The latest report by Market Research Future (MRFR) states that the global Refractories Market is expected to surge at a CAGR of 5.11% during the forecast period (2021–2028), backed by the strong growth of iron and steel production in developing countries as well as the increasing production of non-ferrous materials. The market size can expand to USD 57,387.40 million by 2030.

Emerging economies such as Russia, China, Mexico, and South Africa are making massive investments in large-scale infrastructure projects, which will provide a significant boost to the iron and steel industry. The steel production in China had risen to 81,127 thousand metric ton from 76,698 thousand metric ton in May 2018 from April 2018. Also, the steel production in China was calculated to approximately 31,329.71 thousand metric tons from 1990 till 2018, an all-time high value achieved in May 2018. On that note, the consistently expanding construction sector is one of the major factors driving the demand for steel in China, accounting for almost two-thirds of the country’s steel consumption. Thus, factors such as growth in iron and steel prices along with the recent reform initiatives undertaken by the Chinese government will be supporting the market growth of refractories in the next few years.

As per the econometric models by Trading Economics, the Mexican steel production is estimated to surge to roughly 1,771.09 thousand metric tons by 2020. Also, the steel production in South Africa had surged by 2.6% in 2017, after dropping in value by 4.2% in 2016. The private sector in South Africa had made massive investments in the steel-intensive non-residential construction sector, on account of the shortage of steel reinforcing bars. Thus, based on all the stated factors, the demand is presumed to rise at a healthy rate in the years to come.

Besides, the energy and chemicals industry make use of refractories power generation, petrochemical refineries and chemical manufacturing plants. Refractories find numerous applications in the process of power generation, including in the lining in circulating fluidized bed, power boilers, gasifiers, and waste-to-energy plants and so on. Within the petrochemical refineries, refractories find use in a broad range of applications like fluid catalytic cracking units, fired heaters, hydrogen gas plants, gasifiers, sulfur recovery units, reformer and cracker furnaces, among others. Similarly, refractories find various applications in chemical manufacturing plants, which include coke calcining plants, carbon black plants, ethanol plants, elemental sulfur plants, gasification plants, sulfuric acid plants and fertilizer plants, among others. Thus, on account of the rising demand for power generation and refining capacities, as well as the increased consumption of various chemicals, the demand for refractory materials is most likely to increase at a rapid pace in the forthcoming years. 

Get Free Sample Report Link Here @

https://www.marketresearchfuture.com/sample_request/2393 

Segmental Analysis

Data analysts from MRFR, after a thorough segmental, state that the global refractories market leader is segmented on the basis of alkalinity, form and application.

On the basis of alkalinity, the refractory manufacturers in india growth is considered for acidic neutral and basic. The acidic neutral segment was leading the global market with a share of 58.53%, and is projected to surge at a higher CAGR of 3.78% during the conjectured time frame. The basic segment, on the other hand, is poised to exhibit a CAGR of 3.42% in the coming years. The growth of acidic neutral segment is backed by its low cost and the ability to resist slag erosion at a high temperature.

Form-wise, the global market caters to shaped and unshaped. Out of these, the unshaped segment was at the top position in the global market in 2018, accruing a whopping market share of 61% and the estimated value of 14,180.5 million that year. The growth of the segment is owing to the superior benefits of unshaped refractories like greater volume stability, high strength, easier transportation and handling, better spalling tendency, and need for low skilled measures.

The market, on the basis of application, is segmented into iron steel, cement, non-ferrous metals, glass and others. Out of all the applications, the iron steel segment flourished with the largest share of 67.92% in 2018, reaching the valuation of USD 15,823.5 million. The segment is predicted to expand at a CAGR of 3.83% during the review period. Following this is the segment of cement, which was the second-largest market in 2018 and was estimated at USD 3,758.5 million. The cement segment is exhibited to display a CAGR of 4.73% in the next couple of years. But growing at the highest CAGR of 5.18% is the glass segment, due to widespread use of refractories for resisting the softening or degradation of molten glass, among others.

Regional Outlook

The key regions covered in the MRFR report include Europe, North America, Asia Pacific and the Middle East and Africa.

The market in Asia Pacific accounted for the largest share of 45% in 2018 and had reached the valuation of USD 10,440.4 million in 2018. The region is on its way to accrue the value of USD 14,788.3 million by 2025 and will expand at the highest CAGR of 5.10% in the near future. Close behind Asia Pacific is the regional market of Europe, with the second-largest share of 24% in 2018; albeit the predicted CAGR will be 2.72% during the give time frame.

The Asia Pacific market for refractories market analysis will be showing attractive growth pattern owing to increasing construction activities paired with supportive government regulations in nations like India, China, and Japan. The consistent increase in the production of iron and steel in China will result in the expansion of the market size of refractories. Moreover, the surging production of motor vehicles, coupled with the booming residential construction industry will back the domestic production demand for non-ferrous. This factor will leave a positive impact in terms of demand for refractories in the near future.

Similarly, few prominent factors positively influencing the Europe market for refractories include the growing prevalence of non-metallic minerals industry, rising infrastructure in developing nations and the surging demand for refractories in the iron steel industry.

The growth of North America refractories market will be supported by improvements in refractory technologies that promote the use of highly sophisticated and better performing products. Such trends are expected to bolster the product demand across various industries, resulting in the volume growth in the region.

Competitive Analysis

Some of the renowned vendors striving to expand their presence in the global refractories are 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) among others.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our 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 to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans conducts meet with the industry experts and industrial visits for its research analyst members. 

Contact: 

Market Research Future® 

99 Hudson Street,5Th Floor 

New York, New York 10013 

United States of America 

Phone: 

+1 628 258 0071(US) 

+44 2035 002 764(UK) 

Email: sales@marketresearchfuture.com 

Website: https://www.marketresearchfuture.com

Related Report:

https://www.marketresearchfuture.com/reports/brass-foils-market-4221

https://www.marketresearchfuture.com/reports/decorative-tile-market-4277

https://www.marketresearchfuture.com/reports/phenolic-antioxidant-market-3937

https://www.marketresearchfuture.com/reports/musk-aroma-chemicals-market-4432