REFRACTORIES MARKET TO REACH USD 37.5 BILLION BY 2024 | CAGR 4.3% – FORENCIS RESEARCH

Refractories Market Size, Share, Trends, Growth, Analysis, Research

Global Refractories Market: Key Highlights

  • According to the new market research report Refractories Market by Product Type (Refractories Oxide, Refractories Nanoplatelets, Pristine Refractories, Mono-layer & Bi-layer, 3D Refractories Foam, Others), by Application (Electronics, Composites & Coatings, Energy Harvesting & Storage, Biomedical, Membranes, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2027)”, the global refractories market is estimated to reach USD 1,005 Million by 2027 at a CAGR of around 37.5% during the review period.
  • Refractories are the materials that possess ability to withstand extremely high temperature i.e. around 3000°C without degrading.
  • The refractory materials encompass of ceramics, minerals, and some super alloys which are used in modern manufacturing and have higher heat resistance owing to which they are used in various industrial application
  • High resistance to thermal stress, these materials have high capability to withstand the physical wear and corrosion caused by chemical agents.

Refractories Market

Global Refractories Market: Key Market Dynamics

  • Growing demand from manufacturing industries for manufacturing of automotive vehicles and industrial equipment has expected to drive the growth of product market
  • Growing application in iron and steel industries including usage in internal linings of furnaces to make iron and steel, in furnaces for heating steel before further processing, and others has expected to drive the product market growth
  • Stringent regulations imposed by governments on emission of Hazardous Air Pollutions may hinder the growth of refractories market. 

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Global Refractories Market: Regional Overview

  • Europe

Europe is expected to experience sustainable growth in the refractories market during the forecasted period owing to increasing prevalence for non-metallic minerals industry, growing infrastructure in emerging countries, and demand for refractories from iron & steel industry. Steel industry in Europe is boosting and is closely linked with numerous industrial sectors such as automotive, construction, electronics and renewable industries. According to European Commission, Europe produced 117 million tons of steel in 2019.  

  • Asia-Pacific

Asia-Pacific is accounted to hold largest share in growth of refractories market owing to the growing demand for iron & steel, and glass based products from construction and automotive industries. Moreover, increasing number of new production facilities, ease of availability raw materials and consumers to meet the demand for refractories has expected to drive the demand for refractories. According to Organization for Economic Co-operation and Development (OECD), the total steel consumption in Asia-Pacific region was 80 Million Metric Ton in 2018.

Global Refractories Market: Key Players Overview

  • HarbisonWalker International:

HarbisonWalker International is one of the largest suppliers of refractory product and services in the US The company has wide sales network in North America, Asia-Pacific, and Europe with 19 manufacturing plants and 30 sourcing centers. HarbisonWalker International offers wide range of products for iron & steel, aluminum, copper & heavy non-ferrous, ferrous foundry, glass, power generation and others industries. In August 2018, the company opened a new monolithic refractories manufacturing plant in South Point, Ohio (US) with an aim to improve the performance of products and respond to the customers growing needs.

  • Vesuvius:

Vesuvius is one of the global leaders in metal flow engineering and engaged in providing full range of engineering services and solutions to customers across the globe. The company offers solutions for foundry, iron & steel, and industrial processes. In July 2018, the company launched Novel SCK product under its Foseco brand name, which will be dedicated for hand molding process. The SCK feeding system is designed for use in iron and steel foundries.

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Rep Id : CM 031

Published : 2020-01-21

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