Refractories Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Form (Shaped and Unshaped Refractories); Alkalinity (Acidic & Neutral Refractories and Basic Refractories); Industry (Iron & Steel, Power Generation, Non-Ferrous Metals, Cement, Glass, and Others); and Region/Country

Published:

Jan-2022

Pages:

206

Table:

49

Figure:

137

Report ID:

UMCH21609

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description


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). The global refractories market is experiencing significant growth due its applications in steel, iron, cement, glass industries. Increasing investments in automobile industry would lead to high demand for non-ferrous metals as they are widely used in automobile parts. Further, refractories of all types play a key role in the critical pyro-processing of all the major non-ferrous metals. Thus, with increase in production capacity of vehicles would escalate the demand for non-ferrous metals further helping the refractories market grow.

For instance, in July 2021, Maruti Suzuki India announced a USD 2.42 billion investment in a new manufacturing facility in Haryana, India with an installed capacity of 7.5-10 lakh units per annum; by increasing the production capacity.

RHI Magnesita Gmb, 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. are some of the prominent players operating in the refractories market. Several M&As along with partnerships have been undertaken by these players.

Insights Presented in the Report

“Amongst Form, shaped refractories segment holds the major share.”

Based on the form, shaped refractories hold prominent market share as they meet the required conditions for the production of metal and non-metal industries. In addition, shaped refractories made of bricks form an insulation layer inside the ovens and kilns and are replaced periodically in order to meet the insulation standards set by customers. This the foremost reason why shaped refractories are used in fulfilling the heavy requirements.

“Amongst alkalinity, acidic & neutral refractories held lucrative market share in 2020.”

Based on alkalinity, the market is categorized into acidic & neutral and basic refractories. Of both, acidic & neutral refractories held a lucrative market share due to their resistance to high temperature and acidic slag conditions along with widespread applicability which help to boost its demand in the forecast year. Further, iron and steel industries are the among the major consumers of acidic refractories where acids are used for the treatment to obtain pure metallic products. In addition to this, few manufacturing processes require stable products like carbon and alumina thereby, driving the market for neutral refractories.

“Amongst Industry, iron & steel hold a prominent market share.”

Based on industry, market is sub-segmented into iron & steel, power generation, non-ferrous metal, cement, glass, and other industries. Iron & steel held lucrative market share in refractories market. Countries focuses to improve infrastructure would lead to high consumption of steel. Steel being the end use industry for refractory thus with increase in demand for steel the market of refractories would grow as well. According to The World Steel Association, the demand for steel will grow by 5.8% in 2021 to reach 1,874.0 million tons (Mt), after declining by 0.2% in 2020. Further in 2022 steel demand is likely to see further growth of 2.7% to reach 1,924.6 Mt. In addition, production of crude steel grew by 2.77% in 2020 as compared to 2018. Power generation and non-ferrous metals also hold a prominent market share due to rising power demand and growing automobile sector. For instance, global electricity generation rose by nearly 2% in 2019 as compared to 2018.

“Asia Pacific represents as the prominent region in the Refractories Market.”

For better understanding of the market penetration of refractories, the report provides a detailed analysis of major regions including North America, Europe, Asia Pacific, and the rest of the 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.

After COVID-19, Chinese economy benefited from the government’s implementation of various measures to stimulate the economy. Rising population and increasing purchasing power of consumers is helping the construction industry to grow at a very substantial rate. The construction sector had a fast recovery from April 2020, supported by infrastructure investment. This rise in construction activities would increase the market size of refractories which is necessary for the production of iron, steel, cement, glass, and other industries. In addition, China is heavily investing to improve its infrastructure which uses iron & steel, cement, glass, and power.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country-level analysis of the industry

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1.1.Market Definitions
1.2.Limitation
1.3.Stake Holders
1.4.Currency used in Report
2.1.Research Process of the Refractories Market
2.2.Research Methodology of the Refractories Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Refractories Market Study
3MARKET SYNOPSIS

 

4EXECUTIVE SUMMARY

 

5GLOBAL REFRACTORIES MARKET COVID-19 IMPACT
6GLOBAL REFRACTORIES MARKET REVENUE (USD BN), 2019-2027F
7.1.Shaped Refractories
7.2.Unshaped Refractories
8.1.Acidic & Neutral Refractories
 8.1.1.Silica Refractories
 8.1.2.Fireclay Refractories
 8.1.3.Alumina Refractories
 8.1.4.Zirconia Refractories
 8.1.5.Chromite Refractories
 8.1.6.Carbon Refractories
8.2.Basic Refractories
 8.2.1.Magnesite
 8.2.2.Dolomite
9.1.Iron & Steel
9.2.Power Generation
9.3.Non-ferrous Metal
9.4.Cement
9.5.Glass
9.6.Others
10.1.North America Refractories Market 
 10.1.1.United States
 10.1.2.Canada
 10.1.3.Rest of North America
10.2.Europe Refractories Market 
 10.2.1.Germany
 10.2.2.France
 10.2.3.United Kingdom
 10.2.4.Italy
 10.2.5.Spain
 10.2.6.Rest of Europe
10.3.Asia Pacific Refractories Market
 10.3.1.China
 10.3.2.Japan
 10.3.3.India
 10.3.4.South Korea
 10.3.5.Rest of Asia Pacific
10.4.Rest of World Refractories Market 
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis
12REFRACTORIES MARKET OPPORTUNITIES
13REFRACTORIES MARKET TRENDS
14LEGAL & REGULATORY FRAMEWORK
15.1.Demand Side Analysis
15.2.Supply Side Analysis
 15.2.1.Top Product Launches
 15.2.2.Top Business Partnerships
 15.2.3.Top Business Expansions, Investments and Divestitures
 15.2.4.Top Merger and Acquisitions
16VALUE CHAIN ANALYSIS
17.1.Competitive Landscape
 17.1.1.Company Shares, By Revenue
18.1.RHI Magnesita GmbH
18.2.Harbinson Walker International Inc.
18.3.Beijing Lier High Temperature Materials Co. Ltd.
18.4.Imerys S.A.
18.5.Intocast AG
18.6.Magnezit Group Europe GmbH
18.7.Posco Chemical Co.
18.8.Puyang Refractories Group Co., Ltd.
18.9.Refratechnik Holding GmbH
18.10.Compagnie de Saint-Gobain S.A.
19DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the global refractories adoption were the three major steps undertaken to create and analyze the adoption of refractories across various segments in North America, Europe, Asia Pacific, and Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the refractories sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the refractories through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the refractories market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are form, alkalinity, and industry. Further regional & country-level analyses were conducted to evaluate the overall adoption of the refractories in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of refractories. Further, we conducted factor analysis using dependent and independent variables such as rising construction activities and high purchasing power of population. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the refractories industry.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global refractories market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (USD) and the adoption rate of refractories across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the refractories market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global refractories market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of form, alkalinity, and industry.

The main objective of the refractories market study

The current & future market trends of refractories were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of refractories in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of form, alkalinity, and industry. Defined analysis of the regulatory framework for the refractories industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the refractories for the major regions & countries
  • Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
  • Company profiles of the refractories market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive regional & country level analysis of the industry