Global Refractory Materials Market for Steel Industry 2018-2022
About Refractory Materials
Refractory materials are inorganic, nonmetallic, porous, and heterogeneous materials with high melting points and other properties that enable their use as heat-resistant barriers between high and low-temperature zones. They are extensively used in constructing high-temperature areas, particularly in furnaces or boilers, as they minimize heat loss through the structure.
Technavio’s analysts forecast the global refractory materials market for steel industry to grow at a CAGR of 3.49% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global refractory materials market for steel industry for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of refractory materials.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Refractory Materials Market for Steel Industry 2018-2022
Technavio recognizes the following companies as the key players in the global refractory materials market for steel industry: Calderys, Morgan Advanced Materials and its affiliates, RHI Magnesita, Saint-Gobain, and Vesuvius.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is rising popularity of monolithic refractories over shaped refractories. The monolithic refractories, which are distinct mixes or blends of dry granular or cohesive plastic materials with an indefinite form, are expected to observe high popularity over shaped refractories during the forecast period with a high growth rate. These refractories are likely to witness increased demand for almost every application including the steel industry.”
According to the report, one of the major drivers for this market is Increasing demand for steel from the construction, infrastructure, automotive, and other sectors. Steel, being one of the world’s most indispensable resources, plays an important role in various applications ranging from infrastructure, construction, and transportation to the tin-plated steel container that preserves food. It is a vital tool in the development of an economy. The demand for or consumption (per capita) of steel is considered as an important indicator in the socio-economic development and standard of living of an economy.
Further, the report states that one of the major factors hindering the growth of this market is Fluctuation in the cost of refractory raw materials and high energy consumption. There has been high volatility in the price of refractory raw materials in the last few years. The cost involved in the production of the raw materials is a determining factor toward the end use of these materials, i.e., the production of refractory materials. The cost of a refractory product involves three main factors, such as the cost of refractory raw materials, production cost, and cost to design and test the product.
Calderys, Morgan Advanced Materials and its affiliates, RHI Magnesita, Saint-Gobain, and Vesuvius.