(MENAFN- iCrowdNewsWire)
Overview:
Refractories Market is expanding at a moderate speed with burgeoning industrial verticals. The growth can be attributed to its property such as heat resistance which has a great deal to offer to furnaces, reactors, and other industrial applications. Mostly sourced from nature, these refractories normally contain no material and are often a blend of various compounds and minerals. Refractories can withstand high temperature without having any physical or chemical changes. It maintains its composition even while in contact with the molten slag, metal, and gases. The range contains fired, chemically, and carbon bonded materials, composed in various combinations for different industrial applications. The global refractories market can experience a steady 4.02% CAGR during the forecast period (2021-2022), as revealed in the reports of Market Research Future (MRFR). The report has detailed segmental analysis and in-depth study of the factors. Opinions of the market experts have enriched the report further.
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The major factors to drive the market in the coming days can be its increasing demand from the construction and manufacturing industries. These industries are generating a widespread use of refractories due to its ability to cope with the rising temperature. At the same time, these associated industries hold the maximum share of the production of refractories. The infrastructural segment is also looking pumped-up as the demand for glass, metals, and cement are rising in these segments.
However, the production of refractories depends highly on raw materials. The dwindling raw material price can affect the market significantly and deter the expected growth rate during the forecast period.
Competitive Landscape:
The refractories market is benefiting from the strategic decisions of companies such as Magnesita Refratarios S.A., Saint-Gobain S.A, RHI AG, Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, Corning Incorporated, Vesuvius PLC, Harbisonwalker International (HWI) Inc, Coorstek Incorporated, Morgan Advanced Materials PLC and others.
In June 2018, RHI Magnesita founded a technical advisory committee that can enhance the research and development quality for a better market impact. The committee would simply focus on refractory innovations and the expansion plan of the company.
In July 2018, Vesuvius, known primarily as a refractory manufacturer, launched Novel SCK, under its brand Foseco. With this product, the company aims at increasing percolation in the iron & steel sector.
Segmentation:
The global Refractories Market can be segmented by type, form, and application.
Based on the type, the refractories market can be segmented into high alumina, magnesite, silica brick, fireclay, and others.
Form-wise, the refractories market includes unshaped and shaped. The unshaped segment is generating substantial revenue.
Application-wise, the refractories market can be segmented into steel, cement, glass, non-ferrous, and others. Steel segment has the maximum intake of the refractories where the lightweight of the refractories and high heat resistance are considered prized features.
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Regional Analysis:
Region-specific analysis of the refractories market highlights on namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
The global market is getting led by the APAC. Countries such as India and China, with overhauling change in their industrial infrastructure, are boosting the regional market considerably. In addition, China has emerged as one of the main suppliers of refractories which can be seen as a good sign for the market. Increasing per capita expenditure and urbanization is promoting providing traction for the iron & steel, glass, and non-ferrous metals industries which subsequently, boosts the APAC market. Japan is also contributing significantly to the regional market growth.
North America is doing great as the region has robust infrastructure when it comes to industries. Developed countries in the region like the U.S., and Canada are promoting the market further by providing economical ground for companies to take necessary decisions in a bid to expand the regional market.
1 Report Prologue
2 Market Introduction
2.1 Market Definition 20
2.2 Scope Of The Study 20
2.3 List Of Assumptions 21
2.4 Market Structure 21
3 Market Insights
4 Research Methodology
4.1 Research Process 27
4.2 Primary Research 27
4.3 Secondary Research 28
4.4 Market Size Estimation 29
4.5 Forecast Model 30
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