ID: MRFR/CnM/1765-CR | February 2021 | Region: Global | 191 pages
Refractories Market Overview
Refractories Market is projected to be worth USD 32.81 billion by 2030, registering a CAGR of 4.79% during the forecast period (2021 - 2030), The market was valued at USD 24.46 billion in 2020.The report discusses the rising market trends and the ability of the end-use industries to expand the market scope.
COVID 19 Analysis
The refractories market size was focusing on its global expansion at a good rate before the outbreak of the novel coronavirus in the last quarter to 2019 followed by 2020. The WHO declared the coronavirus outbreak as a pandemic that not only proved to be a major game-changer but also introduced new market patterns and demand but also brought major changes in the preferences and demand of the global market audience. The COVID-19 pandemic has brought along restrictions like lockdown and bans on inter and intra-state travel which has been resulting in delays in logistics and deliveries in various parts of the regional market and the international exports and imports, as well.
The global public authorities are collaborating with the private sector entities for raising a dependable amount of funds that will help add innovation and creation for the production of market products and services. The global market players are investing in research and developmental activities that will have opportunities for growth and expansion for the market during the ongoing forecast period of 2021-2028.
The refractions market share is likely to undergo the largest market momentum during the forecast period that will be ending in 2028 owing to its heavy demand in the iron and steel industry. Higher growth in urbanization and industrialization is growing in the emerging and developing countries in India and China has resulted in a significant rise in investment in the construction of residential and commercial buildings. Based on the Global Construction Perspective and Oxford Economics, the construction market will grow by 85% to a market value of USD 15.55 trillion by the end of 2030. China, India, and the US are the major contributors to this growth. The US accounts for 57% of the global growth for the ongoing forecast period ending in 2028.
On the negative aspect side for the market, is that there has been a huge increase in the degree of environmental awareness followed by the role of government agencies and environmental agencies that are rolling strong regulations regarding the use and disposal of refractories. Also, there is an urgent need for qualitative market inputs and investments that simplify and qualify the disposal management systems. The unavailability of the same in the present scenario is likely to hinder the market growth during the period.
Technology has an important role to play in using the refractory materials that help in recycling to form secondary raw materials that are known as refractory grogs. The global market manufacturers are striving hard to reduce the prices that will help them retain their market share. Recycling of refractories has a major role to play in helping to reduce the production cost incurred and hence, give rise to lucrative opportunities for the market to grow during the forecast period that will be ending in 2028.
The refractories market share has been increasing because of the splendid performance of the global market segments. The market has been segmented based on the following:
Based on the form
The form segment of the market includes shaped refractories and unshaped ones.
Based on Alkalinity
The alkalinity segment of the market includes acidic and neutral, along with basic degrees.
Based on end-use Industry
The end-use industry of the market includes glass, cement, iron and steel, non-ferrous metals, amongst others.
Based on the global regions
The market has been functional in 5 major regions namely North America, South America, the APAC region, the European nations, and the Middle East and Africa.
During the ongoing forecast period that followed the pandemic year of 2020, the APAC region is likely to attain the largest market share during the period ending in 2028. There has been a huge rise in the rapid and increased consumption of refractories in the iron and steel industry followed by the elaborated use of power generation cement and glass industries, as well. The major markets that are witnessing the propelling of the market include China, India, South Korea, Australia, and Japan. There has been an increased demand for refractories in the region that have positive attributes in store. Also, the North American market that is inclusive of the US and Canadian market is witnessing the emergence of opportunities that will benefit the market on its way of expansion during the forecast period that will be ending in 2028.
The refractories market report helps in understanding the factors that will help in drawing the global competitive market graph. The global market has been witnessing a huge rise in competition because of the performance of the following market players and companies:
The refractories market report has been a crucial market insight that covers the market dynamics and helps the market investors to judge the market potential and understanding the global market functioning through a series of heads. The market report includes the following:
The arrival of the coronavirus pandemic has lead to a decline in the refractories market size during the ongoing forecast period. But, the market report suggests the market factors that will prove to be fruitful for the expansion of the refractories market size during the period. The report discusses the market segmentation and the recent developments that have been undertaken by the market players during the revenue period. The growth quantum is estimated and mentioned.
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Alkalinity, By Form and By Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Krosaki Harima Corporation (Japan), RHI Magnesita GmbH (Austria), Morgan Advanced Materials (UK), CoorsTek Inc. (US), Calderys (France), Vesuvius (England), Shinagawa Refractories Co. Ltd. (Japan), Saint-Gobain (France), HarbisonWalker International (US) Chosun Refractories Eng. Co. Ltd. (South Korea)|
|Key Market Opportunities||
|Key Market Drivers||Substantial spending on construction of commercial and residential buildings|
Frequently Asked Questions (FAQ) :
The refractories market is predicted to grow at a 4.79% CAGR between 2021-2028.
The global refractories market is predicted to touch USD 32.81 billion by 2028.
Asia Pacific is predicted to have a major share in the refractories market during the forecast period.
Notable players profiled in the refractories market include Morgan Advanced Materials (UK), Saint-Gobain (France), Shinagawa Refractories Co. Ltd. (Japan), Calderys (France), HarbisonWalker International (US), RHI Magnesita GmbH (Austria), CoorsTek Inc. (US), Krosaki Harima Corporation (Japan), Vesuvius (England), and Chosun Refractories Eng. Co. Ltd. (South Korea).
Refractories have a wide range of applications including non-ferrous metals, iron and steel, and glass.