Global refractories market is forecast to reflect moderate growth of under 4% during the forecast period. Steel sector for refractories, among all end use industries is well positioned to continue dominating the demand pie with close to three fourth of the overall refractories consumption by 2030. The years ahead are forecast to experience new trends of clay-based refractories, which will put more pressure on steel, cement and other allied industries to satisfy the ever increasing consumer demand.
Further, to meet the rising demand, manufacturers are forced to drag heavy investments in improving their performance and product availability. This situation will positively drive the global refractories demand in the long term forecast, attributed to high applications in steel, cement and glass industries. However, the outbreak of nCoV-19 has impacted demand for steel products, as a result of nation-wide lockdowns with a detrimental effect on production and supply chains. Decelerating demand for steel products and ceased construction activity has led to muted growth in the refractories market.
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Key Takeaways of Global Refractories Market
- Global refractories market is projected to create a value opportunity of around US$ 10.2 Mn during the forecast period, adding 1.4X more value in 2030 as compared to 2020.
- Clay-based refractories will continue to dominate demand for refractories market accounting for more than two-third of the global share.
- The global market for refractories is expected to witness high growth in emerging countries such as India, China and Brazil owing to the increasing infrastructure projects and mounting demand for steel products.
- Asia Pacific is estimated to be the most lucrative market in terms of revenue generation, currently valued at US$ 26 Mn and is expected to show prolific expansion over the forecast period.
- Refractories used in steel production are set to continue their dominance in the market accounting for more than three-fourth of global market share by 2030, with a growth rate of 4% over the forecast period.
“The threat of new entrants will continue to urge stakeholders to explore market potential through acquisitions & collaborations, in order to boost growth of refractories market”, says a Fact.MR analyst.
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Subdued Price Volatility of Raw Materials Paving Way for Resurrection in Global Pricing
The prominent players of refractories market are Vesuvius plc, RHI Magnesita N.V, Krosaki Harima Corporation, Shinagawa Refractories Co., Ltd., Magnezit Group Ltd., Morgan Advanced Materials plc and Refratechnik Holding GmbH. Key players are adopting aggressive growth strategies for establishing their global foot-print and also ensuring their regional presence in the market. For instance, Allied Mineral Products, Inc. acquired Riverside Refractories, Inc. from the Morris family who established themselves in the refractory industry more than 60 years ago. Acquisitions will allow Allied Mineral Products to increase its manufacturing presence in the market.
More Valuable Insights on Refractories Market:
Fact.MR, in its new offering, presents an unbiased analysis of the global refractories market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study delivers essential insights on the Refractories market on the basis of material (Clay and non-clay), form (bricks, monolithic and others) and end-use (steel, energy & chemicals, non-ferrous metals, cement and glass) across five major regions.
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