Press release
Global Refractories Market to Foray Ahead with Heightening Demand from Steel Industries, Says Fact.MR
Further, to meet the rising demand, manufacturers are forced to drag heavy investments in improving their performance and product availability. This situation will positively drive the global refractories demand in the long term forecast, attributed to high applications in steel, cement and glass industries. However, the outbreak of nCoV-19 has impacted demand for steel products, as a result of nation-wide lockdowns with a detrimental effect on production and supply chains. Decelerating demand for steel products and ceased construction activity has led to muted growth in the refractories market.
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Key Takeaways of Global Refractories Market
Global refractories market is projected to create a value opportunity of around US$ 10.2 Mn during the forecast period, adding 1.4X more value in 2030 as compared to 2020.
Clay-based refractories will continue to dominate demand for refractories market accounting for more than two-third of the global share.
The global market for refractories is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for steel products.
Asia Pacific is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 26 Mn and is expected to show prolific expansion over the forecast period.
Refractories used in steel production are set to continue their dominance in the market accounting for more than three-fourth of global market share by 2030, with a growth rate of 4% over the forecast period.
“The threat of new entrants will continue to urge stakeholders to explore market potential through acquisitions & collaborations, in order to boost growth of refractories market”, says a Fact.MR analyst.
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Subdued Price Volatility of Raw Materials Paving Way for Resurrection in Global Pricing
The prominent players of refractories market are Vesuvius plc, RHI Magnesita N.V, Krosaki Harima Corporation, Shinagawa Refractories Co., Ltd., Magnezit Group Ltd., Morgan Advanced Materials plc and Refratechnik Holding GmbH. Key players are adopting aggressive growth strategies for establishing their global foot-print and also ensuring their regional presence in the market. For instance, Allied Mineral Products, Inc. acquired Riverside Refractories, Inc. from the Morris family who established themselves in the refractory industry more than 60 years ago. Acquisitions will allow Allied Mineral Products to increase its manufacturing presence in the market.
More Valuable Insights on Refractories Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global refractories market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the Refractories market on the basis of material (Clay and non-clay), form (bricks, monolithic and others) and end-use (steel, energy & chemicals, non-ferrous metals, cement and glass) across five major regions.
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About the Chemicals & Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the Chemicals & Materials team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the Chemicals & Materials industry lucidly in 50+ countries for over a decade. The chemicals & materials team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.
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Market Insights
Refractories market is estimated to grow at the growth rate of 4.13% for the forecast period of 2020 to 2027. Demand for electrical, automotive, aerospace, glass, cement industries will drive the growth of the market.
Refractories are heat resistant than other metals, they are used for lining hot surfaces and found inside many industrial processes. They are available in different shapes and sizes, are pressed, molded or produced in interlocking…
