Refractories Market Overview -
The surging use of cement in infrastructural projects is estimated to broaden the refractories market share in the coming period. The pharmaceutical reports are made by Market Research Future, which includes market options for expansion. Refractories Market is projected to be worth USD 32.81 billion by 2030, registering a CAGR of 4.79% during the forecast period (2021 - 2030), The market was valued at USD 24.46 billion in 2020.The report discusses the rising market trends and the ability of the end-use industries to expand the market scope.
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The augmented investment in the construction sectors is rising due to urbanization plans and policies instituted by government bodies, and this is estimated to promote the refractories market companies in the coming period.
Refractories Market - Eminent Firms:
RHI Magnesita (Austria), Shinagawa Refractories (Japan), Saint-Gobain (France), Corning Incorporated (US), Morgan Advanced Materials (UK), others.
The reduced weight requirement in structural applications is estimated further to spur the refractories market in the impending period.
Globally, the market for Refractories Market is driven by the region North America, owing to implementation of stringent rules and regulations in alcoholic beverages, cosmetics and pharmaceutical industries, among others. Refractories Market is extensively used as an alternative fuel in transportation sector due to its enhanced efficiency and optimal performance offered by the product. Moreover, the emission of greenhouse gases are reduced immensely due to adoption of biofuel in vehicles and engines. A surge in demand are prompting the manufacturers and investors to shift their focus from fossil fuels to bio products in the major industries.
Growing consumption of Refractories Market in various applications is the important reason behind their growth in the market. Moreover, end-use industries such as pharmaceutical, and cosmetics provide impetus to the Refractories Market market growth.
On the flipside, fluctuating raw material prices are considered to restrict the market growth in the coming years. Strict government mandates restricting the use of sulfuric acid is likely to hinder the market growth. Moreover, ill effects of sulfuric acid on human health like irritation in the eyes and skin and skin sensitiveness are expected to vitiate the market growth in the coming years.
The availability of various substitutes such as iron ore, hematite, and celestite are expected to hinder market growth due to their reduced prices and the fact that some of these can be synthetically produced. However, barite is still the most preferred material in oil gas applications which is expected to encourage market growth. Moreover, its applications in the absorption of x-rays and gamma rays make it useful in the medical sector as well as to make special containers to store radioactive materials which are likely to encourage market expansion.
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Segment Study of Refractories Market-
The refractories market share has been increasing because of the splendid performance of the global market segments. The market has been segmented based on the following:
Based on the form
The form segment of the market includes shaped refractories and unshaped ones.
Based on Alkalinity
The alkalinity segment of the market includes acidic and neutral, along with basic degrees.
Based on end-use Industry
The end-use industry of the market includes glass, cement, iron and steel, non-ferrous metals, amongst others.
Latest Industry News -
- RHI Magnesita has announced its decision to merge its Indian operations under Orient Refractories The move comes in recognition of the potential the region represents.
- HarbisonWalker International has opened its refractories plant in Ohio, U.S.A after its announcement of the project in 2017. The UD 30 Mn investment has resulted in a technologically advanced refractories plant which will provide the latest in refractories.
Refractories Market Market - Regional Analysis
On a geographical note, Asia-Pacific region leads the Soda Refractories Market in terms of both, volume and value, which is expected to proliferate significantly at a higher CAGR by 2022. In the Asia Pacific, China has been a significant revenue generating country owing to growing end-user industry and an increase in the consumption rate of chemicals by manufacturers. Also, substantial expansion scope in the automotive industry in India, South Korea Taiwan, and leather industries in Vietnam may enhance the market growth. Besides, a surge in personal care and cosmetic products demands from the middle-class population may also stimulate the global Soda Refractories Market substantially.
Whereas, North America for second market share in this segment. North America led by the U.S. Soda Refractories Market may also witness gains of market by the end of the forecast period. U.S. market, driven by wood coatings and printing ink applications segment along with increased spending on lifestyle products and growing e-commerce industry may boost regional market growth during the projected period.
Europe is now estimated to witness moderate growth on account of rising demand from the automotive sector. Furthermore, stringent regulations for the storage and usage of this product have led to increased innovation and development in this sector.
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