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3 major factors driving global Refractories Market forecast

Author : Ravi Chawat | Published Date : 2020-09-14 

Increasing number of applications requiring high resistance to heat, like furnace lining, is adding impetus to global refractories market share, as these materials retain their chemical identity and shape when exposed to extreme temperatures.

The cement industry accounts for over 15% of the total refractories consumption worldwide. The performance of refractories is a crucial parameter in cement production owing to their impact on the production speed and capacity. In Asian countries, governments are increasing focus on infrastructural development and deploying funds into fixed assets such as ports, roads, airports, power and energy.

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Described below are some trends fueling refractories industry outlook over the coming years:

1)            Increased construction spending in Asia Pacific

Industrialization across Asia Pacific has proliferated construction activities across the region. Recently, Thailand had launched a 2016-2020 infrastructure plan that will benefit from public and private sector participation across the region. By 2025, the country is expected to witness highest increase in construction spending in ASEAN, boosting cement and ceramics demand and production.

In terms of composition, refractories are classified into clay and non-clay-based materials. In 2018, non-clay-based refractories market size was valued at USD 14 billion.

These materials are mainly produced as pressed shapes and bricks while certain alumina and magnesite-chrome materials are made into molds and include oxides or carbonates such as magnesium, aluminum and zirconium.

With respect to the types of refractories, basic refractories segment is estimated to register gains of over 3.5% by 2025. These materials are considered to be stable to dusts, alkaline slags and fumes at high temperatures thus making them a viable option for furnace linings present in the alkaline environment.

2)            Rising demand from iron and steel applications

In terms of end-user, refractories market is classified into non-metallic materials, iron and steel and non-ferrous materials. Deployment of refractories for application in non-ferrous metals is showcasing widespread adoption.

Increasing political stability coupled with robust infrastructure spending in regions such as Africa and Middle East, due to the rise in disposable income among the people, is accelerating the steel industry growth. Burgeoning requirements for steel to meet the construction demands will steer global refractories industry forecast. 

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3)            Widespread adoption across Europe industrial sector

Europe is expected to emerge as a profitable revenue terrain for refractories market share. Robust growth in the non-metallic industry such as ceramics, cement, glass and lime in Europe has driven industrial growth in the region. T

The use of refractories across several crucial sectors such as aerospace, automotive, solar panel, among others is fast rising to keep pace with innovations in the segments, positively influencing refractories market size.

Prominent players comprising the industry's competitive dynamics include Saint-Gobain, Krosaki Harima Corporation, Morgan Advanced Materials and RHI Magnesita among several others.

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About Author

Ravi Chawat

Ravi Chawat

Ravi Chawat holds a bachelor's degree in Electronics and Telecommunication Engineering. He has worked closely with industry specialists from different segments including chemicals, food and beverages, construction and manufacturing & energy and power. Ravi's article concentrates principally on balancing relevant data but never at the expense of making the content engaging. He believes in giving fair-minded information to guide significant business choices. [email protected] | https://twitter.com/RaviChawat

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