As per the recently published report by MarketsandMarkets™, the “Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region – Global Forecast To 2025″, size is expected to grow from USD 23.2 billion in 2020 to USD 27.4 billion by 2025, at a CAGR of 3.4% during the forecast period. Refractories are used across industries, such as Iron & Steel, Power generation, Non-Ferrous metals, Cement and Glass. In the refractories market, iron & steel is the key end-use industry owing to the wide applications of these refractories.
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- 253 Market data Tables
- 20 Figures
- 240 Pages and in-depth TOC on “Refractories Market – Global Forecast to 2025″
This report also provides a comprehensive analysis of the companies listed below:
The major players in refractories market include Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan) among others.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the refractories market.
Recent Developments in Refractories Market
- In June 2020, Morgan Advanced Materials acquired of Carbo San Luis (Buenos Aires, ARG), to suooprt andgrow the network in Argentina, Chile and Peru.
- In June 2020, Vesuvius, under its brand Foseco, launched its new product—KALPUR. It is a Direct Pouring Application on an Automatic High-Pressure Green Sand Moulding Line, advantages of direct pouring, are improved yield and directional solidifcation can be realised on moulding lines where access to the cope is not possible.
- In December 2019, RHI Magnesita, is investing more than EUR 40 million in the construction of the new Dolomite Resource Center Europe. In the future, dolomite for the entire European market will be mined and processed at the Hochfilzen site in Tyrol before being transported by rail to sister plants in France. With the project, the company is ushering in the future of the refractories industry in Tyrol and securing highly specialized jobs in the region for the long term.
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The iron & steel end-use industry is expected to register the highest CAGR in the global refractories market during the forecast period.
The iron & steel industry will continue to lead the Refractories market. This was due to the increasing demand for infrastructure development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance refractories is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing. Furthermore, iron & steel end-use will also have the largest market share in the global refractories market as Refractories are widely used for linings and insulation of the high-temperature furnaces in this industry. As refractories are characterized by low weight, high temperature sustainability, and robustness, they are an ideal material for manufacturing precast shapes, refractory bricks, binders, and nozzles.
APAC is expected to hold the largest market share in the global refractories market during the forecast period.
Asia Pacific accounted for the largest share of the Refractories market in 2020. Factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries such as China, Japan, India, South korea and Australia have led to an increased demand for Refractories in the Asia Pacific region.
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