The Global Refractories Market is estimated to account for US$ 52,260.0 Mn in terms of value by the end of 2021. Refractories are produced using various processes and manufacturing technologies. There are three different forms of refractories: monolithic, formed, and unshaped. Monolithic refractories are continuous linings that can be used in a variety of applications. These linings enable extensive repairs with minimal downtime. These products are also used in open hearth regenerators. However, unshaped refractories are used in high temperature applications. The unshaped refractories market is expected to experience a high growth rate over the forecast period.
Global Refractories Market: Drivers
High demand for refractories from glass industry is expected to augment growth of the global refractories market over the forecast period. Due to resistance towards high-temperatures, refractories are widely used in glass industry. These materials are used in various parts of furnaces, which includes bottom and lower sidewalls, regenerators, crown, and super structures in the glass industry. The performance of refractories impacts the product cost as well as quality of the glass. As refractories are used in various areas of glass furnace and suffer various operating environment, different types of refractory are utilized in different glass furnaces parts. Thus, demand for refractories is high in glass industry, and this in turn is driving growth of the market.
Global Refractories Market: Opportunities
Recycling of refractories is expected to offer several growth opportunities in the global refractories market over the forecast period. To protect environment, recycling of refractories is an efficient technique. Refractory linings are discarded when they reach extent of their damage, which is a point at which furnaces cannot operate stably. This further increases pressure to lower the waste refractories in the iron and steel industry. Thus, use of recycling refractories method is becoming important in the industry, and it is expected to create various growth opportunities in the market. This in turn is expected to support the market growth over the forecast period.
Global Refractories Market: Restraints
The global refractories market is expected to witness challenges such as overdependence of refractory market on iron & steel industry. The global refractory market is dependently highly on iron and steel industry. This industry accounts for more than half of the global market and the rest of the market is dominated by other end-use industries such as glass, cement, power generation, non-ferrous, chemical, and petrochemical and more. Thus, drop in growth of iron and steel industry would case a significant decline in refractories market. This in turn is expected to hamper growth of the global refractories market over the forecast period.
Global Refractories Market - Impact of Coronavirus (Covid-19) Pandemic :
The Covid-19 pandemic adversely impacted the global refractories market. The virus outbreak spread across several countries around the world, due to which many countries imposed stringent regulations to control the virus spread. During this period, several industries were closed down including building and construction. Under the stringent lockdown regulations various industrial operations were disrupted, as manufacturing plants were shut down temporarily. Moreover, supply chains and distribution operations were also disrupted during the pandemic. This further impacted production and demand across various industries. Thus, the global refractories market was negatively impacted by the epidemic of Covid-19. However, the market is likely regain growth, as the pandemic situation is returning to normal across several regions.
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Key Takeaways:
The global refractories market was valued at US$ 52,260.0 Mn in 2021 and is forecast to reach a value of US$ 81,072.4 Mn by 2030 at a CAGR of 5.0% between 2021 and 2030.
End-use Industry segment held dominant position in the global refractories market in 2021, accounting for 35.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Refractories Market Trends:
Growing focus of market players on various inorganic growth strategies such as acquisition and partnerships to strengthen their sales and distribution networks, is a growing trend in the global refractories market. Moreover, major market players are also focusing on organic growth strategies such as expansions of production capacity in various regions to cater the domestic demand and to increase global sales volume. For instance, in January 2019, Krosaki AMR Refractarios S.A.U., announced the acquisition of Refractaria, an Austrian company, to expand its refractory solutions portfolio for its clients.
Rise in adoption of advanced steel by automotive industry is another trend in the global refractories market. The automotive industry around the world is focusing on new ways to cater average fuel requirement of economy, due to which steel industry is witnessing constant investment in advanced materials leading to launch of different types of innovative steel for automotive sector. Due to development of high-strength steel, automotive industry can now meet the rising regulatory needs. The launch of novel models of cars with lightweight, and higher-strength steel components offer a cost-effective solutions. Thus, this trend is likely to continue in the market in the near future.
Global Refractories Market: Competitive Landscape
Puyang Refractories Group Co. Ltd., Chosun Refractories, INTOCAST AG, Harbisonwalker International, Saint-Gobain, IFGL Refractories Ltd., Vesuvius, Imerys, Shinagawa Refractories Co. Ltd., Krosaki Harima Corporation, RHI Magnesita GmbH, Magnezit Group, Resco Products, Minerals Technologies Inc., Refratechnik, and Morgan Advanced Materials
Global Refractories Market: Recent Developments
In June 2021, Imerys, began production at its new refractory plant in Vizhag. The company revealed to have invested INR 350 crores to create the facility in order to meet the demand of domestic consumers.
In May 2021, Krosaki Harima Corporation signed a partnership agreement with ArcelorMittal Refractories. With this agreement, both the companies will perform tasks for optimizing production capacities and for expanding product portfolio of ArcelorMittal Refractories with the use of manufacturing technology of Krosaki Harima Corporation.
