Market Overview
The global market trends suggest that the refractories market size is expected to grow at a CAGR of 3.4%, by value, during the forecast period. The global; market is estimated to be USD 23.2 billion in 2020 and is projected to reach USD 27.4 billion by the end of 2027.
The global Refractories market includes a series of suppliers like major Tier I and II suppliers like Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and others like Shinagawa Refractories (Japan). These global market suppliers have their manufacturing facilities spread across various countries across the Asia Pacific, Europe, North America, South America, and Middle East & Africa. COVID-19 has impacted their businesses as well.
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These players have announced the suspension of production due to the lowered demand and supply chain bottlenecks and to protect the safety of their employees in the US, France, Germany, Italy, and Spain during the COVID-19 pandemic. Market manufacturers are likely to adjust production to prevent bottlenecks and plan production according to demand from tier 1 manufacturers.
The driving factor for the global market is its growing demand from the iron & steel industry. China is emerging as one of the fastest-growing economies; rising travel demand requires the constant development of railways and roadways. It has also boosted the growth of the automotive industry in China. An increase in the pace of infrastructure development in these emerging countries has led to an increase in the construction of residential and commercial buildings, which is expected to drive the demand for refractories in the iron & steel, and cement industries.
Market Segmentation
The refractories market has been segmented based on the following:
By Form
- Shaped Refractories
- Unshaped Refractories
By Alkalinity
- Acidic & neutral
- Basic
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By End-Use Industry
- Iron & Steel
- Power Generation
- Non-Ferrous metals
- Cement
- Glass
- Others
By Region
- North America
- Asia Pacific
- Europe
- South America
- The Middle East and Africa
Regional Analysis
The Asia Pacific had accounted for the largest share of the Refractories market in 2020. The prevalence of market factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries like China, Japan, India, South Korea, and Australia has led to an increased demand for Refractories in the Asia Pacific region.
Some players that help in the expansion of the global refractories market are as follows:
- RHI Magnesita (Austria)
- Saint-Gobain (France)
- Corning Incorporated (US)
- Shinagawa Refractories (Japan)
- Morgan Advanced Materials (UK)
Industry News
- In June 2020, Morgan Advanced Materials emerged as a prominent player in the refractories market. They acquired Carbo San Luis (Buenos Aires, ARG) to support and grow the network in Argentina, Chile, and Peru.
- In June 2020, another company - Vesuvius, under its brand Foseco, took to the international scale and launched its new product—KALPUR. It can be understood as a Direct Pouring Application on an Automatic High-Pressure Green Sand Moulding Line. The advantages of direct pouring are improved yield and directional solidification on molding lines where access to the cope is impossible.
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