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Refractories Market is currently valued at USD 45.09 billion in 2016 and is expected to reach USD 53.08 billion by 2021, growing at a CAGR of 3.32% during the forecast period
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The Global Refractories Market is currently valued at USD 45.09 billion in 2016 and is expected to reach USD 53.08 billion by 2021, growing at a CAGR of 3.32% during the forecast period. In terms of tonnage, the global market was at 42.5 million metric tons in 2016 and is expected to reach XX million metric tons by 2021.
The gains registered in recent years because of a moderation in raw material costs and refractories prices were not strong. Iron and steel market will reportedly continue to dominate global refractories sales, accounting for more than three-fifth of all 2021 product-demand in volume terms.
The volume of refractories consumed is projected to rise in the U.S., Western Europe, and Japan, following an extended period of decline, as economic conditions strengthen in these areas and output of ferrous metals and other refractories-using products rebounds.
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Output gains in these areas are more likely to result in higher refractories demand, because the manufacturing techniques used are already so efficient that, it will be much difficult to reduce refractories consumption on a per unit output basis than in less developed countries. Due to their greater use of more costly, high-quality products, the U.S., Western Europe, and Japan will account for a larger share of the world refractories market in dollar terms in 2021 than they will in tonnage.
The world average consumption of refractories per tonne crude steel was 15kg/tonne in 2016, while Chinas average was 20kg/tonne. Growing demand for refractories in Asia-Pacific region is a major driving factor of the market. Twenty years ago, glass consumed 11-13kg/tonne of refractories, a figure that has dropped to 4.5-5.5kg/tonne today.
Steel, on the other hand, has reduced consumption from 30kg/tonne in 1980 to 10kg/tonne today. China will maintain its top position among countries, with a market share of more than 50% in the refractories market.
Companies profiled in the refractories market report include Vesuvius, RHI, Morgan, ANH, Magnezit, Shinagawa, Krosaki and Imerys among others.
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