Refractories Market to Reach $27.4 billion by 2025 | Major Industry Players are Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan)
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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.
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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.
Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan) are the leading refractories manufacturers, globally.
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COVID-19 Impact on the Refractories Market
The global Refractories market includes major Tier I and II suppliers like as Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan). These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.
These players have announced the suspension of production due to the lowered demand, supply chain bottlenecks, and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. As a result, the demand for refractories is expected to decline in 2020. Manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
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