Study on Refractories Market Revealing Key Insights and Forecast Projections for the Period 2017-2026

New research report offers a comprehensive analysis of the “Global Market Study on Refractories: Asia Pacific to Lead the Global Market in Terms of Revenue during 2017 - 2026“The main objective of this report is to deliver insightful information and clear-cut facts pertaining to the growth trajectories of the market.

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The global refractories market continues to be heavily influenced by broader trends in the steel industry. Crackdown by Chinese authorities on factories flouting environment regulations in various provinces of China, section 232 investigation by the U.S. Department of Commerce, and preference for high-quality, non-clay refractories in complex applications are some of the key prevailing trends in the market. Global demand for refractories is likely to grow at 3.3% in terms of volume, and surpass 52,000 KT by the end of 2026. In terms of revenues, the global market is likely to be valued at above US$ 42 Bn by the end of the forecast period.

The refractory market in different regions around the globe is impacted by a range of macro and micro-economic factors, however, overproduction of steel remains a global impacting factor. The domestic steel industries in North America and Europe have faced challenges on account of imports of subsidized steel from China. Although China is working on reducing the steel output through crackdown on unlicensed factories, the U.S. Department of Commerce has launched its own investigation to determine whether imports from China amounts to dumping. These factors are likely to impact the demand for refractories during the assessment period.

Refractories Market Across Different Regions

The North American refractories market is likely to face pressures from low-cost Chinese imports, however, refractory companies in the U.S. and Canada have the technological edge over Asian manufacturers. Demand for refractories in challenging and complex projects is likely to be catered by North American refractory companies. To counter the challenges presented by Chinese companies, refractories in the U.S. are focusing on boosting their operational efficiency.

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Asia Pacific remains the one of the most important markets for refractories globally. The production and demand for refractories in Asia Pacific remains heavily concentrated in China. Although mounting international pressure has forced China to cut down its steel production by nearly 100 million tons, it still continues to be one of the leading producers globally. Due to the crackdown on factories in China, the raw material prices have witnessed an increase, which has led to issues in the APAC supply chain. India, another key market in the global refractories market, is facing headwinds due to the increase in raw material prices in China. The problem has been compounded on account of insolvency procedures against a number of steel firms by the Indian government. These challenges have meant that many Indian refractories are working at only 60% capacity. The Indian Refractory Makers Association (IRMA) is lobbying the government to intervene and alleviate some of the challenges. In addition to China and India, Japan is the other prominent market in APAC. The dominance of Japan in the steel and refractory market has been challenged by India to an extent, however, the country continues to play an important role in the global market. During the assessment period, production and consumption of refractories in APAC will continue to remain significant, and the market will play a central role in the global refractory market.

In European Union (EU) refractory companies are focusing on boosting domestic production of raw materials, as challenges with volatility in raw material prices has forced the players to look for alternatives. The MSP-REFRAM project is an initiative by the EU to boost availability of raw materials in the region. High dependence on raw material imports continues to be a challenge for European refractory companies. In Middle East, the refractories market is likely to receive an impetus on account of growing emphasis on reducing dependence on oil exports.

Overall, the global refractories market is poised to witness steady growth during the forecast period 2017-2026, as global demand for steel continues to grow at a steady pace. Some of the leading companies operating in the global refractories market include Vesuvius plc, RHI Magnesita N.V., Krosaki Harima Corporation, Shinagawa Refractories Co., Ltd., Magnezit Group Ltd., Morgan Advanced Materials plc, Refratechnik Holding GmbH, Chosun Refractories Co.,Ltd., Minerals Technologies Inc., Resco Products, Inc., IFGL Refractories Limited, Compagnie de Saint-Gobain SA, Alsey Refractories Co, Luossavaara-Kiirunavaara AB, The Christy Refractories Company, L.L.C., CoorsTek, Inc, Steel Authority of India Limited, Allied Mineral Products, Inc., Puyang Refractory Materials Co., Ltd., Imerys SA.

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