Rising construction activities globally to boost refractories market. Asia Pacific to lead the growth!
- Vikas Kumar
- January 4, 2022
- CHEMICAL, NEWS
- Refractories Market growth, Refractories Market news, Refractories Market Share, Refractories Market Size, Refractories Market trend
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Refractories Market was estimated to be around 28 billion in 2020 and is anticipated to display a CAGR of around 4% over the forecast period (2021-2027). A refractory is a material that is resistant to decomposition by heat, pressure, or chemical attack, and retains strength and form at high temperatures. Refractories has wide applications in industries like iron & steel, cement, power generation, glass and many more. With rising construction activities demand for cement, iron & steel, glass would rise due to their wide usage in construction industry. Further, refractories are also used in power plant to generate electricity. Thus, with surging electricity demand due to globalization and industrialization the demand of refractories would also increase in order to suffice the growing requirements. However, refractories emit huge amount of greenhouse gases thereby rising environmental concerns is likely to hamper the market growth.
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In emerging nations like India and China population is migrating towards urban areas which is driving the growth of construction industry. Additionally, rising disposable income and changing lifestyle is increasing the need for decorative houses. This is leading to increase in demand of construction materials like cement, iron, and steel. Iron, steel, and cement industry require refractories for their production. Thus, rise in construction activities would fuel the growth of refractories market. Further, major key players are adopting different strategies such as acquisition, business expansion, and collaboration in order to survive in highly competitive market.
Novel corona virus has negatively impacted the supply and demand of refractories by suspension of manufacturing units and border closure to stop the spread of virus. Closure of construction activities due to pandemic led to reduction in demand for refractories which in used in production units of cements, iron, steel, and glass. Thus, delays in projects further led to financial loss to project contractors.
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Based on form, refractories market is bifurcated into shaped and unshaped refractories. Of both, shaped refractories hold prominent market share due to their wide usage in major industries like iron and steel. Further, shaped refractories are made in different geometrical shapes according to the requirement of the user. The shapes are designed depending on the geometry of the furnace or equipment which is to be lined with refractory. Shaped Refractories are classified by the process of manufacturing adopted and are termed accordingly. Unshaped Refractories are normally manufactured and supplied in bags as loose powder. The manufacturing of unshaped refractory is simpler than the shaped refractory. In its manufacturing the different ingredients in different size fractions are mixed thoroughly in a mixer with required additives and bagged.
Based on alkalinity, refractories market in divided into acidic & neutral and basic refractories. Of both, acidic & neutral refractories held considerable market share as they have high resistance to thermal shock, flux and slag resistance, and high spalling resistance which is often used in the iron and steel industry.
On the basis of industry, refractories market is divided into iron & steel, power generation, non-ferrous metal, cement, glass, and other industries. Iron & steel industry captures considerable market share which is mainly owing to rising demand for iron & steel due to increasing construction activities.
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Additionally, the report provides detailed initiatives that are being taken in the field of refractories. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Rise in building & construction expenditures is driving the demand for refractories in commercial projects in emerging countries like China and India. In addition, the increasing urbanization makes way for increasing construction activities providing growth opportunity for the overall market. It increases the need of cement, iron, steel, glass, and non-ferrous metals especially in the countries such as India, Japan, and China. Further, growing infrastructure developments are fueling construction activities such as construction of roads, flyovers, railway stations and others. These factors are fostering the growth of the construction sector, and thereby, the consumption of refractories.
Global Refractories Market Segmentation
Market Insight, by Form
Market Insight, by Alkalinity
Market Insight, by Industry
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
Top Company Profiles
- RHI Magnesita GmbH
- Harbinson Walker International Inc.
- Beijing Lier High Temperature Materials Co. Ltd.
- Imerys S.A.
- Intocast AG
- Magnezit Group Europe GmbH
- Posco Chemical Co.
- Puyang Refractories Group Co., Ltd.
- Refratechnik Holding GmbH
- Compagnie de Saint-Gobain S.A.