Press release
3 Key Insights on Competitive Landscape in Global Refractories Market
Few Diverse Global Players Dominate the Market Holding Majority Revenue Share Despite Presence of about ~500 Competitors Comprising a Large Number of Country-Niche Players and Some Specialist Players, finds a recent market study on Global Refractories Market by Ken ResearchRefractory is a material that, at high temperatures, is resistant to decomposition by heat, pressure, or chemical attack and retains strength and form. Refractory materials can withstand heavy thermal, mechanical abrasion, and chemical corrosion at high temperatures. It is used for various industries like iron and steel, cement, glass, paper, and pulp industry.
Ken Research shares 3 Key Insights on the Competitive Landscape of this high opportunity market from its latest research study.
Global Players Constitute ~10% of the Total Number of Competitors, While Regional Companies Hold 30% Share in 2021.
A comprehensive competitive analysis conducted during the Research Study found that the Global Refractories Market is highly competitive with ~500 players, including globally diversified players, regional players, and a large number of country-niche players with their niche in advancement in refractories manufacturing for multiple end-user industries. The country's niche players in the refractories market mainly focus on strong R&D to identify and service small segments of the market in developing countries, especially in India, China, and South Asian countries.
RHI Magnesita, IMERYS, and Puyang Refractories Group Co. Lt. are among the leading players in the refractories market globally.
Acquisition and Mergers Drive the Major Players in formulating their key strategies
Detailed comparative analysis of key competitors available within the Research Study shows that numerous companies such as IMERYS, Vesuvius PLC, Morgan Advanced Material, and more are highly focused on providing a significant number of refractories solutions and advanced techniques that can be used across end-user industries. Furthermore, Numerous companies and organizations are strategically going for multiple acquisitions and mergers.
In Aug 2020, IMERYS, a company with a specialty in the mineral industry signed an agreement for the acquisition of the remaining 60% of Haznedar group, a Turkish-based high-grade monolithic refractories, and refractory bricks manufacturer. With this, it will expand into basic and acidic refractory bricks and extend its competitive production base in Turkey, strategically located between Europe, the Middle East, and Africa.
In December 2021, Vesuvius PLC, a global leader in molten metal flow engineering and technology serving the steel and foundry industries acquired Universal Refractories, Inc. With this acquisition Vesuvius is likely to expand its presence amongst electric furnace steel producers, further strengthening its foundry business in North America.
Covid-19 Pandemic Limited Refractories Growth, Affecting Manufacturing Plants
Refractories product manufacturing declined during the Covid-19 pandemic. The initial spread of the virus led to the shutdown of iron and steel, cement, and glass manufacturing plants. The reduction of this material led to the shortage of refractories production, as the construction in various countries stopped. The manufacturing and construction industry also witnessed a shortage of employees, thus slowing down the production of cement and glass companies resulting in the decline of refractories products.
According to the National Bureau of Statistics of China, in 2021, China's investment in residential construction was valued at approx. US$ 1,745 million with a 6.4% increase compared to the previous year, thus indicating the rise in the construction industry post-pandemic, providing the growth opportunity for the refractories market.
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Government Initiatives, Strategies, and Investments Fueling Growth in Refractories Market
The various initiatives and policies adopted by the government of India, which is likely to boost refractory manufacturing during the forecast period.
As per the Indian Union Budget 2022-23, the allocation of US$ 18.84 billion in roads and US$ 26.74 billion in railways is likely to boost the demand for refractory products.
Government Reforms such as "Aaatma Nirbhar Bharat" and "Make in India" programs, are expected to drive the refractories manufacturing.
In July 2021, the Union cabinet approved the production-linked incentive (PLI) scheme for specialty steel. The scheme is expected to attract investment worth US$ 5.37 billion and expand specialty steel capacity by 25 million tons, to 42 million tons in FY27 from 18 million tons in FY21.
For more information on the research report, refer to the below link:
https://www.kenresearch.com/business-research/global-refractories-market-outlook-2028/
Related Report -
https://www.kenresearch.com/business-research/global-natural-fiber-reinforced-composites-market-outlook-2030/
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Ken Research
Ankur Gupta, Head Marketing & Communications
support@kenresearch.com
+91-9015378249
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Ken Research is a research based management consulting company. We provide strategic consultancy to aid clients on critical business perspective: strategy, marketing, organization, operations and technology transformation, advanced analytics, corporate finance, mergers & acquisitions and sustainability across all industries and geographies. We provide business intelligence and operational advisory across 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies. Some of top consulting companies and Market leaders seek our intelligence to identify new revenue streams, customer/ vendor paradigm and pain points and due diligence on competition.
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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…