The refractories market is anticipated to expand with a moderate 4% CAGR during 2020 to 2030. The Fact.MR report states that the rapid rise in coronavirus cases in major iron and steel manufacturing countries such as China and India have had an adverse impact on the demand for refractory products in the short term. However, strong activity in manufacturing and construction industries will aid a strong recovery towards the end of 2020.
"Easier availability of varied raw materials for refractories has enabled end-user industries to choose from numerous formulation options. Graphite and silicon carbide are some of the more popular refractory materials which are gaining traction in high-temperature chemical applications. Such trends will generate lucrative opportunities in the market for the foreseeable future," says the Fact.MR analyst.
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Refractories Market - Important Takeaways
- Refractories in brick forms are highly sought after for widespread applications in process equipment in extreme temperatures.
- Clay-based refractories are popular owing to light-weight characteristics, and wider scope of application.
- Iron or steel industry applications contribute substantially to revenue, supported by wide ranging uses in the industry.
Refractories Market - Driving Factors
- Extensive demand for refractories from cement, aerospace, glass, electrical, and automotive industries aids market growth.
- Strong demand for energy efficient steel production methods is providing impetus to refractories market developments.
- Rising investments into research for new applications of refractories will have a positive impact on the global market.
Refractories Market - Leading Constraints
- Environment damage from VOC emissions of refractories hinder application, and sales.
- Health risks for workers associated with refractory production hampers market growth.
Anticipated Market Impact by Coronavirus Outbreak
Refractory manufacturers will be moderately impacted by the coronavirus pandemic. Restrictions on industrial activity and disruptions to raw material supply chains are hurting market prospects for the short term. Manufacturers will have to optimize costs and production efficiency to keep up with the competitive international markets. The dip in the steel industry is likely to be temporary. Consequently, the demand for refractories will pick up again as lockdown regulations are relaxed.
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Competition Landscape
Leading producers in the refractories market are Krosaki Harima Corp, Vesuvius plc, Morgan Advanced Materials plc, RHI Magnesita N.V., Magnezit Group Ltd., and Shinagawa Refractories Co. Major manufacturers are likely to push for inorganic strategies including mergers and acquisitions to strengthen their market position. For instance, RHI Magnesita is expecting the merger of its Indian arms as a major refractory company in the country.
More on the Report
The FACT.MR's market research report provides in-depth insights on refractories market. The market is scrutinized according to material (clay and non-clay), form (bricks, monolithic, and others) and end use (steel, energy & chemicals, non-ferrous metals, cement, and glass) across five key regions (North America, Latin America, Europe, Asia Pacific, and Middle East and Africa).
Media Release: https://www.factmr.com/media-release/1520/global-refractories-market
