Refractories are materials resistant to high temperatures and used in making crucibles or molds. They are produced from natural or synthetic materials such as dolomite, magnesite, silicon carbide, bauxite, and fireclays. The Global — Refractories Market Report by Market Research Future (MRFR) contains pertinent drivers, challenges, and insights for the period of 2019 to 2025 (forecast period). The impact of the COVID-19 virus and its impact on industry fortunes are encompassed and explored in detail.
Calderys, Krosaki Harima Corporation, CoorsTek Inc., Vesuvius, RHI Magnesita GmbH, Morgan Advanced Materials, Chosun Refractories Eng. Co. Ltd., Shinagawa Refractories Co. Ltd., Saint-Gobain, and HarbisonWalker International are key players of the Global Refractories Market.
Global Refractories Market is estimated to reach a value of USD 30,820 million by 2025. It can score a CAGR of 4.08% over the forecast period. It is primarily driven by the need for cement manufacturers. The boom in real estate and undertaking of various infrastructural development schemes can fuel the market growth. Initiatives by developing and developed countries to enhance their current infrastructure for attracting tourists and making it a safe destination for investments can bode well for the market.
Huge demand for non-ferrous metals for industries of electrical, aerospace, medical, and automotive will fuel the market growth. The use of these metals to improve the structural integrity of buildings and machines can fuel the need for Refractories. They can increase the corrosion resistance and chemical resistance to a considerable degree.
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But the paucity of raw materials can hamper the Global Refractories Market Growth.
Global Refractories Market has been segmented by Alkalinity, Form and Application.
By alkalinity, the market is bifurcated into basic and acidic & neutral. The acidic & neutral segment is expected to register a CAGR of 4.2% during the assessment period. The growth of the segment can be attributed to its low cost and the ability to resist slag erosion at high temperatures.
On the basis of Form, the Refractories Market has been divided into shaped and unshaped. The growth of the unshaped refractories segment is due to their use as a replacement of the traditional brick Refractories. This can be attributded to the advantages of the monolithic linings for elimination of joints, easier transportation and handling, greater volume stability, better spalling tendency, and requirement of low skilled forces.
Based on Application, is the market is segmented into iron & steel, non-ferrous metals, glass, cement, and others. Among these, the cement application segment is projected to reach USD 5,194 million by 2025.
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Geographically, the Refractories Market is segmented covers trends across North America, Latin America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The APAC Refractories Market is likely to grow at a phenomenal rate to touch a value of USD 14,788 million by 2025. Rapid industrialization and urbanization in the emerging economies of India, Thailand, and Malaysia can boost the market demand for Refractories. Rising number of residential and commercial construction activities and continuous demand for cement will be growth drivers for Refractories.
The numerous infrastructural projects in the Middle East & Africa region is expected to boost the need for Refractories. The burgeoning iron and steel industry as well as demand for efficient techniques for creating castings and molds for efficient end products can drive the Global Refractories Market.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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