of 3.7% in the forecast period. The dominance of the Asia Pacific region is owing to the rapid urbanization and industrialization in the developing countries that resulted in an increase in residential and commercial construction activities, which has increased the demand for steel and cement and in turn the product demand.
- Key participants include Imerys, Vesuvius, Krosaki Harima Corporation, RHI Magnesita GmbH, Saint-Gobain, Corning Incorporated, Shinagawa Refractories, Coorstek Incorporated, Chosun Refractories, and Calderys Refractories Limited, among others.
- In February 2018, Imerys, a leading player in the market, reorganized its Kerneos and Imerys Refractory Minerals businesses into Imerys Aluminates. Imerys Aluminates is anticipated to generate an annual turnover of around USD 794.0 Million.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global refractories market on the basis of chemical composition, form, industry vertical, and region:
Chemical Composition Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Basic
- Acidic
- Neutral
Form Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Bricks & Shapes
- Monolithics & Others
Industry Vertical Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- Metallurgy
- Energy & Chemicals
- Glass & Ceramic
- Cement
- Others
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Regional Outlook (Volume, Kilo Tons; 2016-2026 and Revenue, USD Million; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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