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4 notable factors driving global Refractories Market trends

05-27-2021 08:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: global market insights

Refractories Market

Refractories Market

According to Global Market Insights, Inc., forecast, global refractories market size is expected to exceed US$41 billion by 2025. Mentioned below are some factors driving the demand for refractories across different industries.

Refractories are materials that work under extreme temperatures without changing their shape and chemical properties. These materials are ideal for applications that require high-temperature resilience, such as furnace lining and others. The efficiency and production capacity in the cement industry are predominantly dependent upon the performance of refractories. Nearly 15% of the global refractories production are used in cement industry.

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Extensive investment towards infrastructure development such as airports, roads, ports, and energy & power can be seen especially in Asian countries. For example, owing to the presence of numerous infrastructural development projects, Thailand is expected to witness a significant amount of construction expenditure among ASEAN countries, which is likely to be around US$58.5 billion by 2025.

Ceramic fiber based refractories to gain traction

Refractories market based on the form is categorized into brick & shapes, monolithic, and others such as ceramic fibers and raw materials. The raw materials and ceramic fibers segment is predicted to witness a CAGR of 3% up to 2025.

Thermal shock resistance, high-temperature stability, and lighter weight are some key properties of ceramic fibers that make it a suitable raw material for the manufacture of refractories ‘inhouse’.

Robust demand for nonclay-based refractories

With respect to composition, the industry can be classified as clay-based and non-clay refractories. The non-clay refractories industry share is anticipated to witness over 4% through 2025.

Nonclay refractories are manufactured as bricks and pressed shapes. Whereas, magnesite-chrome and alumina materials are fused into molds. Carbonates and oxides of metal including magnesium, zirconium, and aluminum are the prime raw materials used to produce nonclay refractories products.

Preference for handmade and non-ferrous refractories

The refractories market as per the manufacturing process is bifurcated into formed, unformed, hand-molded, fused cast, and dry press process. The hand molded refractories segment generated revenue worth over US$1.5 billion in 2018. Even though these handmade refractories products provide a cost-effective manufacturing option, they substantially lack in rendering smooth surfaces as compared with machine-made refractories products, which could limit their adoption to some extent.

As per the end-user, the refractories market is segmented into iron & steel, non-metallic, non-ferrous metals, and others. The non-ferrous metals segment is predicted to grow at over 3.9% up to 2025. A large amount of refractory materials is required for the manufacture of non-ferrous metals such as copper and aluminum.

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Booming non-metallic industry in Europe

Europe refractories market is slated to grow significantly at over 2.5% through 2025. Such growth trend is majorly attributed to the flourishing non-metallic industry in the region. Moreover, the demand for lime, cement, and glass from numerous end-users such as solar panels, aerospace, and automotive is expected to complement the regional industry share in the global market.

Prominent companies functioning in the global refractories market include Seven Refractories, Morgan Advanced Materials, RHI Magnesita, CoorsTek Inc., Vesuvius PLC, Resco Products, Krosaki Harima Corp., IFGL refractories ltd., HarbisonWalker International, and Imerys, among others.

Contact Us:

Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone:1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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