Refractories Market Is Expected To Grow At a CAGR Of 4.3% FROM 2018-2027.

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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 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 materials prepared from thermally stable mineral aggregates, additives, and a binder phase and they are having properties that make them appropriate for structures or as parts of systems that are exposed to environments. Refractories are resistant to high temperatures which are utilized in preparing molds or crucibles.

Driver: Rise in infrastructural development in emerging countries.

Increasing urbanization and industrialization, particularly in emerging economies has led to significant investment in the construction of residential and commercial buildings. China is fastest-developing country; increasing travel demand requires constant advancement of railways and roadways in the region. The expanded pace of infrastructure development in these developing countries has prompted to an expansion in the construction of residential and commercial buildings which is supporting the refractories market in the iron & steel and cement vertical end users.

Opportunity: Recycling of refractory materials.

In past, the refractory industries experienced a very unstable period, during which, certain raw materials turned out to be practically difficult to obtain because of high demand combined with low supply. Pressure has been mounting on organizations to turn out to be environmentally responsible by diminishing their particular carbon footprints. Increased taxes on landfill sites and emissions are being implemented, and tax incentives are also proposed to motivate organizations to build their waste recycling efforts. The manufacturers are striving to decrease costs to hold their market share. So, recycling of refractories helps to reduce the production cost for the manufacturers, thus providing opportunities for the growth of this market.

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By end user, the iron & steel segment is anticipated to hold considerable market share during the forecast period due to development in iron & steel vertical and need of refractories and its products for the lining of various furnaces, ladles, and vessels, which are administered by the operating condition at every phase during the process of manufacturing steel.

By geography, North America region is expected to grow at the significant market share during the forecast period owing to rising the need of refractories because of high production of steel and cement in U.S particularly for construction purpose.

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, Krosaki Harima, Imerys, IFGL Refractories Ltd, Minerals Technologies Inc. and Magnezit Group.

Harbisonwalker International: In Aug 2018,Harbisonwalker International expanded in South Point, Ohio by opening a new constructed, state-of-the-art monolithic refractories manufacturing plant. The plant features new state-of-the-art processes and technology and utilizes lean manufacturing techniques throughout its operations to maximize material flow efficiency and production.

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Saint-Gobain: In Jan 2016, Saint-Gobain to expands new R&D centre in Tamil Nadu. The new refractories plant in Perundurai will cater to global markets. This research centre will innovate and develop products for Indian and other markets.

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