iCrowdNewswire Dec 28, 2020 6:00 AM ET
According to the new market research report “Refractories Market by Form (Shaped Refractories, Unshaped Refractories), Alkalinity (Acidic & Neutral. Basic), End-Use Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass), and Region – Global Forecast To 2025″, The global refractories market size is expected to grow from USD 23.2 billion in 2020 to USD 27.4 billion by 2025, at a CAGR of 3.4% during the forecast period. Refractories are used across industries, such as Iron & Steel, Power generation, Non-Ferrous metals, Cement, and Glass. In the refractories market, iron & steel is the key end-use industry owing to the wide applications of these refractories.
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The iron & steel industry will continue to lead the Refractories market. This was due to the increasing demand for infrastructure development and mounting demand for consumer goods such as automobiles. The increasing preference for high-cost, high-performance refractories is driven by the need to improve the quality of life, health & environment, and shift to clean, alternative sources of manufacturing. Furthermore, iron & steel end-use will also have the largest market share in the global refractories market as Refractories are widely used for linings and insulation of the high-temperature furnaces in this industry. As refractories are characterized by low weight, high-temperature sustainability, and robustness, they are an ideal material for manufacturing precast shapes, refractory bricks, binders, and nozzles.
The Asia Pacific accounted for the largest share of the Refractories market in 2020. Factors such as the rapidly increasing consumption of refractories in the iron & steel, power generation cement, and glass industries in countries such as China, Japan, India, South Korea, and Australia have led to an increased demand for Refractories in the Asia Pacific region.
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The global refractories market size is estimated to grow from USD 23.2 billion in 2020 to USD 27.4 billion by 2025, at a CAGR of 3.4% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application in various end use industries of refractories ranging from iron & steel to the glass industry. Increasing demand from APAC will further drive the growth of the global refractories market.
as Saint-Gobain (France), RHI Magnesita (Austria), Corning Incorporated (US), Morgan Advanced Materials (UK), and Shinagawa Refractories (Japan). among others are the leading refractories manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2016 and 2020 to earn a competitive advantage in the refractories market.
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RHI Magnesita (Austria) is the largest player in the refractories market, globally. In 2016, RHI AG, merged with Magnesita Refratarios S.A. to form the world’s leading refractories manufacturer, RHI Magnesita N.V. The company has a good geographical presence with operations in more than 180 countries and 70 sales offices. The company has a strong product portfolio of refractories, which caters to various end-use industries such as glass, lime, foundry, and metallurgy. As a part of its growth strategy, the company is actively engaged in mergers & acquisitions. The company has recently announced the merger of its Indian subsidiaries (RHI India, RHI Clasil, and Orient Refractories).
Vesuvius (UK) is the second-largest player of the refractories market, globally. It offers its refractory products through the steel and foundry segments. The company is focused on new product developments and geographical expansions. It also invests in R&D activities. In 2017, the company inaugurated its new R&D center in Visakhapatnam, India. This R&D facility is dedicated to advanced refractories. The company launched new products for refractory markets in the past few years such as TRIAD Z-189 and Novel SCK. Vesuvius has a strong product portfolio, which includes products such as melts shop refractories, coatings, filtration and gating system, metallurgical and pouring control systems, feeding systems, die dressings and coatings, melt treatment products, crucibles, and ceramics.
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