In 2017, the global refractories market is estimated to grow at a CAGR of 4.94% in terms of revenue over the forecast period, 2018-2023. The market is driven by factors such as the strong growth of iron and steel production in the emerging countries, the increase in the production of non-ferrous materials, and high demand from the glass industry.
Strong Growth in Iron and Steel Production in Emerging Countries
Emerging countries, like China, Russia, Mexico, and South Africa, are investing heavily in large-scale infrastructure projects, which are expected to significantly boost the growth of the iron and steel industry. In May 2018, steel production in China increased to 81,127 thousand metric ton from 76,698 thousand metric ton in April 2018. Steel production in China averaged to 31,329.71 thousand metric ton from 1990, until 2018, reaching an all-time high in May of 2018. The construction sector is the key factor driving the growth in demand for steel, in the country, which accounts for almost two-thirds of the country’s steel consumption. Factors, like rising in iron and steel prices in recent years and the recent reform initiatives taken by the Chinese government, are supporting the growth of the domestic iron and steel industry. According to the econometric models made by Trading Economics, Mexican Steel Production is projected to grow to around 1,771.09 thousand metric ton by 2020. The country`s iron ore production decreased by 2.4% y-o-y and was 14.9% less compared to 956,419 metric ton in January 2018, but the production witnessed a two-month increase of 2.6% y-o-y, to 1.77 million metric ton and it has now reached 821,540 metric ton. Steel production in South Africa increased by 2.6% in 2017, after falling by 4.2% in 2016. The private sector in the country invested heavily in the steel-intensive non-residential construction sector, due to the shortage of steel reinforcing bars. Owing to all the aforementioned factors, the demand is projected to grow at an average rate during the forecast period.
Increase in Demand from the Energy and Chemical Industry
The energy and chemicals end-user industry includes the refractories utilized for power generation, chemical manufacturing plants, and petrochemical refineries. In the process power generation, refractories find various applications, which include lining in circulating fluidized bed, gasifiers, power boilers, and waste-to-energy plants, among others. In petrochemical refineries, refractory materials are used in a wide range of applications, such as fired heaters, fluid catalytic cracking units, gasifiers, hydrogen gas plants, reformer and cracker furnaces, sulfur recovery units, and many others. In chemical manufacturing plants, refractories find major applications in carbon black plants, coke calcining plants, elemental sulfur plants, ethanol plants, fertilizer plants, gasification plants, and sulfuric acid plants, among others. With the growing demand for power generation and refining capacities, along with the increased consumption of various chemicals, the demand for various refractory materials is likely to grow during the forecast period.
Asia-Pacific to Dominate the Market
Asia-Pacific has the highest share in the global market share in 2017. The Asia-Pacific market is primarily driven by increasing construction activities coupled with supportive government regulations in countries such as China, India, and Japan. The iron and steel industry consumes the largest portion of refractories, globally, and in China as well. Industrial restructuring and the decreased consumption rate of refractories for per ton of steel have impacted the demand for refractories in China between 2013-15. However, the steady growth in the production of iron and steel in the country have been driving the growth of the refractories market in recent times. The growing production of motor vehicles, as well as the expanding residential construction industry, is expected to support the domestic production demand for non-ferrous, which is a positive factor for the increase in refractories demand in the coming years. In India, the glass industry accounts for the least demand for refractories. However, the demand for glass in the country is expected to increase in the infrastructure, real estate, and automotive sectors, hence, giving a boost to the demand for refractories.
Key Developments in the Market
- December 2017: A memorandum of cooperation was signed between Magnesite Group, Mitsui Bussan Metals Co. Ltd and Mitsui & Co. Ltd for the production and supply of high quality fused periclase.
Major Players: RHI Magnesta, Imerys, Vesuvius, Krosaki Harima, and Shinagawa refractories, amongst others.
Refractories Market Report Summary
(2016 – 2023)
A memorandum of cooperation was signed between Magnesite Group, Mitsui Bussan Metals Co. Ltd and Mitsui & Co. Ltd for the production and supply of high quality fused periclase.
Asia-Pacific, North America, South America, Europe, and Middle East & Africa
Chosun Refractories Co. Ltd, Harbisonwalker International, IFGL Refractories Ltd, Imerys Group, Krosaki Harima Corporation, Magnezit Group, Minerals Technologies Inc., etc.
The report offers the latest trends, growth prospects, industry competitiveness, major players, value chain, Regional market analysis, market sizing and forecast to 2023
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1.1 Scope of the Report
1.2 Study Assumptions
1.3 Study Deliverables
1.4 Research Phases
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness – Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Consumers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products and Services
3.2.5 Degree of Competition
3.3 Regulations & Policies
4. Market Dynamic
4.1.1 Strong growth of Iron and Steel Production in the Emerging Countries
4.1.2 Increase in the Production of Non-ferrous Materials
4.1.3 High Demand from the Glass Industry
4.2.1 Environmental Concerns and Health and Safety Issues
4.3.1 Growth Potential of the Indian Steel Industry
4.3.2 Other Opportunities
5. Market Segmentation and Analysis(Market Size, Growth, and Forecast)
5.1 By Product Type
5.1.1 Non-clay Refractory
220.127.116.11 Magnesite Brick
18.104.22.168 Zirconia Brick
22.214.171.124 Silica Brick
126.96.36.199 Chromite Brick
188.8.131.52 Other non-clay refractories
5.1.2 Clay Refractory
184.108.40.206 High Alumina
5.2 By End-user Industry
5.2.1 Iron & Steel
5.2.2 Energy & Chemicals
5.2.3 Non-ferrous Metal
5.2.7 Other end-user industries
6. Regional Market Analysis(Market Size, Growth, and Forecast)
6.1.4 South Korea
6.1.5 Rest of Asia-Pacific
6.2 North America
6.2.1 United States
6.2.4 Rest of North America
6.3.2 United Kingdom
6.3.5 Rest of Europe
6.4 South America
6.4.3 Rest of South America
6.5 Middle East & Africa
6.5.1 Saudi Arabia
6.5.2 South Africa
6.5.3 Rest of Middle East & Africa
7. Competitive Landscape
7.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
7.2 Market Share Analysis**
7.3 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
8.1 Chosun Refractories Co., Ltd
8.2 Harbisonwalker International
8.3 IFGL Refractories Ltd.
8.4 Imerys Group
8.5 Krosaki Harima Corporation
8.6 Magnezit Group
8.7 Minerals Technologies Inc.
8.8 Morgan Advanced Materials
8.10 Resco Products Inc.
8.11 RHI Magnesita
8.12 Shinagawa Refractories Co., Ltd.
9. Future of the Market
**Subject to availability on public domain