The comprehensive study of “Refractories Market” report provides deep idea into the market dynamics & overall development of the industry. The report covers growth prospect, current information, market risks involved, cost structure & several other vital information is included in the Refractories industry report. The latest market study on the Refractories Market applies the best primary and secondary research techniques to bring the growth rate up to 2024.
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Refractories Market by Key Players:
Reasons to Buy Refractories Market Report:
- In-depth analysis of the market on the global and regional level.
- Major changes in market dynamics and competitive landscape.
- Segmentation on the basis of type, application, geography and others.
- Historical and future market research in terms of size, share, growth, volume & sales.
- Major changes and assessment in market dynamics & developments.
- Industry size & share analysis with industry growth and trends.
- Emerging key segments and regions
- Key business strategies by major market players and their key methods.
- The research report covers size, share, trends and growth analysis of the Refractories Market on the global and regional level.
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Key Market Trends:
Increasing Demand from the Iron & Steel Industry
– The iron and steel industry is the major end-user sector of refractories, which accounts for more than 70% of the market. These materials can withstand high temperatures, ranging from 260°C (500°F) to 1850°C (3400°F), without any major change in their physical properties.
– The major applications of refractories in the iron and steel industry include usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, in vessels for holding and transporting metal and slag, in the flues or stacks through which hot gases are conducted, and others.
– In terms of consumption, Asia-Pacific is currently the largest consumer of refractories in the iron and steel industry, followed by Europe and North America. In North America, the United States is expected to witness the highest growth rate in the consumption of refractories in this industry, during the forecast period.
– In the European Union, a mild recovery in the demand for steel continues, while improving the economic sentiments and investment conditions. However, uncertainties in the political landscape, related to the refugee crisis and Brexit, are some of the risks to the economic condition. The demand for steel in the region is anticipated to grow at a slow pace, over the forecast period.
– All the aforementioned factors are expected to drive the global market, during the forecast period.
Asia-Pacific to Dominate the Market
China dominates the refractories market in terms of consumption and production, due to the local availability of raw materials, such as magnesite and alumni. Additionally, they are available at cheaper costs, as compared to other producers. The iron and steel industry consumes the largest portion of refractories, globally, as well as in China. Industrial restructuring and the decreased consumption rate of refractories for per ton of steel have impacted the demand for refractories in China, between 2013-2015. However, the steady growth in the production of iron and steel in the country has been driving the growth of the refractories market, in the recent times. Owing to the encouraging government initiatives and a vast consumer base, the chemical manufacturing sector in China is expected to increase at a consistent rate, during the forecast period. The increasing production of chemicals is expected to create an opportunity for the growth of the refractories market in the country, in the near future.
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