Refractories Market | Key players operating in the market include RHI Magnesita, Vesuvius, Krosaki Harima, Shinagawa Refractories, Saint-Gobain

According to recent market research "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 2023", The refractories market is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5% between 2018 and 2023. The refractories market is expected to grow from USD 23.3 billion in 2018 and is projected to reach USD 26.3 million by 2023, at a CAGR of 2.5%. The growth of the refractories market is attributed to the growing iron & steel, glass, non-ferrous industries.

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Based on form, the refractories market has been segmented into shaped refractories and unshaped refractories. Unshaped Refractories is projected to be the largest segment of the market during the forecast period. The demand for unshaped refractories is high due to its efficiency in various applications in the cement, glass and ceramic industry because of its significant properties such as respective chemical inertness, mechanical integrity, abrasion resistance, and thermal shock resistance at high temperatures.

Based on Alkalinity, the refractories market has been segmented into acidic & neutral and basic refractories. Acidic and basic refractories are projected to be the largest segment of the market during the forecast period. The demand for acidic & neutral is high due to its major use in glass and ceramic industries. Its low cost and ability to withstand high temperature with supper quality thermal shock resistance further augment s the growth of its market.

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The global refractories market is estimated to be USD 23.3 billion in 2018 and is projected to reach USD 26.3 billion by 2023, at a CAGR of 2.5%. This growth is mainly attributed to the high demand from the iron & steel, glass, and non-ferrous metals industries. The companies concentrated more on mergers & acquisitions to improve the sales of their products between 2013 and 2018.

RHI Magnesita N.V. (Austria), Vesuvius PLC (UK), Krosaki Harima Corporation (Japan), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain S.A. (France), Corning Incorporated (US), Morgan Advanced Materials PLC (UK), CoorsTek Incorporated (US), HarbisonWalker International (US), Imerys SA (France), and Chosun Refractories Co. Ltd. (South Korea) are the leading manufacturers of refractory products.

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RHI Magnesita N.V. is a leader and key contributor to the growth of the refractories market. The company has a wide global presence and holds a major share in the global refractories market. It follows strategies such as mergers & acquisitions and R&D to expand its refractories segment, globally. The company's consolidation strategy will help it widen its product offering and cater to the demand for refractories in the developing economies such as China and India. In 2017, RHI AG (Austria) and Magnesita Refractories S.A. (Brazil) merged their businesses to create RHI Magnesita N.V. in 2017. This merger was aimed at widening the product portfolio and customer base. In the same year, RHI Magnesita acquired Agellis Group AB (Sweden), which is specialized in continuous casting, and non-ferrous solutions. This acquisition was a part of RHI Magnesita's strategy to increase its product portfolio.

Vesuvius PLC is a leader and key contributor to the growth of the refractories market. It accounted for a major part of all the development activities undertaken in the market. The company follows dynamic growth strategies such as new product developments and expansions to enhance its presence in the global market. With the moderate demand for shaped and unshaped refractories, the company has adopted the current market trends by strengthening its R&D activities and offering new innovative refractory materials to its customers. In July 2018, the company, under its brand Foseco, launched its new product, namely, Novel SCK. This product is specifically dedicated to iron & steel foundries. In November 2017, the company inaugurated its new R&D center in Visakhapatnam, India. The center is specifically dedicated to advanced refractories.

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