Market Research Future Published a Cooked Research Report “Global Refractories Market Research Report – Industry Analysis, Scope, Stake, Progress, Trends and Forecast up to 2025
Refractories or refractory materials with a high resistance to high temperatures and primarily used in the fabrication of molds and crucibles. These materials are produced with a combination of synthetic and real materials such as silicon carbide, bauxite, dolomite, magnesite, zirconia, and alumina. The Global Refractories Market report by Market Research Future (MRFR) outlines several trends, drivers, and opportunities pertinent to industry leaders and their future expansion strategies for the period of 2019 to 2025.
The Global Refractories Market is estimated to reach a value of USD 30,820 million by 2023. It can expand at a CAGR of 4.08% during the forecast period (2019-2025). Massive production of cement as well as the establishment of premix concrete mixtures for the manufacture of slabs, tiles, and other indoor objects can drive the market growth. The resurgence of the construction sector after the debacle of the housing crisis in 2008 can bode well for the market. Infrastructural development in developing and developed countries can influence the Global Refractory Sales.
The demand for metals with low weight and high resistance to weather for the use of castings in industries of electricals, construction, medical, automotive, and aerospace can spur the demand for Refractories. The need for power across industrial, commercial, and residential sectors can spark the market demand till 2023. Refractories find use in power boilers, lining of fluidized beds, and waste-to-energy plants.
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Vesuvius, Morgan Advanced Materials, Calderys, CoorsTek Inc., HarbisonWalker International, Saint-Gobain, RHI Magnesita GmbH, Chosun Refractories Eng. Co. Ltd., Krosaki Harima Corporation, and Shinagawa Refractories Co. Ltd. are prominent names in the global refractories market. Efforts have been made by players to improve physical, thermal, and chemical properties to amp up the maximum temperature of the service.
The Global Refractories Market has been segmented by Alkalinity, Form and Application.
By Alkalinity, it is segmented into acidic & neutral and basic. The acidic & neutral segment is expected to exhibit 4.2% CAGR during the forecast period due to low production costs and resistance to erosion at high temperatures. On the flip side, the basic segment is touted to exhibit 3.42% CAGR during the forecast timespan.
By Form, it is segmented into shaped and unshaped. The unshaped segment accounted for 61% market share in 2018 with a value pegged at USD 14,180.5 million. The segment is fueled by advantages of unshaped refractories such as better spalling tendency, high strength, and capacity for handling large volumes.
By Application, it is segmented into non-ferrous metals, iron & steel, cement, glass, and others. The cement application is projected to reach a value of USD 5,194 million by 2025. Iron & steel had accounted for close to 68% market share in 2018 with a valuation pegged at USD 15,823.5 million. The segment can exhibit a CAGR of 3.83% during the forecast period. The manufacture of iron ladles and torpedo cars with low maintenance as well as extended capacity can drive the segment growth till 2023.
The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), North America, and Latin America are the main regions considered during the compilation of the market report.
The APAC region can accrue close to USD 14,788 million by 2025 due to rapid industrialization witnessed in economies of Thailand, Malaysia, and India. It can display a CAGR of 5.10% during the forecast timespan due to the surge in construction noticed with supportive government regulations. The rising production of iron and steel in China combined with the improved production of vehicles are other factors of the regional Refractories Market.
The Europe Refractories Market is expected to exhibit 2.72% CAGR over the forecast period owing to the demand in iron & steel factories, revival of infrastructural projects, and prevalence of the non-metallic minerals industry.
Lastly, the MEA region is driven by investments in infrastructural activities in Saudi Arabia and UAE.
Browse Key Industry Insights spread across 191 pages with 237 market data tables & 25 figures & charts from the report, “Refractories Market Research Report: by Alkalinity (Acidic & Neutral and Basic), by Form (Shaped, Unshaped), by Application (Glass, Cement, Iron & Steel, Non-ferrous Metals), and Region (North America, Europe, Asia Pacific) – Growth Potential, Price Trends, Competitive Market Share & Forecast 2025” in detail along with the table of contents: https://www.marketresearchfuture.com/reports/refractories-market-2393
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