According to Stratistics MRC, the “Global Refractories Market” is accounted for $23.71 billion in 2018 and is expected to reach $34.63 billion by 2027 growing at a CAGR of 4.3% during the forecast period. Factors such as the increase in infrastructural development in emerging countries, growing demand for high-grade refractories from the iron & steel industry and an increase in the production of non-ferrous materials are fuelling the market growth. However, environmental concerns and health and safety issues are hampering the market.
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Refractories are resources having those chemical and physical properties that make them applicable for structures or as components of systems that are presented to environments. They are used to make containers and molds for artifact glass and metals and are additionally used for surfacing flame deflector systems for rocket launch structures.
Based on the alkalinity, acidic & neutral refractories segment is likely to have a huge demand due to reasonable cost, high usage in cement, glass and ceramic industries and also the ability to resist slag erosion at high temperatures.
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On the basis of the form, the unshaped refractories segment is going to have a lucrative growth during the forecast period owing to the high-temperature resistance, easy installation and allowing substantial repairs with a minimum loss of time.
With respect to the composition, the clay-based segment is likely to have a huge demand as they include mullite ceramics, fire clays, etc. and also helps in developing lightweight refractories in the form of blankets, vacuum cast shapes, and fiberboards.
On the contrary to the end-user, iron & steel segment is likely to have a huge demand due to high growth in iron & steel industry and need of these products for the lining of various furnaces, which are governed by the operating condition at every stage in the procedure of manufacturing steel.
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By Geography, Asia Pacific is likely to have a huge demand due to the high demand for iron & steel and glass-based products from automotive and construction industries and easy availability of raw material and customers.
Some of the key players in global Refractories market are Vesuvius, Harbisonwalker International, Saint-Gobain, Shinagawa Refractories, Chosun Refractories Co. Ltd, Coorstek Incorporated, RHI Magnesita, Morgan Advanced Materials, Corning Incorporated, Kurosaki Harima, Imerys, Harbisonwalker International, IFGL Refractories Ltd, Minerals Technologies Inc., and Magnezit Group.
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