Refractories Market is expected to reach to US$ 41,102.9 Mn by 2026 end, exhibiting a CAGR of 4.2% over the forecast period

Report Summary:

On PMR, a thorough analysis of the Refractories Market is available. The report includes a detailed presentation of the key market drivers and how they are affecting the growth of the refractories market. Along with the research, a thorough analysis of COVID 19's effect on the refractories market is provided. The research also discusses the impact of political unrest and natural disasters on the market for refractories. The paper goes into detail on these pressures' immediate and short-term effects as well as their significant long-term effects on the market for refractories. The study includes sections on segment and regional analyses. The dynamics of important companies in the refractories market are covered in a separate section.

In terms of value, the global refractories market is expected to reach to US$ 41.1 Bn by 2026 end, exhibiting a CAGR of 4.2% over the forecast period

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Market Dynamics

The global refractories market is greatly influenced by the use of refractories in a diverse range of industries involved in the manufacture of steel, cement, nonferrous metals, glass and others. The steel segment accounts for a high market share in terms of value as compared to other end-use industries, on account of the higher demand in terms of volume for refractory products.

Moreover, growth in the steel and cement industries is expected to influence the refractories market positively, marking high market shares of the applications, although the growth rate for the glass segment is the highest. The developments in various end-use industries are expected to create strong growth opportunities for the refractories market. Geographical expansions in new regions in the form of creating sales & distribution networks and establishing local manufacturing infrastructure could provide stability as well as growth opportunities for manufacturers in terms of revenue generation.

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The global refractories market is expected to face some challenges. Factors such as high dependency of refractory manufacturers across the globe on raw material imports from China, and the subsequently volatile scenario of the Chinese refractory raw material producing industry could adversely impact the operations of refractory producers, thereby restricting revenue growth of the global refractories market.

Key Companies-

• RHI Magnesita
• Krosaki Harima Corporation
• Company of Saint-Gobain SA
• Shinagawa Refractories
• Calderys Refractories Limited
• Morgan Advanced Materials plc
• Minerals Technologies Inc.
• Qinghua Refractories

India is anticipated to experience encouraging growth in the global market for refractories, recording a CAGR of 5.4% during the anticipated period. The India market is anticipated to experience a sustained growth rate over the next years, driven by the increase in sales of refractories across a variety of applications.

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Segmentation Analysis

The refractories market is segmented on the basis of product form, such as monolithic & other unshaped, and bricks & other shapes. It is also segmented on the basis of refractory mineral used, such as bauxite, alumina, kaolin, magnesia, graphite & zircon. It is further segmented on the basis of end-use industry, such as steel, cement, nonferrous metals, glass and others.

• On the basis of refractory mineral, bauxite is anticipated to continue to dominate the market in terms of value over the forecast period. Magnesia is estimated to grow at a CAGR of 5.7% over the forecast period and is expected to represent total incremental opportunity of US$ 277.9 Mn between 2018 and 2026

• The glass segment by end-use industry is projected to grow at a CAGR of 5.1% in terms of value. The steel segment is anticipated to continue its dominance in the global market in terms of value over the forecast period.

Regional Market Projections

China is the leading market for refractories estimated to account for around 31.9% market share in terms of revenue in the global refractories market by the end of 2018. The Latin America and Middle East & Africa (LAMEA) region is anticipated to expand at a moderate CAGR in the refractories market through 2026. The China refractories market is projected to consistently hold significant market share in terms of value in the global refractories market during the assessment period, exhibiting a growth rate of 7.7%. Consumption of refractories in China is expected to increase to 2,043 tons by 2026 end.

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