The Global market for refractories, in terms of revenue is expected to be valued at $42 billion and in terms of volume, is expected to grow at a rate of about 3.3%, surpassing 45,000 KT by 2022.
Refractories find large application in heavy industries like automotive, aerospace, construction and industrial machinery. They are used to manage and control heat output and dissipation during power generation. Boilers that are used for extracting energy from coal are coated with refractories to provide resistance against thermal shock.
With the rapid transition towards power plants fired by natural gas, the demand for refractories that offer high levels of heat-resistant is expected to witness considerable growth in the years to come.
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The market for refractories is heavily influenced by trends in economy and other macro & micro factors, where trends in industries like iron & steel, metals and ferrous makes the most impact.
Since iron and steel are crucial for industries like aerospace, automotive, construction and industrial machinery, development in these industries have fuelled the growth of refractories market as well.
The global industry for refractories can be segmented as follows:
By Product type
It can be classified as Clay and Non-Clay type, where currently, the clay products segment dominates the global market and it is expected to witness rapid growth over the forecasted period as well.
Refractories find large application in Iron & Steel, Non-metallic materials and Non-ferrous materials industry. Out of these, the largest end-user industry is the iron and steel industry.
Asia Pacific region is one of the most important and largest markets for refractories globally. The demand and production for refractories in this region are mostly concentrated in China. Followed by China, India is another key market in this industry, but it is facing headwinds due to the increase in raw material prices.
North America & European Union forms another major markets. But due to low cost imports from China, these 2 markets are facing stiff competition. These 2 markets are mainly driven by the technological innovation and complex projects.
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In Middle East region, the refractories industry is expected to witness an impetus on account of increasing emphasis on reducing oil exports dependence.
Some of the leading players operating in the global market for refractories include companies like-Magnezit Group Ltd., Vesuvius plc, Krosaki Harima Corporation,RHI Magnesita N.V., Morgan Advanced Materials plc, Shinagawa Refractories Co. Ltd., Chosun Refractories Co,Ltd., Resco Products, Inc., IFGL Refractories Limited, Alsey Refractories Co, Luossavaara-Kiirunavaara AB, The Christy Refractories Company,Steel Authority of India Limited, Minerals Technologies Inc., Allied Mineral Products, Puyang Refractory Materials Co. Ltd., Compagnie de Saint-Gobain SA, and others.
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