Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Refractories Market size is expected to grow at highest rate of approximately of USD 49.05 billion by 2022. Refractories are inorganic nonmetallic material which can withstand high temperature without
Undergoing physico – chemical changes while remaining in contact with molten slag, metal and gases. It is necessary to produce range of refractory materials with different properties to meet range of Processing conditions. The refractory range incorporates fired, chemically and carbon bonded materials that are made in different combinations and shapes for diversified applications.
The diversification on steel products and their cleanliness requirement in recent years have increased the demand for high quality refractory. Steelmaking requires high temperatures of the order of 1600 degree centigrade. In-addition steelmaking handles high temperature phases like molten steel, slag and hot gases. These phases are chemically reactive; refractory materials are required to produces steels. High quality refractory at a cheaper cost is the main requirement because cost of refractory adds into the cost of product. Refractory materials have a crucial impact on the cost and quality of steel products.
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The key players in market includes Magnesita Refratarios S.A., Saint-Gobain S.A, RHI AG, Shinagawa Refractories Co. Ltd, Krosaki Harima Corporation, Corning Incorporated, Vesuvius PLC, Harbisonwalker International (HWI) Inc, Coorstek Incorporated, Morgan Advanced Materials PLC and others.
APAC is one of the growing region due to its economies, cheap labor cost in APAC and economical material used for production process. Moreover, Asia Pacific is projected to be the fastest growing market mainly due to steel, cement, glass, non-ferrous and others applications. While, Middle East & Africa regions are at the emerging stage in the refractories market.
Geographically, North-America is expected to be the largest market for refractories accounting more than one third of the total market. North-America is most prominent market and its market share has accounted for second largest share in 2015, North America has been growing at faster pace due to rising manufacturing industries and demand for refractories will aid in rise in growth of refractories market. U.S has accounted for the largest share in 2016.
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The refractories market can be categorized into application. Based on the application of refractories available, the market can be categorized into steel, cement, glass, non-ferrous and others.. Refractories are utilized in linings of furnaces, incinerators and reactors in many of the industries. Refractories find their applications in lining edifice of shapeless products, mass-produced rudiments and bricks in the industries. Iron and steel was the largest end-user industry for refractories.
The growth of applications industries and the increasing demand for high performance furnaces has been driving the global refractories market. However, due to increasing apparatus competence, the refractory intake from the end-user companies has been seeing a plummeting trend. The expansion of iron and steel companies in terms of acquisition of new raw material sites or increasing the number of processing plants are generating new demands for the refractories market.
Key questions answered in this report
- What will the market size be in 2022 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors?
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