Refractories Market Revenue to Reach USD 30,820 Million by 2025 at 4.08% CAGR | Increasing Urbanization and Industrialization to Boost Global Industry Growth, Says Market Research Future (MRFR)
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Refractories Market Overview:
Market Research Future (MRFR) evaluates that the Global Refractories Market is expected to acquire a market value of USD 30,820 Million while expanding at a CAGR of 4.08% during the forecast period from 2020 to 2025.
The growing urbanization and industrialization in the emerging economies, such as; India and China, are anticipated to play a significant role in developing the market during the forecast period. Growth-centric countries such as; India and China have made a notable contribution in the construction sector. The market is likely to expand notably due to the growing demand from the iron and steel industry. The developing country, China, is expected to witness surging travel demand, which is likely to result in increased development of roadways and railways that can bring a significant impact on the market growth in the coming time. Refractories find an extensive application in the process of power generation, waste-to-energy, gasifiers, and so on that can grow the industry notably. The increasing preference for high-performance refractories is likely to drive the market in the review tenure. On the other hand, the manufacturing process of refractories results in the emission of organic particulate matter and various other harmful gases such as nitrogen oxides, carbon monoxide, Co2, and others, which is likely to affect the market growth in the assessment period. Furthermore, the growth of the market is majorly dependent of the steel and iron industry, which can pose a significant challenge to the industry. However, the recycling refractories are expected to counter the impeding factor that can aid in boosting the industry during the forecast period.
The outbreak of COVID-19 brought a significant impact on the market due to the imposition of lockdown, which hampered the demand. The non-essential sectors such as; construction, iron and steel etc, were temporarily shut that brought a negative impact on the market expansion. Various countries such as; Germany, the US, France, Spain, and Italy have witnessed reduced demand due to the outbreak of the pandemic. The established players of the industry are taking the various initiative to revive their business by strengthening their supply chain and adopt new methods that can help in dealing with losses incurred by the company during the lockdown.
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The global refractories market can be segmented on the basis of form-wise, alkalinity, and application. In the form-wise segment of the global refractories market, the unshaped segment is expected to acquire a significant market value during the forecast period. The expansion of the segment can be attributed to their benefits, such as better spalling tendency, higher volume stability, and convenient transportation. In the alkalinity segment of the global refractories market, the acidic & neutral segments are expected to thrive at a CAGR of 4.2% during the forecast period. In the application segment of the global refractories market, the building & construction segment is expected to acquire the maximum market share during the forecast period.
Key Players Locking Horns:
Some of the renowned players of the global refractories market are:
- Saint-Gobain (France)
- Krosaki Harima Corporation (Japan)
- HarbisonWalker International (U.S.)
- Morgan Advanced Materials (U.K.)
- RHI Magnesita GmbH (Austria)
- Vesuvius (England)
- CoorsTek Inc. (U.S.)
- Shinagawa Refractories Co. Ltd. (Japan)
- Calderys (France)
- Chosun Refractories Eng. Co. Ltd. (South Korea)
Browse In-depth Market Research Report (191 Pages) on Refractories: https://www.marketresearchfuture.com/reports/refractories-market-2393
Rising Import and Export to Benefit APAC Market
As per the regional analysis conducted by MRFR, APAC is anticipated to procure a market value of USD 14,788 million by 2025 owing to the rapid industrialization and urbanization in the growth-centric countries. The region is expected to offer lucrative opportunities to the market due to the favorable government regulations in India, China, and Japan. The growing export and import is another salient factor that is expected to play an important role in augmenting the regional market size in the coming time. In February 2021, Iran’s exports of steel and other metals, as well as mineral products to China, exceeded 1.22 billion during the nine months from March 21, 2020- December 21, 2020, which is anticipated to boost the market in the region in the assessment time. North America is expected to witness significant market growth during the forecast period due to the on-going development in refractory technologies that can promote the usage of highly sophisticated and efficient products. The U.S. is anticipated to play a significant role in driving the market in the region. On the other hand, Europe is projected to acquire substantial market value during the forecast period. The presence of notable players in the region are likely to play a salient role in augmenting the market in the region. The rising acquisition among key players of the region can strengthen the market in the coming time. For example, Morgan Advanced Materials acquired Carbo San Luis to support the network in Peru, Chile, and Argentina. Furthermore, Vesuvius launched a new product called KALPUR, which is a Direct Pouring Application on an Automatic High-Pressure Green Sand Moulding Line, which can further strengthen the industry in the region. MEA is anticipated to procure a lesser market share during the forecast period. The slow growth of the region can be attributed to the presence of underdeveloped economies. However, the presence of untapped opportunities can aid the market expansion in the assessment tenure.
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Increasing Acquisitions among Key Players to Fuel the Competition in the Market
The refractories market focuses on the established players that focus on boosting their expansion and grow their consumer base. Some of the competitive strategies adopted by players are acquisition, joint venture, partnerships. The players are also concentrating on enhancing their sales network in the global refractories market. The setting up of new plants is another method adopted by players to gain the upper hand in the market. For example, Dalmia OCL, a refractory manufacturing unit owned by Dalmia Group, has set up a new brownfield facility in Odisha. The new setup will offer Magnesia Carbon refractory bricks, which is anticipated to provide an upper hand to the player during the assessment tenure. Furthermore, the rising number of startups entering the market is another crucial cause that can enhance the competition in the industry.
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