The global refractories market value is forecasted to reach US$56.7 billion in 2023, growing at a CAGR of 3.5%, for the period spanning from 2018 to 2023. The factors such as rising demand for electric arc furnace steel, accelerating economic growth, escalating construction expenditure, rapid urbanization and increasing household consumption expenditure are expected to drive the market. However, growth of the industry would be challenged by increasing raw material prices and presence of stringent regulations. A few notable trends include growing demand for neutral refractories, recycling of refractory materials, increasing consolidation of market players and escalating Indian refractory products exports volume.
On the basis of form, refractory can be classified into shaped & unshaped. While on the basis of chemical composition, it is segmented into acidic, neutral and basic refractories. And, on the basis of product type, it is classified into clay and non-clay refractories. Presently, the un-shaped segment accounted for the larger market share, owing to increasing demand for plastic refractories in maintenance of blast furnace top-hole, plugging tubers, as linings for all kinds of heating furnace, soaking pit furnace, annealing furnace & sintering furnace along with high incorporation of additives during combustion process in furnaces or converters for the steel and glass production in South-Asian economies.
The fastest growing regional market is Asia-Pacific due to improving economic conditions and growing private construction operations in Australia & India. China represents one of the largest market and is already well-penetrated at developed market levels.
Scope of the report:
· The report provides a comprehensive analysis of the global refractories market, segmented on the basis of form types i.e. Shaped & Un-shaped and Applications i.e. Steel, Energy & Cement, Non-ferrous Metals and others.
· The major regional markets (Asia-Pacific, Europe and North America) have been analysed along with country coverage of China, India, US & Canada.
· The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
· The competitive landscape of the market, along with the company profiles of leading players i.e. RHI Magnesita N.V., Vesuvius PLC, IFGL Refractories Ltd., Imerys S.A., Morgan Advanced Materials PLC and Minerals Technologies Inc. are also presented in detail.
Key Target Audience:
· Refractories Manufacturers
· Raw Material Suppliers
· End Users
· Consulting Firms
· Investment Banks
· Government Bodies & Regulating Authorities